基于法与金融的上市公司并购研究
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摘要
“法与金融”理论是20世纪90年代中后期在美国新兴的一门交叉学科,是继20世纪60年代“法和经济学”运动之后的又一股交叉研究浪潮,它创新的运用了经济学和计量经济学分析工具来分析金融领域中的法律问题,属于法律经济学研究的前沿分支领域。
作为一次划时代的基础性制度变革,股权分置改革消除了非流通股和流通股两个市场的分割,强化了资本市场的定价功能和控制权配置效率,并且强烈影响着中国资本市场的每一个方面,导致中国资本市场整个估值体系的重构,并购市场的价值体系也因此显现出不同的特点,为上市公司实施并购重组、加快优胜劣汰与行业整合创造了条件。随着《上市公司收购管理办法》颁布实施,上市公司收购方式将更加灵活,收购成本将不断降低,收购效率将大为提高,我国证券市场即将迎来新一轮收购兼并高潮,这给中小投资者权益保护带来了新的课题。例如一些上市公司收购中,可能发生收购人无实力、少诚信,以及掏空上市公司后金蝉脱壳等问题,从而对上市公司和中小股东权益造成损害。又如,一些上市公司可能与外部收购人相勾结,通过选择性信息披露或者利用并购信息进行故意炒作,引起股价的大幅波动,实施内幕交易、市场操纵等违法违规活动。从国际经验看,兼并收购题材是最容易引发个股暴涨暴跌的因素之一,对于我国投机性较强的证券市场来说更是如此。在沸沸扬扬的炒作和重组传闻中,中小投资者往往是雾里看花,真假难辩,最终成为受害者。
综上因素,股权分置的解决,使得非流通股和流通股的定价机制统一,非流通股股东和流通股股东的利益基础一致,有利于上市公司规范市场行为和完善公司治理,减少大股东通过“隧道挖掘”对中小投资者的利益侵蚀。但同时也面临着大股东新的压制和剥夺中小投资者利益的方式的诞生,加之内部人控制强化,虚假信息披露动机的犹存,虚假、恶意收购行为对中小股东权益造成损害等因素的存在,中小投资者利益的保护也必将而临新的挑战。基于法与金融理论,我国在上市公司并购方面的相关立法还是比较完善的,但我国相关法律法规的执行效率在世界范围内是比较低的,这也导致了我国上市公司并购过程中对中小股东的利益保护还不很完善,本文通过研究分析,对于我国上市公司并购过程中中小股东利益保护的问题进行了讨论,提出了提高我国相关法律法规执行效率的建议。
"The law and finance" is the 20th century in the late 90's the United States at the rise of an emerging cross-disciplinary on the heels of the 20th century,the 60's "law and economics" movement after another wave of a crossover study,which the use of economics and measurement analytical tools of economics to analyze the problem of financial law,Law and Economics is a branch of the field of cutting-edge research. Epoch-making as a foundation of institutional change,share reform to eliminate the non-tradable shares and tradable shares both market segmentation,and strengthen the capital market pricing of features and control over the allocation efficiency,and strongly affect the Chinese capital market,each,the cause of China's capital market system,remodeling the entire valuation,M & A market value system also show different characteristics,in order to implement the merger and reorganization of listed companies to accelerate the integration of the survival of the fittest with the industry created conditions.With the newly revised "acquisition management practices of listed companies," The promulgation and implementation of acquisitions of listed companies will be more flexible,will continue to reduce the cost of an acquisition,the acquisition will greatly improve efficiency,China's securities market is about to usher in a new round of merger and acquisition climax,this give small and medium investors to protect the rights and interests brought about a new topic.Some listed companies such as the acquisition,it may occur without the acquisition of strength, less honesty,and emptied company listed issues with a view to small and medium-sized listed companies and shareholders a disservice.In another example, some listed companies may be related to the external acquisition of the collusion between the people,through the selective disclosure of information or the deliberate use of information acquisition speculation,causing large swings in stock prices,the implementation of insider trading,market manipulation and other illegal activity. From the international experience shows that mergers and acquisitions are most likely to trigger subject matter skyrocketing stock plunged one of the factors,for our country's securities markets are highly speculative,especially for.At the reorganization of a hubbub of speculation and hearsay,the medium and small investors are often,eventually become the victims.
Integrated on factors,share solutions,making non-tradable shares and tradable shares unified pricing mechanism,non-tradable shareholders and tradable shares basic interests of the shareholders agreement will help standardize the market behavior of listed companies and improve the corporate governance,to reduce the major shareholder through "tunneling" the interests of small and medium investors erosion. But at the same time also faced with the major shareholder of the new repression and the denial of benefits small and medium investors and the birth of the way,in addition to strengthening internal control,the disclosure of false information still motivated, false,malicious behavior on the acquisition of the rights and interests of small and medium-sized shareholders of damage caused by such factors as the existence of small and medium-sized to protect the interests of investors and the Pro will also new challenges.Based on law and finance theory,mergers and acquisitions of listed companies in our country the relevant legislation is relatively sound,but our country laws and regulations related to the implementation of efficiency in the world is relatively low,which also led to mergers and acquisitions of listed companies in China the process of small and medium-sized protect the interests of the shareholders is not a perfect system,this paper studies and analyzes,and for mergers and acquisitions of listed companies in China the process of small and medium-sized to protect the interests of shareholders of the issues were discussed and put forward our country improve efficiency in the implementation of relevant laws and regulations recommendations.
作为一次划时代的基础性制度变革,股权分置改革消除了非流通股和流通股两个市场的分割,强化了资本市场的定价功能和控制权配置效率,并且强烈影响着中国资本市场的每一个方面,导致中国资本市场整个估值体系的重构,并购市场的价值体系也因此显现出不同的特点,为上市公司实施并购重组、加快优胜劣汰与行业整合创造了条件。随着《上市公司收购管理办法》颁布实施,上市公司收购方式将更加灵活,收购成本将不断降低,收购效率将大为提高,我国证券市场即将迎来新一轮收购兼并高潮,这给中小投资者权益保护带来了新的课题。例如一些上市公司收购中,可能发生收购人无实力、少诚信,以及掏空上市公司后金蝉脱壳等问题,从而对上市公司和中小股东权益造成损害。又如,一些上市公司可能与外部收购人相勾结,通过选择性信息披露或者利用并购信息进行故意炒作,引起股价的大幅波动,实施内幕交易、市场操纵等违法违规活动。从国际经验看,兼并收购题材是最容易引发个股暴涨暴跌的因素之一,对于我国投机性较强的证券市场来说更是如此。在沸沸扬扬的炒作和重组传闻中,中小投资者往往是雾里看花,真假难辩,最终成为受害者。
综上因素,股权分置的解决,使得非流通股和流通股的定价机制统一,非流通股股东和流通股股东的利益基础一致,有利于上市公司规范市场行为和完善公司治理,减少大股东通过“隧道挖掘”对中小投资者的利益侵蚀。但同时也面临着大股东新的压制和剥夺中小投资者利益的方式的诞生,加之内部人控制强化,虚假信息披露动机的犹存,虚假、恶意收购行为对中小股东权益造成损害等因素的存在,中小投资者利益的保护也必将而临新的挑战。基于法与金融理论,我国在上市公司并购方面的相关立法还是比较完善的,但我国相关法律法规的执行效率在世界范围内是比较低的,这也导致了我国上市公司并购过程中对中小股东的利益保护还不很完善,本文通过研究分析,对于我国上市公司并购过程中中小股东利益保护的问题进行了讨论,提出了提高我国相关法律法规执行效率的建议。
"The law and finance" is the 20th century in the late 90's the United States at the rise of an emerging cross-disciplinary on the heels of the 20th century,the 60's "law and economics" movement after another wave of a crossover study,which the use of economics and measurement analytical tools of economics to analyze the problem of financial law,Law and Economics is a branch of the field of cutting-edge research. Epoch-making as a foundation of institutional change,share reform to eliminate the non-tradable shares and tradable shares both market segmentation,and strengthen the capital market pricing of features and control over the allocation efficiency,and strongly affect the Chinese capital market,each,the cause of China's capital market system,remodeling the entire valuation,M & A market value system also show different characteristics,in order to implement the merger and reorganization of listed companies to accelerate the integration of the survival of the fittest with the industry created conditions.With the newly revised "acquisition management practices of listed companies," The promulgation and implementation of acquisitions of listed companies will be more flexible,will continue to reduce the cost of an acquisition,the acquisition will greatly improve efficiency,China's securities market is about to usher in a new round of merger and acquisition climax,this give small and medium investors to protect the rights and interests brought about a new topic.Some listed companies such as the acquisition,it may occur without the acquisition of strength, less honesty,and emptied company listed issues with a view to small and medium-sized listed companies and shareholders a disservice.In another example, some listed companies may be related to the external acquisition of the collusion between the people,through the selective disclosure of information or the deliberate use of information acquisition speculation,causing large swings in stock prices,the implementation of insider trading,market manipulation and other illegal activity. From the international experience shows that mergers and acquisitions are most likely to trigger subject matter skyrocketing stock plunged one of the factors,for our country's securities markets are highly speculative,especially for.At the reorganization of a hubbub of speculation and hearsay,the medium and small investors are often,eventually become the victims.
Integrated on factors,share solutions,making non-tradable shares and tradable shares unified pricing mechanism,non-tradable shareholders and tradable shares basic interests of the shareholders agreement will help standardize the market behavior of listed companies and improve the corporate governance,to reduce the major shareholder through "tunneling" the interests of small and medium investors erosion. But at the same time also faced with the major shareholder of the new repression and the denial of benefits small and medium investors and the birth of the way,in addition to strengthening internal control,the disclosure of false information still motivated, false,malicious behavior on the acquisition of the rights and interests of small and medium-sized shareholders of damage caused by such factors as the existence of small and medium-sized to protect the interests of investors and the Pro will also new challenges.Based on law and finance theory,mergers and acquisitions of listed companies in our country the relevant legislation is relatively sound,but our country laws and regulations related to the implementation of efficiency in the world is relatively low,which also led to mergers and acquisitions of listed companies in China the process of small and medium-sized protect the interests of the shareholders is not a perfect system,this paper studies and analyzes,and for mergers and acquisitions of listed companies in China the process of small and medium-sized to protect the interests of shareholders of the issues were discussed and put forward our country improve efficiency in the implementation of relevant laws and regulations recommendations.
引文
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[1]Claessens,Stijn,Djankov,Simeon and Lang,Larry HP.2000."The Separation of Ownership and Control in East Asian Corporations"[J],Journal of Financial Economics 58:81-112.
[2]La Porta,Lopez-de-Silanes,Shleifer and Vishny.2002."Investor Protection and Corporate Valuation"[J],The Journal of Finance 57
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[43]Claessens,Stijn,Djankov,Simeon and Lang,Larry HP.2000.“The Separation of Ownership and Control in East Asian Corporations”[J],Journal of Financial Economics 58:81-112.
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[1]许琳,投资者法律保护与公司上市后长期业绩表现_基于法和金融理论的实证分析[J],南开管理评论 2006年9卷,第2期:96-101
[2]La Porta,Lopez-de-Silanes,Shleifer and Vishny.1998."Law and Finance"[J],The Journal of Polotical Economy106(6)
[1]La Porta,Lopez-de-Silanes,Shleifer and Vishny.1997."Legal Determinant s of External Finance,"[J],The Journal of Finance 52(3):1113-1155
[2]La Porta,Lopez-de-Silanes,Shleifer and Vishny.1998."Law and Finance,"[J],The Journal of Poloical Economy106(6):1113-1155
[1]La Porta,Lopez-de-Silanes,Shleifer and Vishny.1997."Legal Determinant s of External Finance "[J],The Journal of Finance 52(3):1131-1150
[2]Beck,Thorsten,Asli Demirg-Kunt,Ross Levine.2003."Law and Finance:Why does Legal Origin Matter?"[J],Journal of Comparative Economics,Elsevier 31(4):653-675
[1]胡昌生、龙杨华,“法与金融”理论述评[J],武汉大学学报(哲学社会科学版),第61卷、第1期2008年1月:7-10
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