完善中国换股并购法制的理论思辨与实践进路

• 영문명: The Theoretical Thinking and Practice Route of Perfecting the Legal System of M&A by stock exchange in China - Learning from stock exchange system -
• 발행기관: 원광대학교 법학연구소
• 저자명: 왕서천(Wang shu tian)(王书 田)
• 간행물 정보: 『원광법학』제32권 제4호, 333~345쪽, 전체 13쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2016.12.30

국문 초록

股份交换是一项在日本、韩国等国家被广泛运用的企业重组手段。日本从美国引入股份交换制度后从立法上对该制度进行了完善, 使股份交换制度成为一项更加完整和系统的企业重组手段。韩国、中国台湾地区亦纷纷效仿日本在公司法制中规定了股份交换制度。该制度的魅力在于可以极高的效率创设持股公司, 从而达到集团化经营、防范敌意收购的效果。当然, 股份交换之所以能够实现令人称道的结果, 除了制度本身的特点外, 还得益于各项配套措施如异议股东回购、双重股东代表诉讼等。中国目前立法上尚未确立股份交换制度, 但是实务中换股合并与换股收购的案例与股份交换在形式上有很高的相似度, 加之中国换股并购在法律上还存在缺乏系统性规范、异议股东回购请求权不完善、股东代表诉讼原告资格范围狭窄的问题, 有理由相信中国换股并购可以从股份交换制度中吸取一些经验。

영문 초록

Stock exchange, which was originated in the United States, is a widely used enterprise restructuring means. After been introduced to Japan, it became a more complete and systematic means of enterprise restructuring. And then South Korea, China s Taiwan region also follow the example of Japan, provides for a stock exchange system in their company s legal system. The charm of the system is to create a holding company with high efficiency, so as to achieve the Group of operations or to prevent hostile takeover. All these advantages are not only because of the characteristics of the system itself, but also benefited from the supporting measures such as the Appraisal right of dissenters and double shareholder derivative suit. China s current legislation has not yet established a stock exchange system, but the practice of mergers and acquisitions by changing stock to some degree are similar to the form of stock exchange. Considering that there are some defect regarding to the mergers and acquisitions by changing stock, such as the lack of systematic specification, narrow range of the plaintiff qualification for shareholder derivative suit, there is reason to believe that China s share swap can learn from the share exchange system to gain some experience.

목차

摘要

一. 股份交换制度何以值得借鉴

二. 中国换股并购法制的缺陷

三. 完善中国换股并购法制的若干建议

参考文献

ABSTRACT

키워드

M&A stock exchange appraisal right of dissenters derivative suit 换 股并 购 股份 交换 异 议 股东 回购 请 求权 股东 代表诉 讼