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  • 學位論文

中國大陸槓桿收購目標公司少數股東利益保護研究 -以美國為借鏡

Research on Target Minority Shareholders Protection in Leveraged Buyouts for Mainland China -In Light of American Law

指導教授 : 王文宇

摘要


作為具有巨大籌資價值的槓桿收購,藉助於新興金融工具,成為資本市場以小搏大的漁利工具,受到收購方的青睞。理論上槓桿收購應當有利於增進目標公司中小股東的福扯,然實踐中收購人、目標公司控股股東、管理層之間存在利益衝突和利益博弈,可能為攫取私利濫用各自的優勢地位損害少數股東利益。是故,在槓桿收購背後亂象叢生而又捉襟見肘之時,確保目標公司少數股東利益,成為公司治理研究的一個重要課題。 中國大陸之槓桿收購,近年來因受到鼓勵企業兼併重組政策之推動而逐步發展,不過美國在上世紀80年代槓桿收購就已經盛行,故其發展模式和規範經驗對中國大陸有一定借鑒意義。是以,本研究以中國大陸和美國槓桿收購為對象進行探討。首先,釐清中國大陸和美國槓桿收購之差異,再探究槓桿收購中少數股東利益保護之必要性。接著,就2016年發生在中國大陸的「寶萬之爭」一案分析中國大陸槓桿收購特點和監管存在的問題,檢視目標公司少數股東權益保護相關規範。最後,以美國相關法規進行對比借鑒,以期在資本市場亂象頻發下,參考美國發展經驗,探究槓桿收購交易下有效保護中小投資者利益之范式。 就保護目標公司少數股東利益而言,應當充分保障收購過程中的資訊揭露,強化目標公司控股股東和管理層之受託義務,以及保障少數股東股份收買請求權和相應的訴權;另外,就完善公司治理而言,採用符合市場需求之股權結構設計和表決權方式,亦能從實質上保護股東之利益。本文以前述內容為分析框架展開探討,分述不同規範對保護槓桿收購中目標公司少數股東之意義。進而,對比在市場環境和股權集中程度不盡相同的兩國中,中國大陸和美國收購市場之差異,探究中國大陸槓桿收購規範和實踐演進過程,以及收購之立法價值取向。

並列摘要


Leveraged buyouts, typically called LBO, is a corporate acquisition transaction, which comes in several variations with core features: Cash from outside lenders (the leverage) is borrowed to buy up equity from the existing stockholders of the target company (the buyout). It has been favored by the acquirer by using a little capital to earn a big profit. Theoretically, it should benefit minority shareholders of the target company. However, there is potential conflict of interest between the acquirer, the controlling shareholders and the managers of the target company, who may abuse their dominant power with the cost of sacrificing the interest of minority shareholders. Therefore, the protections of minority shareholders in the target company has become an important issue in the research of leveraged buyouts. The leveraged buyouts experienced a booming in America in the 1980s, and here comes a great development in China in recent years, which benefits from the policies of encouraging mergers and acquisitions. The research targets on the regulations of leveraged buyout between China mainland and the United States. It try to get some legal experience from the USA and present suggestions to the legislators and legal practitioners. Firstly, it aims to clarify the differences of leveraged buyout in this two countries and show the necessity of the protection on minority shareholders. Then, it analyzes a case named “Vanke-Baoneng Spat” to introduce characteristic of leveraged buyouts and the existing problems on supervision in China. Finally, it hopes to explore the effective regulations on minority shareholders protections with reference of the United States development experience. As for the protection on the minority shareholders of the target company, the fully disclosure of information in the acquisition process should be ensured, the fiduciary duties of the controlling shareholders and the managers of the target company need to be strengthened, and the minority shareholders' appraisal rights and also shareholder derivative litigation must be guaranteed. In addition, it need have appropriate shareholding structure design and the way to vote. This paper explores the significance of different norms on the protections of minority shareholders. It hopes to observe the evolution process of regulations in China and find the legislative value orientation on leveraged buyouts.

參考文獻


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