资本市场伦理缺失的法律应对——以杠杆资本恶意收购为研究对象

The Legal Response to the Ethical Deficiencies of Capital Markets: Take the Leveraged Capital Hostile Takeover as the Research Objects

随着金融理财产品的多样化,资本市场杠杆资金高企,尤以保险业资金为盛。近年来险资入侵二级市场,通过恶意收购掠夺企业控制权,成为实体经济的搅局者,这不得不引起我们关于资本市场伦理性的反思。过去对资本市场伦理性的关注更多集中在中小股东利益保护上,而忽视了企业家在杠杆资本面前的弱小及其对实体经济发挥的重要作用。因此资本市场伦理规则除了诚信规则外,以保护实业为目的的正义规则尤为重要。对此,首先我国应在资本市场伦理规则之中融入保护实业的伦理内涵,改变资本市场物质资本决定论,使资本市场伦理规则之中体现关注企业家精神、关注企业发展的内涵。其次,完善反恶意收购立法是我国保护实业的当务之急,对此我国可以借鉴美国、德国的做法,将反恶意收购的权限赋予董事会,以此保护企业免遭恶意掠夺。

With the diversification of financial products, there are higher leveraged capital market, especially in the insurance industry. In recent years, the insurance capital has invaded the secondary market and plundered the control rights of enterprises through malicious takeovers, which has become a mess of the real economy, causing us to reflect on the ethics of the capital market. In the past, the ethical concern of the capital market focused more on the protection of the interests of minority shareholders, while ignoring the weakness of entrepreneurs in the face of leveraged capital and its important role in the real economy. Therefore, besides the rule of good faith, the rule of justice for the purpose of protecting industry is particularly important. Therefore, first of all, China should incorporate the ethical connotation of protecting industry into the ethical rules of capital market, change the material capital determinism of capital market, and make the ethical rules of capital market embody the connotation of paying attention to entrepreneurship and enterprise development. Secondly, per-fecting the anti-malicious takeover legislation is the top priority for China to protect its industry. China can learn from the United States and Germany, and give the board of directors the authority of anti-malicious takeover, so as to protect enterprises from malicious plunder.