论上市公司收购中目标公司中小股东权益保护.pdfVIP

中文摘要 随着证券市场的发展，上市公司收购愈演愈烈，目标公司中小股东权益受侵 害的案例频有发生，相对于收购方、目标公司、目标公司控股股东、目标公司董 事高管人员，目标公司中小股东处于极度弱势的地位，其权益保护问题日益紧迫。 由于中小股东牵涉面广，涉及利益主体众多，对中小股东权益保护不力小则影响 上市公司的治理结构，不利于上市公司的正常运行；大则动摇整个金融市场，造 成金融风险。因而在上市公司收购中加强中小股东权益保护具有现实意义和重大 价值。在本文的研究中，笔者以新公司证券法律为背景，利用实证分析方法，对 我国现有的上市公司收购中目标公司中小股东权益保护现状进行深刻的分析，通 过借鉴英、美两国对中小股东保护的先进经验，对信息披露制度、董事诚信义务 制度提出了一些完善建议，建议建立分阶段信息披露制度，完善预测性信息的披 露，并且加大对信息披露不实的惩罚力度。同时对强制要约收购制度和股东平等 待遇进行了深入思考。 关键词： 上市公司收购；目标公司中小股东权益保护；完善与思考 I Abstract With the development of securities market, acquisition of listed companies more and more intense, minority interests in the target company infringement case occurred frequent. Protection of their interests was increasingly urgent. Relative to the acquirer, the target company, the controlling shareholder of the target company, the target company directors、executives, minority shareholders of the target company were very vulnerable. As the minority shareholders involved in a wide range, involving many stakeholders, inadequate protection of minority interests not only affected the governance structure of listed companies, but also the whole financial market. Thus, strengthening the protection of minority interests had great significance. Under the new legal system background, The author analyzed the present situation in China, by drawing on the advanced experience of protection from British and American, made some recommendations about information disclosure system and director fiduciary duty. Periodic information disclosure system should be Established, predictive information disclosure should be Refined, and to strengthen the disclosure of false information punishment. Meanwhile, mandatory tender offer and shareholders equal