证券市场导报Issue(12)：33-44,12.
挤出式并购的理论反思与体系建构
摘要
Abstract
The squeeze-out merger system is important to promoting the normalized voluntary delisting and deepening the registration-based IPO system reform.This article reiterates the importance of the squeeze-out merger for protecting minority shareholders and the capital market efficiency.By conducting a comparative analysis of the formally divergent yet functionally convergent development trends of squeeze-out merger systems in the U.S.and Europe,this study summarizes the implications for China.The paper points out that China should consider incorporating the squeeze-out merger and appraisal right systems into the simplified merger provisions under Article 219 of the new company law.Measures such as adopting a simple majority rule for minority shareholders,requiring acquisition plans to be filed with China Securities Regulatory Commission,and imposing insider supervisory responsibilities should be introduced to improve the compatibility of the squeeze-out merger with the existing legal framework.On this basis,the paper proposes correcting common deficiencies in the U.S.and European squeeze-out merger systems,such as insufficient constraints on controlling shareholders and low merger efficiency,by imposing special responsibilities on insider-friendly acquisitions to enhance the level of prevention for controlling shareholders.At the same time,reasonable threshold conditions should be set to ensure the formation of a differentiated structure primarily based on the appraisal right litigation and supplemented by the prohibition of merger litigation,ensuring that the squeeze-out merger system overall complies with economic efficiency.关键词
注册制/余股挤出/简易合并/国九条/公司法/自愿退市Key words
the registration-based IPO system/squeeze-out mergers/simplified merger/Several Opinions on Strengthening Supervision/Preventing Risks/and Promoting High-Quality Development of the Capital Market/company law/voluntary delisting分类
社会科学引用本文复制引用
刘汉广..挤出式并购的理论反思与体系建构[J].证券市场导报,2024,(12):33-44,12.基金项目
国家社科基金重大项目"我国资本市场制度型开放的法律体系构建研究"(22&ZD204)、司法部法治建设与法学理论研究部级课题青年项目"股份回购中公司法与证券法的协同机制研究"(22SFB4025) （22&ZD204）
