公司并购中董事忠实义务辨析

—— 以中美案例分析为视角
The Analysis to the Duty of Loyalty of Directors in the Merger & Acquisition

作者: 专业:法律 导师:罗培新 年度:2010 学位:硕士  院校: 华东政法大学

Keywords

Merger & Acquisition, Duty of Loyalty of Directors, Conflict of Interest

        作为对董事滥用权力的制约,忠实义务在公司治理中发挥着重要作用。董事作为公司业务执行机关,在执行公司事务时对公司负有忠实义务,以避免自身行为损害公司利益。董事应将公司利益置于本身利益之上。但是仍然会存在董事自身利益与其对公司所负责任之间相冲突的现象,在这种情况下,法律应当加以规范,以避免董事损害公司利益。公司并购属于公司事务,董事在处理公司并购事务时,自然应当同样适用忠实义务。因此,从公司法的角度对公司并购中董事忠实义务进行深入研究是非常有必要的。而为了达到这一目的,有必要先了解美国公司法上的忠实义务。本文采用比较研究的方法,充分借鉴美国公司法的先进经验,试图从理论层面探讨公司并购中董事忠实义务的概念认定,从实践层面探索完善我国立法体系。除引言外,本文共分三章,各章节具体内容如下:第一章从中国和美国的经典案例入手,主要探讨公司并购中董事忠实义务的基础性问题——公司并购中董事忠实义务存在的必要性以及公司并购的定义。本章主要选用了Weinberger v.UOP案和张裕集团管理层收购案作为研究案例。第二章是对公司并购中董事忠实义务进行学理分析。由于公司并购属于公司事务,因此首先需要了解董事一般忠实义务的内涵,以理清董事基本的行为义务。同时,由于并购行为对公司影响甚大,仅依赖一般忠实义务规范对董事行为进行规范有些不足,因此有必要根据并购行为的特殊性对董事忠实义务作进一步规范。在董事忠实义务层面,重点在于董事在涉及利益冲突时的处理与股东利益保护之间的关系。此时应根据举证责任分配与司法审查强度,来处理利益冲突交易中董事忠实义务的问题,并进一步分析公司并购中董事的忠实义务。第三章中国对公司并购中董事忠实义务的立法完善,是本文的重点。通过对案例的评析,介绍了我国对公司并购中董事忠实义务的法律现状的立法现状,并在考虑我国国内现有立法与司法实践的基础之上,对构建与完善我国的法律制度提出了一些具体的意见和建议。
    As a check against director’s abuse of power, the duty of loyalty serves as an important corporate governance mechanism. Directors, as the internal organ in charge of corporate management, owe duty to the corporation to avoid their conducts giving rise to damage to the corporation while operating. Directors should put the benefits of corporation first is the most important thing. If the conflicts of self-interest and corporate benefits occur, the law should create some rules to avoid directors from sacrificing corporate benefits. Since the Merger & Acquisition are one form of corporation’s operations, in which, the duty of loyalty is applicable thereof. Hence, it is essential to corporate jurisprudence to make good utilization of duty of loyalty of directors. To accomplish such a goal, the starting point is to gain full acquaintance of the duty of loyalty in the United States. In this thesis, using the method of comparative study and drawing advanced experience of the United States, the author aims to explore the concept of the duty of loyalty of directors in the M&A academically and to explore the improvement of the legislation system of the directors’duty of loyalty in M&A in China practically. Aside from the introduction, this thesis is divided into three chapters. The contents of each chapter are as followed:Chapter I, started from the classical cases of China and the United States, mainly focuses on the basic issues of the duty of loyalty of directors in M&A which contains the need for duty of loyalty of directors existing in the M&A and the definition of the M&A. In this chapter, the classical cases are the Weinberger v.UOP, Inc and the MBO for Yantai ChangYu Pioneer Wine Company Limited.The second chapter is theoretical analysis to the duty of loyalty of directors in the M&A. Since the M&A are one form of corporation’s operations, it is essential to understand the general content of directors’duty of loyalty in the M&A. However, the M&A involve fundamental changes to the corporation, and it’s not enough to protect the corporation if solely depending on general duty of loyalty. It’s necessary to conduct a comprehensive research of duty of loyalty and to create enhanced standards corresponding to the unique of the M&A. As to the duty of loyalty, we should focus on the present mechanisms which deal with conflicts of interest and protections to the shareholders. It would be more proper to look upon participations of conflicts-of-interest directors from allocating burden of proof and applying different standard of the judicial scrutiny. In this thesis, we should make further research to the duty of loyalty of directors in the M&A.Chapter III, legislative perfection to the duty of loyalty of directors in the M&A is the focus of this thesis. Through the analysis to the cases, based on our country’s current legislation system and practice, this thesis makes detailed comments and recommendations in relation to the building and perfecting our country’s legal system to the duty of loyalty of directors in the M&A.
        

公司并购中董事忠实义务辨析

摘要3-5
Abstract5-6
导言9-11
    一、选题的缘起9-10
    二、研究文献综述10-11
    三、研究方法描述11
第一章 公司并购中董事忠实义务的必要性11-21
    第一节 公司并购中董事违反忠实义务之经典案例11-15
        一、Weinberger v.UOP 案11-13
        二、张裕集团管理层收购.13-15
        三、案例启发15
    第二节 公司并购中董事忠实义务的必要性15-21
        一、董事在现代公司治理结构中的地位15-17
        二、董事义务的由来17-19
        三、公司并购中股东利益保护的必要性19-21
第二章 公司并购中董事忠实义务之语义辨析21-39
    第一节 董事忠实义务语义辨析21-27
        一、董事义务的分类21-22
        二、忠实义务和注意义务的关系22-24
        三、董事忠实义务的内容24-27
    第二节 公司并购中董事忠实义务的语义辨析27-35
        一、利益冲突交易的界定28-30
        二、存在利益冲突交易的公司并购中董事忠实义务30-34
        三、不存在利益冲突交易的公司并购中董事忠实义务34-35
    第三节 董事忠实义务的特殊规定35-39
        一、反收购中董事忠实义务辨析35-38
        二、安全港条款38-39
第三章 公司并购中董事忠实义务引用于前述案件之学理分析39-46
    第一节 Weinberger v.UOP 案之学理分析39-41
        一、Weinberger v.UOP 案的公平交易分析39-40
        二、Weinberger v.UOP 案的公平价格分析40
        三、Weinberger v.UOP 案的评点40-41
    第二节 张裕集团管理层收购之学理分析41-43
        一、裕华公司的受让股价分析41-42
        二、中诚信托定位问题42-43
        三、张裕公司管理层收购评点43
    第三节 我国公司并购中董事忠实义务之法律应对43-46
        一、前述案例对于我国的参考意义43-44
        二、我国法律之目前规定44
        三、我国法律对策44-46
结论46-47
参考文献47-50
在读期间发表的学术论文与研究成果50-51
后记51-53
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