论上市公司要约收购制度的完善

On Perfection of Tender Offer System for Public Held Corporation

我国《上市公司收购管理办法》对要约收购进行了相对完整的规定,但在三个方面有待进一步完善:一、自愿要约收购与部分要约收购应当明确界定并规制。二、应强调股东大会决定模式,并设计若干适合国情的反收购策略。三、应在收购后续行为的规制与诉权保护方面强调中小股东的利益。

Chinas Ordinance in Publicly Held Corporation Acquisition regulates the main content of tender offer. The article comes up with some legislative advice: Firstly, it is necessary to regulate the freewill tender offer and the partly tender offer. Secondly, the anti-takeover tactics should be up to the convention of shareholder and be apt to Chinas situation. Finally, the protection system of shareholders interest should be strengthened, especially in the regulation of behaviors after acquisition and in the right to litigation.