强制要约收购:制度发展、评价与适用 --基于经济法的视角

强制要约收购制度自上个世纪60年代在英国发展起来之后,逐渐成为一项得到世界许多国家和地区所采纳的上市公司收购的基本制度,但它并未成为一项被世界各国普遍采纳的制度。关于其制度价值,理论界也一直存在着不同的认识。我国《证券法》确立了该制度,并已有相应的强制要约收购案例存在。但是,究竟是否应当采纳该制度,确实还有深入研究的必要。基于对英、美、澳等国及中国内地、香港地区相应法律体系及证券市场特性的认识,我们认为还是应当肯定该制度在中国的价值。在具体适用及其实效方面,也完全可以维持现行制度。

Compelling Offer Acquisition: Institutional Development, Assessment and Enforcement --In the View of Economical Law

Compelling offer acquisition appeared in England in the 1960's. Since then, it has been gradually accepted as a typical institution of listed company by many countries, though not worldwide yet. Scholars do not agree on the value of the institution. Security Law has established the institution and cases of compelling offer acquisition can also be found in China. Yet whether China should adopt the institution requires further study. Nevertheless, based on the knowledge of the legal systems and security markets of Britain, America, Australia, Chinas mainland and Hong Kong, we believe that the value of the institution in China should be recognized, and that the functions and effects of the institution may help to maintain the extant one.