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控制权交易中存在一系列的代理和协调问题,管理层、控股股东、少数股东和非股东群体对控制权交易都有自身的利益,因此可能持有不同的赞成或反对的意见。法律在运用两个主要维度——要约的决策权的地点和保护目标公司股东(特别是非控股股东)免受收购人或者目标公司管理层的机会主义行为之侵害以及一个次要维度——法律对非股东群体利益的回应考虑特定的制度时,会发生重要的此消彼长的情形。如何平衡目标公司股东的平等待遇和不打击收购行为之间的关系,是法律应该关注的议题。本文通过分析欧盟、美国和日本等发达国家和地区的公司法律制度对控制权交易的规定以及法律的实施,探讨运用公司法和证券法原则解决控制权交易中代理和协调问题的思路与方法。
There are a series of agency and coordination issues in the trading of control rights. Management, controlling shareholders, minority shareholders and non-shareholder groups all have their own interests in the trading of control rights, and may therefore hold different opinions of approving or disagreeing. Law addresses the use of two main dimensions - the place of decision-making power of the offer and the protection of the target company’s shareholders (especially non-controlling shareholders) from the opportunistic behavior of the bidder or the target company’s management and a secondary dimension of legal Responses to the interests of non-shareholder groups When considering a particular system, important counter-balancing situations can occur. How to strike a balance between the equal treatment of the shareholders of the target company and the non-combat of the acquisitions is an issue that the law should pay attention to. This article analyzes the regulation of the control transaction and the implementation of the law in the corporate legal system of the developed countries and regions such as the EU, the United States and Japan and discusses the ways and means to solve the problem of agency and coordination in the trading of control rights by using the Company Law and the Securities Law.