上市公司要约收购制度的立法价值取向与基本原则

任何法律制度均有其特有的立法价值取向(即目的、目标)与基本原则,要约收购制度亦然。总体而言,保护目标公司股东利益乃要约收购立法的主要目的。相对于收购人来说,目标公司股东处于弱者地位。这一点可以说是对要约收购进行立法规制的主要原因所在,也可以解释目前的要约收购立法以规范收购人为主的事实。从有关国家和地区的要约收购立法来看,其基本原则主要有三项,即目标公司股东平等待遇原则、保护中小股东利益原则与充分披露原则。

Legislative Value Orientations and Principles of Tender Offer System of Listed Companies

Every legal system has its own legislative value orientations (purposes and goals) and principles, and so does the tender offer system. In general, the chief purpose of tender offer is to protect the interests of the shareholders of the target company. In comparison with the tender, the target company is at a disadvantage. This is the major reason for tender offer legislation, and also explains the focus of current tender offer legislation on the standard tender. The tender offer legislations of related countries and regions show that there are three major principles: the principle of e-qual benefits among target company shareholders, the principle of protecting the interests of small and medium-sized shareholders, and the principle of full exposure.