外资并购我国国有企业的法律规制研究

【作者】 罗丹；

【导师】 邓纲；

【作者基本信息】 西南政法大学 ， 国际法学， 2008， 硕士

【摘要】 经过二十多年的改革开放,中国引进外资已经步入了一个新的阶段。20世纪90年代特别是21世纪以来,随着中国经济改革和对外开放的步伐加快,国外跨国公司对华投资掀起了一个新的高潮,中国利用外资进入高速发展阶段,跨国并购逐渐成为外资进入我国市场的一种主要方式。外资并购,主要是指外国投资者通过一定的法定程序取得东道国某企业的全部或部分资产所有权的投资行为,是企业并购现象与跨国投资现象在更高层次上的结合;是国际资本进行直接投资的主流方式之一。而外资并购国有企业,因其引发问题的相对特殊性,如潜在的外资垄断可能以及国家经济安全问题等,对其进行深入研究就具有积极的现实意义。改革开放以来,为了引进外资的需要,我国先后制定了《中华人民共和国中外合资经营企业法》及其实施条例、《中华人民共和国中外合作经营企业法》、《中华人民共和国外资企业法》及其实施细则,以及其他法律和法规,形成了较完整的外商投资企业法的体系。近年来,我国又制定并颁布了《关于外国投资者并购境内企业的规定》,以及《反垄断法》,使得外资并购的法规开始趋于完善。不过,我国尚没有一部统一的外资并购立法,有关外资并购的法律也散见于不同的法律与各部门规章中,其中一些政策条文原则性太强,缺乏可操作性,亦缺乏相应的明确的法律规范。在具体操作中,由于操作规程不明确以及缺乏相应的规制法律,外资并购在实际活动中引发了许多法律上的问题和困惑。因此,我们必须认真总结过去的经验教训及借鉴外国成功经验,尽快完善我国相关法律法规和运作体制,以推动外资并购国有企业正常、健康地发展。文章由四部分组成:第一部分,阐述了外资并购国有企业的基本概念和方式。首先,对并购、外资并购、以及国有企业进行了相关界定;此外,阐述了外资并购的两种基本模式,即股权并购的方式和资产并购的方式。文章特别对《关于外国投资者并购境内企业的规定》中新明确的股权支付方式进行了阐述。第二部分,分析外资并购国有企业的立法现状以及发达国家外资并购的立法实践。在对我国外资并购立法实践的论述中,分两个阶段对涉及的法律法规进行阐述;同时,对外资并购国有企业的两部重要法律法规—《关于外国投资者并购境内企业的规定》和《反垄断法》进行了解读。在对国外的法律进行论述时,分析了其普遍的立法特点,例如:保护国家经济安全,反垄断和不正当竞争,外资并购立法的系统性等。通过对以上立法特点的论述,对我国外资并购立法也具有良好的借鉴作用。第三部分,分析了外资并购国有企业存在的主要法律问题。这些问题包括:立法主体多,缺乏统一性;立法层次低,缺乏统一适用性;法律法规零乱,缺乏系统性。此外,在并购实践中,也面临:国家经济安全问题,国有资产流失问题,外国投资者超国民待遇问题,国企人员安置问题和中介机构缺位问题。论文结合我国的立法现状对以上问题进行了具体分析。第四部分,在前面分析论述的基础上,笔者对完善我国外资并购立法提出建议,具体包括:制定和完善相关法律法规,保护国家经济安全;完善国有资产管理体制,防范国有资产流失;制定统一适用的《企业并购法》,作为企业并购的一般规则;完善外资并购国企的配套法规,建立外资并购法律体系。总之,本论文通过对外资并购国有企业的立法现状进行研究,分析了目前外资并购国有企业亟待解决的法律问题,在此基础上有针对性地提出了相关的立法建议。更多还原

【Abstract】 It has been 20 years since China opened her door to the outside world, and currently, China’s attracting foreign investment is coming to a new stage. From the 1990’s, especially 21^st century, with the rapid development of the economic reform and China’s opening door policy, international investment is been intensified continuously. Cross border M&A has become a world trend and the major means of international investment. At the same time, since the number of state-owned enterprises that have been acquired by foreign capital is increasing, with scale being enlarged, people become more and more concerned about this issue.Merger with and Acquisition of State-owned enterprises by Foreign Investors, mainly refers to acquiring entire or parts of ownership of certain enterprise’s assets through designated legal procedures. It is the combination of phenomenon of M&A and Cross-border investments in advanced levels, and also a main means of direct investment of international capital. Due to the specialties of the problems which may arise like potential monopoly threat and the national economical security issues, studying on M&A of state-owned enterprises by foreign capital is positively practical and meaningful.With the special background, it is of great and realistic significance to carry out a deep study on the issue arising from the M&A of state-owned enterprises by foreign capital. Since China opened her door to the outside world, and for the needs of introduction of foreign capital, we established "Chinese and Foreign joint venture management business enterprise method of the People’s Republic of China "and its ordinance, "Chinese and Foreign cooperation management business enterprise method of the People’s Republic of China", "overseas-funded enterprises method of the People’s Republic of China" and its ordinance, and other laws and code in stages. In recent year, our government established and promulgated "Regulation for Merger with and Acquisition of Domestic enterprises by Foreign Investors" and "Anti-Trust Law ", which perfect the law and regulation of Cross border M&A. However, we still lack a unified code to regulate cross border M&A, with the laws and regulations pertained to this aspect are spreading in various laws and codes. In practical, the laws are always with strong principles and not fit for operation, as well as not explicit, many issues are arising. We must study from the past experience precept and draw lessons from the foreign successful experience, to perfect the regulations as soon as possible, and promote the health and rapid development of the state-owned enterprises.This essay is divided into four parts:The first part gives us an insight into the basic conceptions and ways of foreign capital’s M&A of state-owned enterprises, giving definitions to "M&A", "Foreign capital’s M&A", "State-owned enterprises". Also, it discusses two means of M&A, which are M&A of stock rights and M&A of capital. Especially, the essay summarizes the new model of M&A, which was newly specified in "Regulation for Merger with and Acquisition of Domestic enterprises by Foreign Investors".The second part analyses the current legislation of China, and reviews the laws of the developed countries. When studying on the laws of our country, two periods are included. Meanwhile, it gives a better insight into two regulations named "Regulation for Merger with and Acquisition of Domestic enterprises by Foreign Investors" and "Anti-trust Law" separately, both of that are very important. As to the foreign legislations, it analyzes the universal characteristics of such laws, such as protecting the national economical security, anti-trust and unfair competition, and the systematic features of legislation. From above analyses of the characteristics, we may learn a lot to build the legislation system of our country.The third part, studies on the main legal problems of foreign M&A of state-owned enterprises, including: various entities can make laws, the low levels of laws, lack of systematic features. Meanwhile, in the process of M&A, following problems are faced: the national economical security issues, the decrease of national properties, the Super National Treatment of foreign investors, the settlements of the employees in state-owned enterprises, and the lack of agencies.In the fourth part, on the basis of above analyses, the author gives suggestions to the legislation of foreign M&A, including: establishing and perfecting the pertained laws, protecting the national security, perfecting the management system of national properties, establishing the unified law named "Company M&A Law", which is used as common regulations for M&A, and perfecting the related laws, establishing the legislation system for foreign M&A.In summary, this essay conducted the studies to analyze the current situations, and the legal problems of the state-owned enterprises’ being acquired by foreign capital. On the foundation, the author provides with the pertinent countermeasures and suggestions to these matters.更多还原