摘要
上市公司的收购与反收购是一体两面的事物。反收购措施的产生、发展与敌意收购有着密不可分的关系。从法律价值看,收购制度更倾向于保护的法律价值是兼顾效率与公平,以效率为主;反收购制度更倾向于保护的法律价值是兼顾公平与效率,以公平为主。从法律主体看,收购制度更倾向于保护收购方;反收购更倾向于保护被收购方,具体而言,反收购更倾向于保护目标公司及其股东(特别是中小股东)、利益相关者利益和社会公共利益。完善我国上市公司的反敌意收购制度,保护合理的收购防御行为,有利于克服敌意收购的负面效应,保护市场公平。
The takeover and anti-takeover of listed companies is two things. Generation and development of anti-takeover measures has an inseparable relationship with a hostile takeover. From the legal value acquisition system more inclined to protect both efficiency and equity is the value of the law, give priority to with efficiency; Anti-takeover system more inclined to protect both fairness and efficiency is the value of the law, give priority to with fair. From the legal subject acquisition system more inclined to protect the acquirer; Anti takeover by acquirers tend to be more protection, specifically, anti-takeover more inclined to protect the target company and its shareholders, especially minority shareholders）, stakeholder interests and public interests. To perfect our system of hostile takeover of listed companies, protect the reasonable takeover defence behavior,is beneficial to overcome the negative effects of hostile takeovers,protecting fair market.
出处
《武汉大学学报（哲学社会科学版）》
CSSCI
北大核心
2014年第3期23-28,共6页
Wuhan University Journal：Philosophy & Social Science
基金
广东财经大学法治与经济研究所2013年度招标课题
关键词
上市公司
敌意收购
防御
法律规制
the listed company
a hostile takeover
defense
legal regulation
