CAJ | 학술논문

现金选择权制度是我国资本市场的一项制度创新，当公司发生重大重组事项时可以保护中小股东权益。但由于缺乏相关法规的制约，现金选择权制度在实践中过于自由。业界对现釜选择权制度有很多不同的理解，引发了诸多矛盾。而现金选择权制度设计上存在的缺陷，静l弱了对中小股东保护功的，有违现金选择权制度的初衷。因此，针对我国已经完成的25起换股并购现金选择权案例，在现金选择权的行权主体、行权条件、定价方法、行权风险收益等方面进行实证分析的基础上。提出了重新建立现金选择权_科度的方案。
현금선택권제도시아국자본시장적일항제도창신，당공사발생중대중조사항시가이보호중소고동권익。단유우결핍상관법규적제약，현금선택권제도재실천중과우자유。업계대현부선택권제도유흔다불동적리해，인발료제다모순。이현금선택권제도설계상존재적결함，정l약료대중소고동보호공적，유위현금선택권제도적초충。인차，침대아국이경완성적25기환고병구현금선택권안례，재현금선택권적행권주체、행권조건、정개방법、행권풍험수익등방면진행실증분석적기출상。제출료중신건립현금선택권_과도적방안。
Cash - option system is a system innovation of our capital market, which protects interests of minority shareholders as major matters occur in company. While due to the lack of related laws and regulations, the Cash - option system arrangement is too free, there are many different under- standing to Cash - option system, which caused many contradictions. Cash - option system in the design also has many defects, which weaken the function of minority shareholders＇ protection and contraried to the original intention. Summarizing all the 25 merger cases designed of Cash - option in China which have successfully completed, analysises the Cash - option authority subject, vesting conditions, pricing method, right risk and re- turn in empirical method. Finally proposes to build a new kind of Cash - option system.