上市公司收购过程中目标公司董事勤勉义务研究

Research on the Diligence Obligation of Directors of Target Companies in the Process of Public Company Acquisitions

摘要: 在上市公司收购活动中，实现目标公司整体利益的最大化是收购目标公司的董事一切收购决策行为的目标。董事应当在整个收购过程中严格恪守自己被赋予的职责，尽心尽力地履行对公司和股东负有的勤勉义务，否则将承担与违反勤勉义务相应的责任。本文通过对收购过程中目标公司董事勤勉义务的基本分析和对康达公司反收购失败的部分分析，提出完善评判董事履行勤勉义务的标准以及提出改善司法对董事违反义务的归责原则。

Abstract: During corporate acquisition activities, maximizing the overall interests of the target company serves as the objective for all decision-making actions undertaken by its directors. Directors must strictly adhere to their entrusted responsibilities throughout the acquisition process and diligently fulfill their duty of care owed to both the company and its shareholders; failure to do so will result in liability commensurate with breaches of this duty. Through a foundational analysis of directors' duty of care in takeover scenarios and a partial examination of Kangda Company’s failed anti-takeover efforts, this paper proposes enhancements to the criteria for evaluating directors’ fulfillment of their duty of care and suggests improvements to judicial principles governing liability attribution for breaches of directorial obligations.