外資併購中國境內企業之法律環境分析

Abstract

中國自1978年迄今，已歷經逾三十年之改革開放，隨著中國加入WTO及五年過渡期於2006年底屆滿，中國之市場化改革也攀向另一個高峰。外國投資者面對此一巨大市場的開放，欲迅速取得市場占有率、贏得競爭主動權最快捷之途徑即為併購。併購活動雖於世界先進國家已有悠久蓬勃發展歷史，相關制度已成熟運作多時，相較於此，中國長期以來則無一套清晰明確之併購遊戲規則。

因應外資併購逐漸興盛，中國於2006年以來陸續頒布、發布或修正之《外國投資者併購境內企業的規定》、《反壟斷法》、《公司法》、《證券法》、《物權法》、《企業所得稅法》、《勞動合同法》等重要規範，對外資於中國併購時面臨的法律環境產生變革性之影響，而隨著中國法制發展的不斷深化，瞭解具有中國特色的法律環境將是左右一投資案成敗的關鍵因素。有鑑於此，本研究擬從外國投資者之基點出發，剖析其在中國法律環境下的併購交易應如何運作，及中國法制下的併購制度有何特殊性，並深入研究其將遭遇之風險及如何有效防範。目標企業設定為國有企業、上市公司或金融機構以外的一般中國境內企業，此為本研究之重心。

本研究共分為七章，先鳥瞰中國經濟體制及併購法制變革，於對整體法律環境有宏觀認識後，再就一併購交易通常發展歷程中會碰到的主要問題及風險加以逐項分析。第二章探究外資在中國特殊經濟、法律體制下的併購發展。第三章對外資併購時涉及之併購當事人進行分析，在確認併購主角為何後，第四章分析外資併購的方式。第五章及第六章為外國投資者於中國進行併購所面臨的特殊議題。第五章討論中國對外資併購實施之三大審查監管，包括產業准入審查、反壟斷審查及國家安全審查，通過此三大審查為外資得順利進入中國的前提。第六章則分節討論外資實際執行併購交易時將涉及的重要法律問題，包括對價支付及稅務問題等。

Since 1978, China has experienced a period of transformation for more than 30 years. With China’s entry into the WTO and the expiration of the 5-year transition period at the end of 2006, China has reached its peak in market-oriented transformation. Mergers and Acquisitions are the short cut for foreign investors to rapidly gain market shares and to grasp the initiative of market competition. While the M&A activities have a profound history in the western developed world and the operation of relevant systems has attained its maturity, for a long time China has lacked clear rules of M&A activities for market participants to follow.

In respond to the booming of M&A conducted by foreign investors, China has promulgated, announced or amended crucial laws since 2006, including the Regulations on the Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, Antitrust Law, Company Law, Securities Law, Property Law, Enterprise Income Tax Law, and Labour Contract Law, that have revolutionary impact on the legal environment when foreign investors implement M&A investments in China. To fully understand the legal environment coloured with the Chinese characteristics will be a key to the success to an investment project. Hence, this study analyzes legal issues and risks pertaining to the pursuit of an M&A investment in China from a foreign investor’s point of view. Target enterprises discussed in this study are mainly domestic companies in China that are neither state-owned, listed companies nor financial institutions.

This study covers 7 chapters; an overview of the transformation of the general China economic system and M&A legal system followed by analysis of specific legal issues and risks that a typical M&A investment would encounter. Specifically, Chapter 2 focuses on the development of foreign investors’ M&A activities under China’s unique economic and legal systems. Chapter 3 discusses the definition of parties involved in the M&A activities. Once the parties are confirmed, Chapter 4 analyzes method of an M&A investment available to foreign investors. Chapters 5 and 6 emphasize special topics for M&A in China. Namely, Chapter 5 discusses the approvals and controls over M&A by foreign investors in China; Chapter 6 further discusses detailed legal issues when implementing an M&A project, such as payment of consideration and tax.