摘要
为猎取公司经营发展控制权的股东以及为获得公司股份分红及股票交易利益持股达法定比例的投资人,都应当是上市公司的收购人。拥有股权30%是我国要约收购触发点,我国公司收购实行自愿要约与强制要约、全面要约与部分要约并行的模式,不同收购方式的要约要求不同:要约收购可以选择全面要约和部分要约,协议收购和间接收购达法定持股比例,则强制实行全面要约。要约收购豁免只适用于协议收购和间接收购,我国法律豁免的不是全面强制要约,而是要约收购,这为收购人规避法律留有空隙;因此,根据法定情形获得豁免的,应当有一定期限的限制和持股比例上限的限制。
Disclosure of interests＇ requirement in Chinese Securities Law equivalently applies to acquirers of listed companies, bidders for corporate control, purchasers of listed company shares, active shareholders participating in corporate governance and investors of equity returns. In addition, whenev- er they reached 30% of the issued shares of a listed company, further acquisition shall via a tender offer to all of the shareholders of the listed company for acquiring all or part of the outstanding shares. Ex- emptions of this mandatory bid rule are way too loose and affiliated Chinese laws are rather complicated than thorough, which leaves abundant room for acquirers, bidders, share purchasers, active share- holders and investors to outmaneuver.
出处
《社会科学》
CSSCI
北大核心
2017年第10期106-114,共9页
Journal of Social Sciences
