完善上市公司强制要约收购法律
制度必须兼顾到证券市场的稳定和发展。一味追求收购效率降低收购成本而忽略少数股东利益，对股市长期发展是不利的。同样，设置过高的收购门槛，一味追求公平公正，在资本市场全球化、竞争加剧的今天也绝不可取。笔者认为，我国可以借鉴欧盟的做法，将发出强制要约的时间规定为：一旦超过强制要约临界点比例，要约收购人必须在180天内发出强制要约，除非收购人出售超出的证券而使触发强制要约的事由消灭；将强制要约豁免的情形规定为：收购人事实上不能对目标公司施加重大影响，同一公司集团内部发生的控制权改变，公司继受，拯救处于困境中的公司的措施，临时性超越强制要约的触发点，赠与、债务履行、集团内部转让而取得的股份，另有他人持有更高的表决权，增加股本时因行使优先购买权而取得的证券，超越强制要约临界点是由于目标公司或其他股东采取的措施造成的等。
【注释】作者简介：马其家，法学博士，对外经济贸易大学法学院副教授，研究方向：
证券法和国际经济法。
Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Article 5(1),Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Article 5(1),Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Article 5(4),Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Article 5(4),Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Article 5(5),Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Article 3(1),Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids(TextwithEEArelevance),Official Journal L142,30/04/2004,p.12.
Commission Staff Working Document:Report on the implementation of the Directive on Takeover Bids,SEC(2007)268,Brussels,21.02.2007.
Commission Staff Working Document:Report on the implementation of the Directive on Takeover Bids,SEC(2007)268,Brussels,21.02.2007.
Commission Staff Working Document:Report on the implementation of the Directive on Takeover Bids,SEC(2007)268,Brussels,21.02.2007.
