强制要约收购中的中小股东利益保护研究

摘要

With the introduction of Mandatory Bid Rule in China,the situation of the acquirer and its minority shareholders are becoming worse while the minority shareholders of the target company are becoming better.This paper analyzes the shortage of the system and tries to provide some solutions,such as establishing the exemption system in tender offer,regulating the agreement of shareholders′ meeting and so on.%强制要约收购制度引入我国后,在保护目标公司中小股东利益的同时,也在一定程度上损害了收购方及其中小股东的利益,阻碍了收购的进行。因此,在肯定该制度价值的同时,需要对其予以完善,主要是通过对收购方要约收购的豁免制度以及须经股东会同意通过的制度安排等,来平衡收购方与被收购方之间利益的平衡。