我国公司并购立法研究

我国规范公司并购的基本法律有《公司法》和《证券法》,以及其后颁布实施的《收购办法》和《信息披露办法》。我国公司并购立法存在三个方面不足:法律制度的设置过于简单笼统,涉及面较窄,缺乏可操作性;某些规定不尽合理,不切实际;立法存在空白点与漏洞。由于立法的不缜密,法律的价值目标出现偏离。公司并购立法应有的价值理念为:公平理念、效率理念;公平促进效率,效率体现公平。我国公司并购立法应从以下几方面进行完善:完善公司并购中小股东权益保护制度;完善公司并购中债权人保护制度;强化信息披露制度;健全民事赔偿制度。

Study on Legislation of M&A in China

With the development of trade liberalization and global economic integration,there is an obvious increase in company M&A activities,which gives rise to a new round of M&A trend.Under such globally dynamic environment and the access to WTO,M&A activities in China have also intensified.In China,the present policies will no longer be able to satisfy these realistic needs,therefore,it is urgent to revise the current company law,securities law or even make special merging laws.Legislation of M&A is a huge and complicated project.By taking the value of orientating legislation as the focal point,this paper,firstly,aims to analyze the core effect of striking a balance between justice and efficiency on the process of setting M&A laws.Secondly,by pointing out the insufficiency of fairness and efficiency in the present M&A legislations in China,this paper also gives suggestions on the improvement of the legislation,including pursuit of the balance between fairness and efficiency,setting up fair and efficient operating mechanism and strengthening the fair and efficient legal rescue mechanism.