摘要
随着全球企业并购浪潮的兴起和蓬勃发展，公司收购已成为优化配置社会资源，实现产业结构调整和规模经济的重要途径。上市公司收购是公司收购的典型形式，其本质是为了取得上市公司的控制权而进行的证券交易行为。要约收购则是上市公司收购的重要形式。与协议收购相比，它具有公开性、公平性、期限法定性和排他性等特点。它使所有股东在平等获取信息的基础上自主作出选择，被视为完全市场化的规范的收购模式，有利于防止各种内幕交易，保障全体股东尤其是中小股东的利益，因此成为各国证券市场上最主要的收购形式。依据收购的股份数量，可分为全面要约收购和部分要约收购；依据收购是否出发法律义务，可分为自愿要约收购和强制要约收购。
至于要约收购是否对收购者、目标公司乃至整个经济有利，目前仍是一个有争议的问题。我们应坚持客观的立场，在提倡鼓励该制度，充分发挥其积极作用的同时，也不可忽视对其所引发的问题的规制、防范与治理。实践中，要约收购由于其特殊性，会引发收购者与目标公司股东之间、目标公司股东之间的不平等、要约收购与目标公司管理层的利益冲突，以及内幕交易与欺诈等一系列问题。因此，除充分披露和目标公司股东平等待遇两项基本原则外，笔者认为，要约收购还应受保护中小股东利益、要约谨慎、禁止内幕交易及阻挠不得滥用原则的规制，以加强对收购者和目标公司管理部门的规范，保护目标公司股东的利益，维护证券市场的正常秩序。
英美两国在要约收购规制方面的规范较为完善，也做得比较成功，并具有一定的代表性。但由于立法传统不同，英美两国对要约收购分别采用了立法式和自律式规制模式。客观地说，上述两种模式各有利弊。立法式的优点在于它是一种强制性的规范，其缺点在于立法的形式较为僵化。自律式的优点是有较强的灵活性，其缺点是缺乏强制性。为了克服本身的弱点，立法式规制体系往往注意保持一定的灵活性和开放性，为法官的审判留出一定的自由裁量空间，以便应付新的情况和问题。而自律式规制体系也在寻求有效的方法来解决无法强制的问题。尽管两国对要约收购的规制模式有所不同，但它们在对要约收购规制架构的设置上却是非常相似的，并有着相近的规制理念。当然，两国在信息公开制度、收购期间强制制度、强制要约收购、部分要约收购、股东撤回权、价格平等原则和最高价原则，以及反收购规制模式等重要制度方面还是有所不同的。希望通过对上述规制模式及具体制度方面的比较和评析，能够对我国要约收购制度的进一步规范和完善有所借鉴。
由于股权结构的特殊性和证券市场的分割状态等原因，阻碍了要约收购在我国的顺利进行，尽管我国已经发生多起所谓的要约收购事件，也只是仅具要约收购的雏形而已。协议收购是目前我国上市公司收购的主要形式。但是，历史的经验表明，正如市场经济必然产生公司机制一样，我国股份公司的发展必然带来要约收购的风潮。要约收购在合理配置资源，上市公司的资产重组，以及盘活国有股份等方面均具有积极的现实意义，并呈大有发展之势。新近中国证监会出台的《上市公司收购管理办法》和《上市公司股东持股变动信息披露管理办法》结合我国国情，并适当借鉴了英美等国的先进经验，在一定程度上弥补了我国以前对上市公司收购的规制偏于原则、过于简单，以及存在诸多法律真空等缺点。可以说，我国上市公司收购的法律框架已基本成形。这两个管理办法对要约收购更是进行了详细规范，并作了重大改进，使上市公司要约收购成为可能，为上市公司通过要约收购实现并购重组提供了广阔的舞台。
诚然，《收购办法》和《信息披露办法》的出台使我国上市公司要约收购的法律体系更加规范和完善，但笔者认为，我国要约收购制度在对竞争性收购要约、要约收购的撤回权、反收购措施、下市程序等方面的规范上仍存在着一些缺陷和不足，有待于在今后的立法中进一步规范和完善。
Along with the surge and development of corporate acquisition in the world, corporation takeover has become an important means of enhancing the configuration of social resource and realizing the adjustment of industrial structure and the expansion of economy. As a typical means of acquiring corporations, listed company acquisition is a security exchange transaction that essentially aims at gaining the control of a company. Tender offer is a main form of listed company acquisition. Compared with agreement acquisition, tender offer has the characteristics such as openness, fairness, legal term, and exclusion, all of which enables security holders to make an independent choice based on the legal display system of information, helps to prevent underground transactions, and protects the benefits of all shareholders and especially of small shareholders. With all these advantages, tender offer has been considered a normative model of corporate acquisition and become the major acquisition means in the world security
market.
Presently it is still arguable whether tender offer has benefited the offeror, target corporate and even the whole economy. At the same time when we should based on the objective principle advocate and encourage the advance of the regulating system to folly develop its positive impact, we should also stress on regulating, preventing and managing the problems that may be incurred. In practice, due to its particularity, tender offer is supposed to cause serials of problems such as the inequality between the offeror and the shareholders of target company, the beneficial conflicts between the tender offer and the management of target company, and the deception and underground dealing. Therefore, in order to enhance the regulation of the offeror and the management of target company, to protect the benefits of the shareholders of target company, and to maintain the standard of the security exchange system, not only should the legislative establish the two basic principles of information transparency and equal trea
tment of target company's shareholders, but also establish the supplementary principles of the protection of middle and small shareholders' benefits, of the forbiddance of underground transaction, of caution offer, and of anti-offer abuse.
As the countries holding advanced and representative regulating systems of tender offer in the world, U.K. and U.S. share the similarities in the structure of the regulating system, and in the recognition of the regulating concepts. However, due to their different legislative tradition, U.K. adopts legislative model in regulating tender offer while U.S. takes self-regulating model. In addition, the regulating systems in U.K. and U.S. differ in variable aspects, such as legal system of information display, compulsory offer system, shareholders' withdrawal right, anti-offer regulating model, and other important facets. The comparison and analysis of the similarities and differences of the tender offer regulating systems between these two countries may help us to further develop and improve our current regulating system in China.
Although the particularity of security structure and the segmentation of stock market have restricted the advancement of tender offer, the development of stock corporations determines the surge of tender offer in China. At present agreement acquisition still plays the key role in acquiring listed corporations in China, however, tender offer has shown its positive impact on rationally configuring resource, reconstructing listed companies' capital, and activating state stock. The newly published "The regulation of takeover" and "The regulation of information display" by China Stock Supervision Committee to a certain degree make up a number of deficiencies existing in current regulating system of tender offer, such as over-simplicity, standard deviation, and legislative absence, so as to constitute basic legal frame for the takeover of listed corporations. "The regulation of takeover" to a great extent improves current regulating system
引文
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