跨国并购法律风险及其防范应对

【作者】 袁松；

【导师】 赵建文；

【作者基本信息】 郑州大学 ， 国际法学， 2007， 硕士

【摘要】 近30年来，随着经济全球化的发展，跨国公司在全球范围内迅速扩张，引发了以跨国公司为主体的全球性跨国并购浪潮，跨国并购逐步取代绿地投资成为最主要的国际直接投资方式，对世界经济产生了不可估量的影响。然而，由于信息不对称等原因，企业在进行跨国并购时面临着各种各样的风险，致使多数跨国并购以失败告终。其中，各国繁杂不一的跨国并购管制法律所造成的法律风险给企业带来的影响不可低估。本文从法律风险的角度针对跨国并购失败问题进行了探讨，尝试对跨国并购法律风险、应对措施、规避方法等具有重大理论和实践研究价值、但前人研究不多的领域进行一定的开拓性研究。全文从分析跨国并购法律风险的基本问题入手，对相关概念进行了明晰，确定了跨国并购法律风险的研究范围，指出法律风险对跨国并购的影响，并对法律风险的形成原因和种类进行了剖析。随后，文章从部门法学的角度对跨国并购法律风险进行了分析，归纳概括了各国部门法律对跨国并购进行监管过程中出现的法律风险，并对并购失败的实例进行了介绍和评析，分析这些法律风险对跨国并购的影响，提出相应的规避措施。本部分的重点是反并购法律风险和反垄断法律风险。以上述分析为基础，在全文的最后一部分，提出了审慎调查、风险管理、并购整合等防范和应对法律风险的具体措施。全文共分为五章。第一章首先分析跨国并购的内涵、外延、特征，然后界定跨国并购法律风险的概念并对不同类型的法律风险进行了分析，确定本文的研究范围。第二章分析目标企业反并购法律风险。反并购是目标企业自我保护的一种手段，虽然不同国家的法律管制宽严不一，但都在一定程度上允许企业采取反并购措施。反并购措施多达数十种，这些措施或规定于法律之中，或存在于企业的章程之中，或在并购危险来临时由企业自行发动。反并购措施增加了并购过程中的不确定因素，提高了并购企业的并购成本，缩小了并购方式的可选择范围。第三章分析东道国反垄断法律风险。对企业并购进行规制是各国反垄断法的主要内容之一，各国通过建立企业合并控制制度，对有垄断嫌疑的跨国并购进行审批，或直接否决，或设置繁琐的申报、审查程序增加并购成本，提高并购难度。第四章分析跨国并购中除上述两种最主要的法律风险外的东道国其他法律风险。其中包括导致并购成本增加和新的并购竞争者加入的公司、证券法律风险；被禁止进入特定行业或需要特定审批程序的外资法律风险；以及东道国临时制定特别法律导致并购失败的特别法律风险。第五章分析防范和应对跨国并购法律风险的具体措施。企业欲进行跨国并购，应在并购前对目标企业进行审慎调查，仔细评估可能发生的法律风险；在并购实施过程中进行风险管理，在并购方式选择、并购协议安排等方面做好防范措施，并在不违法的前提下进行规避；在并购完成后做好整合工作。中介机构和并购企业母国也应在此过程中发挥其应有的作用。更多还原

【Abstract】 In last three decades, Transnational Mergers & Acquisitions (Transnational M&A) activities have gradually become a world trend and the major foreign direct investment (FDI) means, substituting the green investment, and have greatly influenced the economy of the world in the process of economic globalization. For the information asymmetry and other causes, enterprises are confronting all kinds of risks which have caused major Transnational M&A into failure. Among these risks, legal risks caused by different laws controlling Transnational M&A of different counties have inevitably made great negative influence on Transnational M&A.This thesis discusses the failure of Transnational M&A from legal risks. I hope this thesis to fill some blanks in the area of Transnational M&A, prevention of legal risks, countermeasures and evasion measures, which value much theoretically and practically. First of all, the thesis analyses the basic questions of legal risks in Transnational M&A, clarifies some related concepts, confirms the research scope, points out the negative influence of legal risks on Transnational M&A, and has find out the reasons. Afterwards, the thesis analyses the legal risks from the aspect of department law, summarizes the legal risks caused by department law contrulling Transnational M&A. By introducing and commenting on some lost examples, this thesis analyses the negative effects of these legal risks, and proposes evasion measures. This part focuses on the legal risks caused by anti-takeover measures and antitrust law. At last, on the base of these analysis, the thesis proposes some concrete countermeasures including careful investigation, legal risks management, post merge intergration.This thesis consists of five chapters. The following is the main content of each one.Chapter one explains the connotation, extension and characteristics of Transnational M&A, then interprets the concept of legal risks in Transnational M&A and analyzes different legal risks, which ascertain the study range of the thesis.Chapter two analyzes the legal risks caused by anti-takeover measures taken by target enterprises. Anti-takeover measures, as one kind of the self-protection measures of target enterprises, are permitted, to a certain extent, by laws of every country. These measures are stipulated in laws, exist in the constitution of target enterprises, or launched by enterprises when the danger of M&A occurs. Anti-takeover measures increase the uncertain factors, the M&A cost, and decrease the selectable range in M&A.Chapter three analyzes the legal risks caused by antitrust laws of host countries. Through the establishment of regulating system of M&A in antitrust laws, host countries can examine international M&A which may cause monopoly, and can overrule them directly or increase the cost and difficulty of them through miscellaneous and trivial applying procedures and investigating procedures.Chapter four analyzes other legal risks including company legal risks and securities legal risks which increase the M&A cost and peoduce new competitors, foreign capital legal risks which forbid M&A in certain industries and interpose special investigating procedures, and special legal risks which are unforeseeable to the M&A enterprises.Chapter five analyzes the concrete countermeasures dealing with legal risks. M&A enterprises should investigate target enterprises and assess the legal risks carefully before their M&A activities, choose suitable M&A model and agreement and carry out evasion measures not breaking the laws in their M&A activities, and operate well post merge intergration. The intermediary organs and the country where the M&A enterprise locates should also play an imoirtant role in copeing with above legal risks.更多还原