【作者】 李群；

【导师】 赵学清；

【作者基本信息】 西南政法大学 ， 国际法学， 2012， 博士

【摘要】 进入21世纪之后,以生产要素、贸易、金融的自由化为基本要求的经济全球化浪潮在世界范围内越来越呈现出势不可当的趋势,跨国并购作为一种经济现象,是各个经济实体在市场中的竞争进行到一定程度后自发而生的需要,是企业实现扩张与发展的一个主要手段,也是国际直接投资的主要方式。跨国并购,在给东道国引入资金的同时,可能会因参与企业的大小、交易的规模、涉及的行业性质等,给东道国带来负面效应：造成东道国的技术能力丧失、资产流失、重要的企业和产业被垄断和控制,对东道国经济政策效果造成阻碍,严重时甚至对经济体系加以冲击,或直接、间接地威胁到国家的经济、政治、国防和社会安全。从法律角度对外资并购进行合理规制,引导规范外资并购行为,是主权国家对其管辖范围内的经济活动实行调整的一种方式,也是必不可少的方式。即使是以开放投资为长期政策的发达国家,在推崇货物、服务、资本、人员在世界范围内自由流动的观点的同时,也坚持这些要素的流动必须处在监管之下以保证为共同利益的最大化而努力。美国以其最发达的外资并购国家安全审查制度为各国外资并购监管作了示范,加拿大、澳大利亚、德国、法国、俄罗斯等国家的外资并购国家安全审查制度也在最近几年进行修改调整使之更符合国家利益。外资并购引起的国家安全,是山跨国公司追求垄断超额利润的特殊经济动机和母国将其作为实现国家利益的政策工具和获利载体所决定的,中国改革开放的前二十多年侧重以鼓励政策吸引外资而在一定程度上忽视了对国家重要产业的保护,造成外资控制了相当一部分战略产业和战略资源,不但在微观层而上造成外资凭借技术、管理和规模优势挤压本土企业,宏观层面也给国家经济的协调、持续发展带来安全隐患。从法律角度对外资并购进行合理规制、引导规范外资并购行为,是切实维护我国的国家经济主权,保障国家经济安全的一个重大课题。中国在2011年通过国务院办公厅《关于建立外国投资者井购境内企业安全审查制度的通知》和商务部颁布的《实施外国投资者并购境内企业审查制度规定》初步建立了我国的外资并购国家安全审查制度框架,但从制度设计方而还不够成熟和规范。本文选取一些法制较为发达的国家的外资并购国家安全审查制度进行制度要素比较,以期对中国立法的完善提供借鉴。引言。引言阐述了文章写作研究的背景和意义,提出了外资并购对东道国的国家经济安全的影响引发了制度监管需求,各国一般主要采用三类立法对外资并购进行规制：通过产业政策对外资准入进行投资行业、投资方向的规制,通过反垄断审查规范市场竞争,通过安全审查对某些战略性或敏感性行业、企业的外资并购进行限制,保护国家战略产业安全和国土安全。对外资并购的国家经济安全审查应作为投资监管的最后一道安全阀。该部分还对国内外已有的外资并购国家安审查制度的文献进行梳理和评论,对本文研究的逻辑框架和主要问题进行说明。第一章外资并购国家安全审查制度的基本理论。法律制度必须关注某些超越特定社会结构和经济结构相对性的基本价值,外资并购国家安全审查制度将国家安全作为逻辑起点和价值目标,其所关注的国家安全具有假定性、开放性、多角度性、层次性、法律性和综合性等特征。经济学中关于自由贸易理论、国际投资理论到政府规制理论,都阐述了对国家安全特别是经济安全保护的重要性,国家对本国领域内的外资并购活动进行监管也是国家主权行使的结果,是国际条约中认可的“根本安全例外”的国家权利,也是国际习惯法“必要性原则”的运用。第二章外资并购国家安全审查制度的立法模式和审查机构。立法模式在一定程度上反映了国家可并购控制的研究活动在经济理论和法律层面上达到的程度,是制度研究的首要问题。美国、加拿大、澳大利亚、俄罗斯等国采用专门立法模式,欧盟国家和日本采用混合立法模式。外资并购国家安全审查机构的设置,各国实践可以分为审查、决定权分属不同机构的双层监管模式和审查、决定权山一个机构形式的单层监管模式。立法模式和监管机构的设置取决于一个国家的政治背景和法律环境。第三章外资并购国家安全审查范围。调整对象的范围是外资并购国家安全审查立法的基础,各国在对外资并购这一复杂经济活动进行界定时,越来越多的国家引入了资本控制标准判断投资者的真实身份,并购行为的认定也从股权并购、资产并购形式标准扩展到“持久经济利益”实质标准。通过运用控制权的认定、目标公司的商业性质、外国投资者的身份等不同标准来确定审查基准。第四章外资并购国家安全审查的实体标准。如何对纳入外资并购国家安全审查范围的并购交易进行实质性评估,以判断其是否威胁国家安全的后果,是外资井购国家安全审查的重大问题。几乎所有国家都没有在法律中界定“国家安全”的概念,各国为国家安全设置的目标和考量的因素也具有自我判断性,但一般都会将军事安全、产业安全、技术安全、关键基础设施以及外资与外国政府之间的关联性作为外来风险管理的重点。文章以实证分析方法介绍了美国对于外来威肋、的分析过程。第五章外资并购国家安全审查程序。合理的程序制度直接影响到实体标准的贯彻和落实。外资并购国家安全审查可以由投资者申报或主管机构主动审查或主管机构通知审查而启动,通过审查流程进入决定程序,缓解协议是许多国家对于可能存在潜在威胁的外来投资的一种灵活处理,使投资符合本国利益。非正式磋商程序能够给审查带来便利,审查监督程序各国也有不同特点。第六章外资并购国家安全审查的国际协调。外资并购国家安全审查制度的滥用可能会成为新的投资保护主义,此部分实证分析美国在外资并购国家安全审查中的政治化运作对投资自由的扭曲,如何在国际层面上对各国的外资并购国家安全审查制度进行规则和监督,经济合作和发展组织提出非歧视、透明度、适度监管和建立责任追究作为东道国与国家安全相关的政策指导原则,国际法院和国际投资仲裁庭的判例实践也要求东道国将维护基本安全采取的限制性措施应该在必要范围内。第七章中国外资并购国家安全审查的立法完善。回顾中国外资并购国家安全审查制度的发展历程,提出了外资并购国家安全审查制度的功能定位,对我国现行的国家安全审查制度存在的不足进行分析,并提出了该制度的完善思考。更多还原

【Abstract】 Since the entry of21st century, the economic globalization based on the liberalization among production factors, trade and finance is becoming an inevitable worldwide trend. As an economic phenomenon, transnational mergers and acquisitions is a natural result of the competition among each economic entity in the market at some degree. It is a main tool for the expansion and development of enterprises and a major means for foreign direct investment. Transnational mergers and acquisitions can bring capital to the host country on the one hand, but on the other hand, because of the size of the participating enterprises, the scale of trade and the nature of involved industries, it may also brings negative effects, which will lead to the loss of technical capability and capital, the key industries and enterprises controlled or monopolized by other countries, the impediment to the host country’s economic policies, sometimes even a shock to its economic system. All of these threaten directly or indirectly the security of the nation’s economy, politics, national defenses and society. To carry on the reasonable regulation of foreign capital mergers and acquisitions, and guide foreign capital mergers and acquisitions activities in the legal angle, is the essential way for the sovereign state to adjust the economic activities within its jurisdiction scope. Even those developed countries that use open investment as a long term policy hold that these production factors should be supervised to guarantee the maximization of common interests while they praise highly of free flow of cargos, service, capital and human resources. For its most advanced national safety review system on foreign capital mergers and acquisitions, America has set an example on the supervision of foreign capital mergers and acquisitions. Canada, Australia, Germany, France, Russia and other countries have recently revised their national safety review system on foreign capital mergers and acquisitions to be in accordance with their national interests.The national security problems caused by foreign capital mergers and acquisitions are determined by the multinational companies’special motive to monopolize extra profit and their mother countries’use of them as a policy and profit making tool to realize their national interests. In the first twenty years of the opening policy, China mainly focused on attracting foreign capital by favorable policies, so at some degree it ignored the protection on its key industries, which led to a substantial part of strategic industries and resources controlled by foreign companies. In the micro level, foreign enterprises and industries, which rely on the advantage of its technology, management and scales stifle those local enterprises at home; on a macro scale, it brings security issues to national economic coordination and sustainable development. In the legal angle to carry on the reasonable regulation of foreign capital mergers and acquisitions, and guide foreign capital mergers and acquisitions activities is an important task to defend our nation’s economic right and security.China has initially in2011established the framework for the national safety review system on foreign capital mergers and acquisitions through the establishment of the State Council on Establishment of a Security Review System for the Merger and Acquisitions of Domestic Enterprises by Foreign Investors and the Provisions of the Ministry of Commerce on Matters Relating to the Implementation of the System of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors. But the system design is not mature and standardized. This essay tries to make some comparisons of the system factors of some developed countries’ national safety review system on foreign capital mergers and acquisitions, for the purpose to provide examples to the improvement of China’s legislation.The introduction elaborates the background and significance of this essay and puts forward the need of system supervision caused by the effect of the foreign capital mergers and acquisitions on the host country’s economic security. Normally, each of those countries mainly adopts three types of legislation to control the foreign capital mergers and acquisitions:firstly, they regulate the investment industries and direction through industry policies; secondly, they standardize the market competition through anti-monopoly review; thirdly, they limit foreign capital mergers and acquisitions of some strategic or sensitive industry through security review so as to safeguard national strategic industries security and state security. To review the national economic safety of the foreign capital mergers and acquisitions should function as the last safety valve. This part illustrates the framework of the essay and major issues of M&A, and it also comments on other countries’ existing documents of the national safety review system on foreign capital mergers and acquisitions, andChapter one is concerned with the basic theory of the national safety review system on foreign capital mergers and acquisitions. The law system must focus on the basic value which is beyond the normal social and economic structure. The national safety review system on foreign capital mergers and acquisitions takes the national security as the logical starting point and value target. The national security has the characters of assumption, openness, multiple-angel, level, law and complication. In the economy science, the free trade theory, international investment theory and government planning theory altogether elaborate on the importance of the protection on national security especially economic security. The host country’ supervision on foreign capital mergers and acquisitions within its landscape is the result of execution of its sovereign rights, which is recognized by the international treaty.Chapter two is on the legislation pattern and investigation organization of the national safety review system on foreign capital mergers and acquisitions. To some extent, the legislation pattern reflects the degree which the research activities on the control of foreign capital mergers and acquisitions reach on the economic theory and law level. And the legislation is the priority of the system research. American, Canada, Australia, and Russia adopt the specialized legal pattern. European countries and Japan adopt mixed legal pattern. As to investigation organization of national security on foreign capital mergers and acquisitions, in practice, it can be classified into two patterns; one is double supervising mode with investigation and decision respectively belonging to different organizations, and the other is single supervising mode with investigation and decision belonging to only one organization. The establishment of legislative pattern and supervising organization is based on the country’s political background and legal environment.Chapter three is about the investigation scope of national security on foreign capital mergers and acquisitions. The scope of investigation is the basis of national security investigation on foreign capital mergers and acquisitions. When defining complicated foreign capital mergers and acquisitions activities, capital control standard has been introduced to justify investors’identity by more and more countries, and the definition of mergers and acquisitions has expanded from the form standard of the mergers and acquisitions of stock right and capital to the essential standard of sustainable economic interests. Different standards, such as the cognizance of the control, the nature of target companies, the identity of foreign investors, are applied to define investigation.Chapter four focuses on the substantial standard of national security investigation on foreign capital mergers and acquisitions. How to make a substantial evaluation on M&A transaction within the scope of national security investigation on foreign capital mergers and acquisitions in order to decide whether it threatens national security is a serious problem for national security investigation on foreign capital mergers and acquisitions. There is almost not one country having defined the concept of "national security" in law, the object and consideration set for national security are some sort of self-judgment. However, they generally regard military security, industry security, technical security, critical infrastructure and the relevance between foreign capital and foreign government as top priorities in the management of external threats. In the Empirical Analysis Method, this chapter illustrates the process of how the USA analyzed the external threats.Chapter five introduces the procedures of national security investigation on foreign capital mergers and acquisitions. Reasonable procedure system can have a direct influence on carrying out these substantial standards. It can be established by investor on his own initiative or by organization in charge. The review process is inevitable before the decision-making process. A mitigation agreement is a flexible way of settling potential threat rooting in foreign investment and makes the investment benefit the host country’s interests. Informal consultation procedures can bring conveniences to investigation, and each country has its different ways in investigation and supervising process.Chapter six illustrates the international coordination of national security investigation on foreign capital mergers and acquisitions. The abuse of national safety review system on foreign capital mergers and acquisitions may lead to new investment-protectionism. This chapter will analyze in the Empirical Analysis Method how the USA goes against free-investments in a political way with respect to national safety review system on foreign capital mergers and acquisitions. How to regulate and supervise national safety review system on foreign capital mergers and acquisitions at the international level, to answer the question, OECD has put forward Non-discrimination, Transparency/predictability, Regulatory proportionality as guide principles for host countries. Among case practices of ICSID, it also requires host countries to take restrictive measures within the necessary scope.Chapter Seven discusses the legislation improvement of national security investigation on foreign capital mergers and acquisitions of China. Taking a look at the development of national security investigation on foreign capital mergers and acquisitions of China, this chapter puts forward how to position the function of national security investigation on foreign capital mergers and acquisitions, and after analyzing the shortcomings of the existing national security investigation on foreign capital mergers and acquisitions system, it proposes the consideration to improve this system.更多还原