外資在中國併購之相關法律環境研究

Abstract

自二十世紀中葉開始，跨國併購已逐漸取代新設投資成為國際投資的一種主要方式，而外資併購在中國市場上方興未艾，最主要的因素在於中國滯後的法律環境，抑制了外資併購大規模地發生。另一方面，中國在新世紀初逐步開放對外資併購的法律限制，卻又缺乏一套完整的規制制度，使得外資迅速在中國「圈地」從而壟斷中國市場，進而造成威脅中國產業安全的可能。目前中國在外資併購議題上面臨最主要的兩個法律挑戰，即是法律環境的提升與政府規制的加強，且此二者緊密相連。本研究主要圍繞此二者進行相關討論。

第一章緒論的部分介紹本研究選題的動機及目的，以及本研究所採用的研究方法與限制，並對外資併購的法律概念加以界定，以便後續進行法律分析。第二章則簡介企業併購的國際浪潮與基礎理論，使讀者對此能有完整認識。第三章則綜觀中國對外資併購中國企業的政策演變與法律框架，勾勒出中國外資併購法律環境的整體型態，並整理出與外資併購相關法規，對中國現行外資併購法律環境作出框架性的展示，以此展開法律分析及評論。第四章針對外資併購的目標公司類型不同，分析其法律適用情形。第五章則轉向中國政府對外資併購的反壟斷規制議題探討，從中國產業政策與反壟斷法草案切入，說明其對外資併購行為的規制。第六章則為結論。

此外，由於中國將台灣投資者視為外商，故關於外資併購中國企業之規範於台商亦有適用餘地，因此本研究將於結論中總結外資併購中國企業所應注意的主要法律問題，以供台商赴中國投資之參考。

Cross-border Mergers & Acquisitions have gradually been a main international investment pattern around the global area, while still at the very beginning stage in China. One of the important factors for explaining the big gap is the Chinese traditional backward legal environment which restrains M&A transactions happening on a large scale in China. On the other hand, a sound regulating system has not been set up in China after gradually unloosening legal restrictions for M&A by foreign investors in this new century, which make it possible that foreign investors occupy and monopoly in Chinese market so that threaten Chinese industrial safety.

China’s system of foreign capital M&A was basically established around China’s accession to the WTO. It is insisted that the improvement of legal environment and strengthening governmental regulation are two supreme legal challenges when dealing with the issues of M&A by foreign investors in China. This study is to discuss and evaluate the main laws and regulations regarding the different selections of the M&A targets by foreign investors in China. It has six chapters to accomplish these goals.

Chapter one serve as an introduction to this study. It introduces the background for topic choosing, writing purpose and methods. Chapter two gives an overall review the history of transformation of M&A. Chapter three mainly studies the origin, gestation and initial establishment of the M&A system in the context of China’s economic reform. Chapter four focuses on the specific three types of Chinese enterprises, analyzing the regulations for M&A by foreign investors. Chapter five turns to governmental regulation over M&A by foreign investors from the viewpoint of China’s industrial policy and anti-monopoly. Chapter six provides conclusions of this study.