公司收购法的移植与变异：部分要约与投资者保护 (The Transplantation and Mutation of Takeover Law in China: Partial Bids and Investor Protection)
15 Pages Posted: 11 May 2020
Date Written: October 18, 2019
Chinese Abstract: 2006年之后我国收购人被允许使用部分要约来履行强制要约收购义务。已有研究对于新部分要约规则尚未全面探讨。本文比较考察了中国内地和英国、日本等法域的部分要约规则，实证分析了我国收购人发出的部分要约。研究发现：我国部分要约制度与日本的强制部分要约模式在功能上殊途同归；我国的部分要约都是收购人自愿发出，目的主要是巩固公司控制权，规避现象罕见，这产生了与日本模式类似的效果；除了“苏泊尔案”外，没有收购人发出部分要约来履行协议收购触发的法定要约义务。本文对研究结果进行了解释，并建议将部分要约适用范围扩展到协议收购等主流收购方式，通过法律正式借鉴日本模式。
English Abstract: After 2006, Chinese acquirers were allowed to use partial bids to fulfill the obligation under the mandatory bid rule. The new partial bid rule has not been fully discussed in the existing research. This paper makes a comparative study of the partial bid regimes in mainland China, the United Kingdom, Japan and other relevant jurisdictions, and makes an empirical analysis of partial bids launched by Chinese acquirers. It is found that the partial bid regimes in China and Japan have similar functions. In China, partial bids were launched on a voluntary basis by acquirers mainly to consolidate the control of the company. With the exception of the Supor case, no acquirer has made a partial bid to fulfill the statutory obligation triggered by negotiated takeover. This paper explains the results of the study and proposes to extend the applicable scope of partial bids to negotiated takeovers which are a mainstream takeover method. China should formally learn from the Japanese model through formal legislation.
Note: Downloadable document is in Chinese.
Keywords: 要约收购；少数股东保护；部分要约；法律移植；实证研究 tender offer; protection of minority shareholders; partial bid; legal transplantation; empirical research
JEL Classification: G34, K22
Suggested Citation: Suggested Citation