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The Improvement Of Tender Offer Legal System Of Listed Company In China

Posted on:2008-01-24Degree:MasterType:Thesis
Country:ChinaCandidate:D C KongFull Text:PDF
GTID:2166360245991698Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Tender offer is widely accepted as an essential type of offer made by listed companies in developed market-oriented economy countries. It has also gained the attentions in China. In the early time, tender offer is not extensively practiced in China and researches on it mainly focus on the related theories. The issue of the New Securities Law in 2006 has provided safeguard from the legislative level for the development of tender offer and made the tender offer cases of listed companies much more popular. However, many legislated laws cannot keep the pace with the time and cannot meet the demand of the development of the market-oriented economy. Therefore, to carry out the research on tender offer according to the features of the Chinese securities market and to promptly figure out the confronted problems and obstacles at present and to sooner improve the legal system of the tender offer are of great theoretical and pragmatic significance to strengthen the market environment of tender offer and to protect the profits of small and medium share holders.This paper is based on the former researches on the legislation of tender offer and it analyzes numerous tender offer cases both at home and abroad. The comparative analysis method is adopted to carry out the parallel study on the development and standardization of tender offer in western countries and those in China, thereby the defects of tender offer made by listed companies in China are found out and relevant advices are given. The paper is divided into three parts and five chapters. The first part includes the first and the second chapters, which mainly introduce the development and the status quo of the theoretical studies of tender offer made by listed companies. Detailed explanations of the concept, the features and the classifications of tender offer are given. The second part includes the third and the fourth chapter, from the perspectives of the protection of the small and medium share holders'profits and the principle of equal treatment of share holders, the differences of the exterior safeguard and the interior principles between tender offers made by listed companies in western countries and those in China. Existed problems during tender offer made by listed companies in China at present are suggested. The third part is the fifth chapter. Based on the previous analysis and in consideration of the special situation in China, many suggestions on the improvement of tender offer made by listed companies in China are provided, from the perspectives of share-holding structures, payment patters of tender offer, information disclosure system, compulsive offer system and anti-takeover system.
Keywords/Search Tags:Tender Offer, Compulsive Offer, Share-holding Structure, Small-and-Medium Share-holder's profits, Information Disclosure
PDF Full Text Request
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