How different are Japanese and the U. S. hostile takeover laws?: A functional and public choice perspective

日本和美国的敌意收购法有何不同？：功能和公共选择的视角

• 批准号: 22730072
• 负责人: MATSUNAKA Manabu
• 金额: $ 1.16万
• 依托单位: Nagoya University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Young Scientists (B)
• 财政年份: 2010
• 资助国家: 日本
• 起止时间: 2010 至 2011
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-22730072/
• 关键词: 会社法; 敵対的買収; アメリカ会社法; デラウエア州法; 民事法学; 防衛策; 反買収規制

Purposes of this research project is to analyze(1) differences between Japanese and the U. S. hostile takeover laws,(2) what makes the differences and(3) what we need to make our takeover laws better. I showed that(1) the most important difference between both laws is that while the U. S.(Delaware) clearly adopts a board-centered model, Japanese law does not clearly adopt or reject the model.(2) The difference in basic model comes from differences in rule making process concerning hostile takeover and in power and distribution of interest parties between both countries. As for Japan, although there are small possibilities of adopting laws that heavily restrict hostile takeovers in general, such as some states in the U. S., there is a risk of casting restriction on hostile takeovers in some particular industries by individual statutes regulating those industries.

该研究项目的目的是分析日本和美国敌对收购法之间的差异，（2）使差异的原因以及（3）我们需要使收购法更好的东西。我表明（1）两项法律之间最重要的区别是，虽然美国（特拉华州）明确采用了一个以董事会为中心的模型，但日本法律并未明确采用或拒绝模型。（2）基本模型的差异来自关于敌对接管以及两国之间利益方的权力和分配的规则制定过程差异。至于日本，尽管采用法律的可能性很小，这些法律总体上严重限制了敌对的收购，例如美国某些州，但有可能通过规范这些行业的个人法规对某些特定行业的敌对收购进行限制。

项目成果

わが国における敵対的買収と防衛策に関する法ルールの形成について

日本敌意收购和防御措施法律规则的制定

• 发表时间: 2011
• 作者: 稲葉威雄;尾崎安央;松尾直彦;久保田安彦;吉本健一;末永敏和;久保田安彦;吉本健一;松中学
• 通讯作者: 松中学