公司收购中控股股东权利滥用的法律规制

我国《上市公司收购管理办法》将反收购的决定权赋予了股东大会。但我国股权结构的特殊性决定了控股股东完全可以操纵股东大会,损害中小股东及收购方的利益。为了防止目标公司控股股东在公司收购中滥用权利,维护私利,治本之计在于国有股的减持和机构投资者的培育,当务之急是在《公司法》的修订中增加控股股东信义义务和表决权排除制度的规定。

On Law Control of the Controlling Shareholders' Abuse of Their Privileges

According to the Takeover Regulation Act of List Company,the shareholders' general meeting has the right to decide anti-takeover. However, the particularity of share distribution indicates that controlling shareholders can manipulate shareholders' general meeting to harm the interests of the other shareholders and the target company. To prevent controlling shareholders from abusing their power, it is essential to decrease the number of state-owned shares and to foster institutional ownership. Furthermore, it is urgent to set up the fiduciary duty of controlling shareholders and to exclude the controlling shareholders' voting right in the emending of the Company Law.