要约收购制度的国际比较

目前,要约收购立法有英、美两种模式.英国模式着重于股东平等.美国模式着重于充分信息披露.在承认和确定大多数股东法律地位和公司事务决定权的同时,注重对少数股东地位的法律保护已成为战后各国公司立法的一大趋势.我国资本市场发育不健全,信息披露制度不完善;上市公司股权结构特殊,中小股东信息闭塞、经验缺乏;国家缺乏美国式的全面司法审查制度.本文通过要约收购的国际比较,认为要约收购制度主要是着眼于避免歧视小股东,便于众多中小股东自主做出是否与新的控股者合作的选择.我国建立要约收购制度采用英国模式是合理的、务实的选择.

Comparison of International Tender Offer System

At present, there are two patterns of tender offer legislation, British and American. The former emphasizes shareholders' equality, while the latter emphasizes the full disclosure of information. Legislation recognizes most shareholders'legal status and powers to make decision. At the same time, they attach importance to the protection for the minor shareholders' status, which has become a tendency of corporations'legislation after World War II. Capital market in China does not develop well; information disclosure system is not perfect; share rights structure of listed companies is particular; minor shareholders are deficient in information and experience; and the whole country lacks the American judicial inquiry system. Through the international comparison of tender offer, this paper holds that tender offer system is mainly used to avoid the discrimination against minor shareholders, so as to facilitate them to decide for themselves whether to cooperate with the new controlling shareholder. It is reasonable and pragmatic to build the British tender offer system in China.