外資收購中國上市公司之研究

Abstract

在吸引外商投資的過程中，中國已經從過去以設立具體企業的模式，放寬到對外資併購方式的選擇。本文試圖以台灣目前外資進行併購時常採用之模式，作為併購類型之基本介紹，再從中國大陸目前法令所明文之併購型態下手，說明相關法令之規定，以及應特別注意之規定；嗣後再本於前述說明，比較筆者所觀察到之兩岸相關規定之差異，包括管理外資之專法、管理外資收購上市公司之專法、審批程序、過渡期之不作為、收購取得股權後之不得轉讓限制、公開收購之差異、股東會決議通過之要求、跨國併購、財務顧問之角色。本文並因中國之全面開放外國投資人得投資上市公司之A股，故本文之內容將著重於投資上市公司之A股。目前輿論上所流行之收購中國海外上市公司之股票，並不在本文討論之範圍。 併購型態包括股權收購、股權交換、合併、分割、收購資產等，於股權收購時，應注意有無強制公開收購（要約收購）之適用，而中國因囿於外資併購法令之限制，並無直接之吸收合併類型或三角反向合併之類型，反係採取所謂三角合併之方式。於實務上，為達到併購之目的，數種併購型態之併用已為處理併購案件之趨勢。 另於進行收購中國上市公司時，並應注意反壟斷審查以及勞工之問題，前者將可能終局地禁止收購案件之進行，而後者將會使收購者必須支出相當的成本來處理，故不可輕忽。

For the purpose of encouraging foreign investment in China, rather than limiting foreign investors to setting up new operating enterprises, the China government has permitted foreign investors to engage in Merger and Acquisition (“M&A”) activities. This thesis illustrates various M&A models by introducing models commonly adopted for foreign investment in Taiwan, investigates the M&A options currently allowed under the applicable China laws and addresses the relevant rules and regulations to be particularly noted. The author then addresses her observation on the difference between the relevant rules and regulations in Taiwan and those in China, including the particular laws governing foreign investors, the particular laws governing M&A of China listed companies by foreign investors, review and approval process, inactions in the transition period, restrictions on transfer after the acquisition of shares, difference in tender offer, requirement of shareholder’s resolution, cross-border M&A issue and the roles of financial advisors. This thesis focuses on the investment in the A shares of a listed company as the China government has allowed the investment in A shares of a listed company by foreign investors. This thesis does not address the acquisition of offshore-listed Chinese companies, which is currently a hot topic in the public.。 Types of M&A discussed include acquisition of shares, share swap, merger, spin-off, and purchase of assets. While conducting acquisition of shares, whether the mandatory tender offer rules shall be applied shall be noted. In addition, current M&A law in China prohibits the directly-absorbing merger model as well as the reverse triangular merger model. Instead, the triangular merger model is one of the permitted M&A types in China. In practice, to achieve the M&A purpose, the recent trend is to combine multiple models in a single M&A transaction. Furthermore, for M&A of China listed companies, anti-trust examination and labor issues require careful attention as the former may ultimately prohibit the closing of M&A cases while the latter may add considerable costs to the deal.