earticle

영어

The defensive clause in a company’s bylaw is an important tool against takeover, but its legitimacy has been questioned by the theoretical and judicial fields, and it is manifested in complex and various forms. In terms of institutional value, the defensive clause has a significant effect on maintaining the stability of the corporate governance structure, protecting the legitimate rights and interests of the initial shareholders and the company’s funding and innovation team, ensuring the sound development of market economy, and promoting the establishment of business ethics. In the legislation on defensive clauses, the basic legislative attitude should be to fully respect the company’s autonomy, and to set the necessary limits on the boundaries of its autonomy for different kinds of defense clauses. In judicial practice, basic judicial principles, such as “company autonomy first”, substantive equality, maximizing the company’s interests, and appropriate defense and etc., should be established, to ensure that the company’s acquisition and anti-acquisition are legal and fair and in an orderly manner, under the premise of striking a balance between the social and individual benefits.

중국어

公司章程防御性条款作为公司反收购的一项重要举措,其合法性一直受到理论界和司法实务界的 质疑，其表现方式也具有复杂多变性。从制度价值来说，防御性条款对于保持公司治理结构的稳定 性，保护初始股东和公司创业创新团队的合法权益，保证市场经济的良性发展，促进社会商业伦理 观念的树立等方面具有明显作用。在关于防御性条款的立法中，其基本的立法态度应是充分尊重公 司的意思自治，并具体针对不同的防御条款内容对其自治边界做出必要限定。在司法实践中，应确 立公司自治优先、实质平等优先、公司利益最大化、防御适当等基本司法原则，以保障公司收购与 反收购行为在满足社会效益与个体效益衡平需要的前提下合法、公平、有序地进行。