论上市公司要约收购中对中小股东的保护──兼论对我国《证券法》的完善

上市公司要约收购是一种以公司控制权移转为目的的对目标上市公司股份的大规模公开购买行为,极易给目标公司中小股东带来侵害。各国都将保护目标公司中小股东利益作为上市公司收购立法的重要内容。借鉴域外立法经验并结合我国立法实践,对上市公司要约收购中目标公司中小股东保护问题作出探讨,并提出完善我国《证券法》的相关建议。

On Protection of Minor shareholders in Tender offer for PubliclyHeld CorPoration- With suggestions on improving Chinese Security Law

Tender Offer is a way widely used to make purchase of publicly held corporation in mature security markets. It is commonly a large-scale purchase move for obtaining control of target corporation and thus may lead to interest damages of shareholders,especially minor shareholders of target corproation. So the protection of minor Shareholders of target corporation is always an important part of regulations concerning Tender Offer for publicly held corporation. The article aims to probe into this problem, and makes some suggestions for improving Chinese Security Law on the basis of analysing the defects of Chinese regulations and using mature experience of other countries' regulations for reference.