上市公司收购与目标公司治理结构研究

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3.0 周伟光 2024-09-20 4 4 513.97KB 54 页 150积分

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浙江财经学院硕士学位论文

摘要

现代企业理论研究表明，公司控制权的配置和流动是公司治理结构的关键和

核心，以配置公司控制权为主要内容的上市公司收购应是完善目标公司治理结构

的主要外部渠道。同时，由于目标公司的治理结构间存在差异，对上市公司收购

效用的发挥也具有一定的影响力。因此，上市公司收购和目标公司治理结构具有

高度的关联性。为更有效的规范上市公司收购与目标公司治理结构的运作，有必

要对上市公司收购与目标公司治理结构之间的制衡与互动作用机理进行深入的分

析研究。

本文正是基于上述考虑，以上市公司收购与目标公司治理结构为研究对象，

探讨两者之间的制衡与互动作用机理。

首先，文章简要评析了上市公司收购与公司治理结构的相关研究成果，指出

上市公司收购与目标公司治理结构间存在相互制衡、相互促进的相辅相成的关系。

其次，整体分析上市公司收购对目标公司治理结构的作用机理，提出在本质

上体现为上市公司收购通过股权结构的传导与重构作用，对股东、董事、经理层

的权责利关系的重构。而上市公司收购与相关机制的结合将影响上市公司收购对

目标公司治理结构作用的最终效果。因此，文章分别结合上市公司收购的整个过

程与制约上市公司收购发挥效用的相关机制，分解分析上市公司收购对目标公司

治理结构的积极与消极作用影响。

再次，以确保上市公司股权转移的自由性、上市公司的相关决策应体现公司

的整体意愿及需要较高的决策能力，作为上市公司收购市场化的必需条件，分析

为达成上市公司收购市场化的这三个必需条件，股权结构、股东大会与董事会的

运作及经理层相关机制的运作机制所应具备的特点。

最后，结合我国上市公司治理结构与上市公司收购所存在的制度性缺陷，提

出相应的对策与建议，以期不断完善公司治理结构与健全上市公司收购市场，进

而在双方间建立一种相互促进的良性互动关系。

本文的创新点在于：①整体分析上市公司收购对目标公司治理结构的作用机

理。提出上市公司收购正是通过股权结构的传导与重构作用，影响股东、董事、

浙江财经学院硕士学位论文

经理层三者所拥有的控制权，进而影响股东、董事、经理层的权责利关系的重构，

实现目标公司治理结构的重构。②贯穿上市公司收购的整个过程，即收购市场中

的潜在被收购压力、现实的收购反收购博弈与被收购后的结构性整合，系统分析

上市公司收购对目标公司股东、董事、经理层三方面决策行为的制衡与促进。③

以确保上市公司股权转移的自由性、上市公司的相关决策必须体现公司的整体意

愿及需要较高的决策能力，作为判断上市公司收购市场化的标准，提出股权的适

度集中与持股主体的多元化，股东大会的代表广泛性与监督有效性，董事会的独

立性与决策支持性，经理层评价机制的综合性、任免机制的市场化和激励机制的

多样化都是确保上市公司收购有效性、发挥市场机制作用的保障。

关键词：上市公司收购；目标公司；公司治理结构；互动；制衡

浙江财经学院硕士学位论文

III

ABSTRACT

The modern corporate theory indicates that the issue of controlling rights is crucial

factor of the corporate governance, and the issue of controlling rights is also the primary

coverage of acquisition of listed companies, therefore, the acquisition of listed

companies is the main exterior method of perfect the corporate governance. Because

corporate governance conditions existence difference, they also have certain restriction

function to acquisition of listed companies, the acquisition of listed companies and

corporate governance has correlation. Therefore, in order to improve the operation both

of acquisition of listed companies and corporate governance, we should analyze the

correlation of acquisition of listed companies and corporate governance.

Based on the above considers, this essay studies the acquisition of listed companies

and corporate governance, try to find the correlation of them.

Firstly, the essay introduces relative theories about the acquisition of listed

companies and corporate governance, point out that between the acquisition of listed

companies and corporate governance have close correlations.

Secondly, we overall analyze the action mechanism of acquisition of listed

companies, and point out that acquisitions of listed companies adopt the conduction and

reconstruction of the corporate equity ownership structure to balance the right, liability,

benefit of shareholders, directors, managements. And the acquisitions of listed

companies associates the related mechanism can influence the performance of corporate

governance. Therefore, this essay analyzes the positive and negative effect respectively.

Thirdly, three essential conditions of the acquisition of listed companies’

marketization are: the equity transfers freely, representation of the decision-making,

rationalization of the decision-making. In order to fulfill these three targets, this essay

proposes several suggestions.

Finally, based on the conditions of the acquisition of listed companies and

corporate governance of our country and these research conclusions, this essay proposes

浙江财经学院硕士学位论文

several suggestions.

This essay has the following innovates: firstly, the essay overall analyzes the action

mechanism of acquisition of listed companies, and points out that acquisitions of listed

companies adopt the conduction and reconstruction of the corporate equity ownership

structure to balance the right, liability, benefit of shareholders, directors, management.

Secondly, according to the whole process of the acquisition of listed companies, this

essay analyzes the positive effect on the decision-making of shareholders, directors,

managements. Thirdly, three essential conditions of the acquisition of listed companies’

marketization are: the equity transfers freely, representation of the decision-making,

rationalization of the decision-making. In order to fulfill these three targets, this essay

proposes several suggestions: the equity should keep reasonable concentration ratio;

shareholders should keep relative diversity; the shareholder meeting should keep

representation and impactful supervision; the board of directors should keep

independence and support decision-makings; we should build integral management

evaluation mechanism, marketable appointment and removal mechanism, diversiform

incentive mechanism.

Keywords: acquisition of listed companies; target corporate; corporate governance;

interact; check and balance

浙江财经学院硕士学位论文

第一章导论·················································································································· 1

第一节研究的目的和意义 ··················································································· 1

第二节相关概念说明 ··························································································· 2

第三节相关研究文献综述 ··················································································· 5

第四节本文结构和创新点 ················································································· 12

第二章上市公司收购对目标公司治理结构的作用机理分析 ································· 14

第一节上市公司收购对目标公司治理结构作用机理的整体分析··················· 14

第二节上市公司收购对目标公司治理结构作用机理的分解··························· 16

第三章目标公司治理结构对上市公司收购的影响因素分析 ································· 23

第一节股权结构的构建 ····················································································· 24

第二节股东大会与董事会的运作······································································ 28

第三节经理层相关机制的运作·········································································· 29

第四章我国上市公司收购与目标公司治理结构作用传导的制度性缺陷·············· 33

第一节我国上市公司治理结构的制度性缺陷 ·················································· 33

第二节我国上市公司收购的制度性缺陷·························································· 39

第五章相关建议和局限 ···························································································· 42

第一节相关建议 ································································································· 42

第二节研究的局限性及后续的研究建议·························································· 46

参考文献······················································································································ 47

附录······························································································································ 50

致谢······························································································································ 51

浙江财经学院硕士学位论文

第一章导论

第一节研究的目的和意义

从世界范围看，英美、德日在不同的市场环境和公司特性下形成了各自独特

的公司治理结构模式，不同的模式都曾经或现在仍然有其生命力，为其国家经济

发展做出了巨大贡献。近年来英美逐渐改变了只注重证券市场的做法，开始增强

公司的内部监控力度，鼓励机构投资者的积极参与，要求公司增强董事会的独立

性，以弥补外部监控不足的缺陷，对德日模式而言，开始重视市场因素对公司治

理结构的有效作用，收敛股票的过度安定性，加速证券市场的发展和股权的分散

化，增强股东对公司的监督，两种模式正呈现出互相借鉴、交融的趋势。当今世

界两种具有主要代表性的模式都逐渐认识到，从内外部同时着手可以更有效的提

高整体公司治理结构的效用，且内外双方间的关系应在原来较为关注的互相制衡

关系的基础上，更进一步关注双方间的互动关系，即在双方互相监督、制约的同

时还要实现双方的交互联系、影响和彼此合作、推动，从而促进公司治理结构整

体功效最大化。

从资本市场看，一方面，公司控制权的配置和流动是公司治理结构的关键和

核心，因此，以配置公司控制权为主要内容的上市公司收购应是完善目标公司治

理结构的主要外部渠道，且上市公司收购的收购方式不同，对目标公司治理结构

的影响亦不同；另一方面，由于目标公司的治理结构状况间存在差异，对上市公

司收购效用的发挥也具有一定影响力，因而上市公司收购和目标公司治理结构具

有高度的关联性。而我国上市公司收购并没有成为改善我国公司治理结构的有效

外部方式，反而在一定程度上成为大股东盘剥小股东、各代理人争夺公司控制权

溢价的工具，这一现状必然在相当程度上反映了我国上市公司治理结构存在的问

题，因此，要实现这两者之间的有效结合，达到双赢，必须对上市公司收购与目

标公司治理结构之间的相互作用机理进行深入的分析研究，从而更有效的规范两

者的运作，使两者间形成一种良性的互动关系，促进上市公司收购与目标公司治

理结构的长远发展，具有深远的理论意义和现实意义。

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摘要：

浙江财经学院硕士学位论文\I摘要现代企业理论研究表明，公司控制权的配置和流动是公司治理结构的关键和核心，以配置公司控制权为主要内容的上市公司收购应是完善目标公司治理结构的主要外部渠道。同时，由于目标公司的治理结构间存在差异，对上市公司收购效用的发挥也具有一定的影响力。因此，上市公司收购和目标公司治理结构具有高度的关联性。为更有效的规范上市公司收购与目标公司治理结构的运作，有必要对上市公司收购与目标公司治理结构之间的制衡与互动作用机理进行深入的分析研究。本文正是基于上述考虑，以上市公司收购与目标公司治理结构为研究对象，探讨两者之间的制衡与互动作用机理。首先，文章简要评析了上市公司收购与公司治理结...

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