上市公司反收购利益平衡机制探析

Analyses of Benefit Balancing Mechanism Regulating Anti-Takeover by Listed Companies

上市公司反收购的实施会涉及多方主体的利益,社会影响巨大。但目前我国在立法上尚未出台专门针对上市公司反收购规制的法律文件,如何处理好反收购中相关主体间的利益矛盾和冲突是反收购法律制度构建的重点和难点。因此,应当引入上市公司反收购的利益平衡这一理念,在上市公司反收购中构建利益平衡机制。从收购者与目标公司之间的利益平衡、收购者与目标公司股东之间的利益平衡、目标公司控股股东与中小股东之间的利益平衡、目标公司管理层与股东之间的利益平衡、目标公司股东与债权人之间的利益平衡以及收购主体与其他利益相关者之间的利益平衡六个方面阐述如何平衡不同利益主体之间的利益冲突和矛盾,对构建我国的上市公司反收购利益平衡机制提出具体构想,以期对实现上市公司反收购在公司运营及其效率方面发挥重要作用。

Takeover and anti-takeover lies closely together,either of which constitutes an integral part of takeover system.With the rapid development of the economy of our country,there are more and more projects of takeover of listed companies,and hence there exist a wider variety of anti-takeover actions taken by the target listed companies.During the process of anti-takeover conducted by the listed companies,multistakeholders will be involved inevitably,and significant influence will be exerted on the society.However,from legislative perspective our country hasn’t promulgated any law or regulation to govern anti-takeover actions conducted by listed companies.The importance of and difficulty in effectively handling the contradiction and conflict of interests among the relevant stakeholders.Therefore,the philosophy and principle of benefit balancing shall be employed to the anti-takeover conducted by listed companies,and the Benefit Balancing Mechanism shall be built up to regulate the anti-takeover conducted by listed companies,so that anti-takeover actions conducted by listed companies can play an important role in the operation and its efficiency of such companies.