反收购视野下目标公司管理层的行为规制

随着近年中国证券市场的发展,公司收购已经成为了具有高竞争力公司扩张的重要途径之一,伴随着收购与反收购大战愈演愈烈,目标公司的反收购制度急需构建,以此来规范反收购过程中各利益主体的行为。因此,强化目标公司管理层的行为规制有了越来越重要的实践意义,本文也将从理论及实践两个方面入手,比较英美的立法模式,结合《上市公司收购管理办法》的规定,提出一些实践探索方面的建议。

The Regulation of Managerial Behavior of Target Corporations from the Perspective of Anti-takeover

With the development of China＇s stock market in recent years, corporation acquisitions and anti-takeovers have be- come more and more active and there are many examples about anti-takeover in practice. Therefore, the methods of the regula- tion of anti-takeover defenses and the balance of the interests within the target corporations have both practical and theoretical sig- nificances. The key to the study lies with how to regulate the managerial behaviors of the target corporations. In contrast with the anti-takeover legal system of American Law and the British Law, we have no thorough legal rules in this area. From the aspects of theory and practice, this article compares British and American mode of legislation. Combined with the regulations of Adminis- trative Methods of Listed Companies＇ Purchase in China, some practical exploration suggestions are put forward.