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2003年上半年,南钢股份和成商股份的协议收购引发了两起强制要约收购。自我国证券市场建立以来,尽管有关证券的法律、法规规定了强制要约制度,但尚未出现大宗股份转让引发的强制要约收购。因此,这两起事件对评价我国强制要约制度具有重要意义。本文根据这两起事件,并结合我国公司控制权市场的具体情况,探讨这样几个问题:我国是否需要强制要约制度?强制要约制度对我国上市公司治理结构的完善、股权结构的调整以及资源的优化配置能否产生积极的影响?
In the first half of 2003, the agreement acquisition of Nanguang Steel and Chengshang shares triggered two mandatory tender offerings. Since the establishment of the securities market in our country, there has not been a mandatory tender offer triggered by the transfer of bulk shares despite the securities and securities laws and regulations that set forth the mandatory offer system. Therefore, these two incidents are of great significance for the evaluation of our mandatory offer system. Based on these two incidents and the concrete conditions of the market of corporate control in our country, this article discusses such issues as: Does China need a mandatory offer? Does the system of mandatory covenants improve the governance structure of listed companies in our country, the adjustment of ownership structure and the resource Optimized configuration can have a positive impact?