【作者】 张雪；

【导师】 刘晓红；

【作者基本信息】 华东政法大学 ， 国际法学， 2009， 硕士

【摘要】 随着世界经济一体化的加速发展,世界经济的区域性特点和全球性特点得到了越来越广泛的关注。在20世纪术、21世纪初风行世界的大型并购案例中,跨国并购案例越来越多的出现在全球性经济发展的舞台上。跨国并购也正逐步成为世界企业并购的主流趋势。伴随着我国加入WTO、新公司法的颁布与实施以及股权分置改革的进行,外资并购我国国有企业的各种限制得到明显放松。有鉴于我国对于外资并购的有关法律法规并不完善、现行法律体系存在立法层次过多的情况,加之具有实际操作意义的规范多为行政规章,法律效力不高,本文于此试从外资并购的有关法律问题出发,对我国和世界各国的并购理论及相关实践进行梳理和阐明,从而为建立中国特色的外资并购立法体系提出几点拙见。由于外资并购是一柄“双刃剑”,其消极作用不容忽视,所以我们应当趋利避害。本文着重从外资并购的国别法律制度和我国外资并购法律制度的完善两个方面来展开分析、探讨,文中全面介绍了发达国家在外资并购中的经验和做法,通过分析比较提出了外资并购立法的体系化建议,以使我国的外资并购法律制度、体系更加科学,更加完善且具可操作性。遵循这一思路,本文的具体结构设计如下：全文共分为四个部分。研究外资并购国有企业的法律问题,有必要对外资并购国有企业的概念进行界定,只有明确了概念,才能明确我们的研究范围。第一部分从外资并购的概念入手,将“并购”、“外资并购”和“国有企业”三部分的含义进行分解阐释,层层深入。在明确全文阐述的核心概念的基础上,描述了外资参与我国上市、非上市国有企业并购的阶段性特征。经过上述分析明确了外资并购法律关系,是指根据外资并购法律法规和政策的规定而发生的权利义务关系,是外资并购国有企业的核心问题之一。外资并购法律关系与其他法律关系一样,是由主体、客体以及权利义务关系三要素组成的。因此,研究外资并购法律关系就是要研究外资并购的主体、客体以及权利义务关系。而本文的第二章就是围绕这个重心进行展开,并在透析核心法律关系后,引出了目前外资并购我国国有企业的主要模式和发展趋向。企业并购立法离不开企业并购实践的研究。第三章通过对欧美发达国家、亚洲国家和匈牙利等其他发展中国家外资并购法律制度的分析,在比较分析发达国家和发展中国家外资并购立法的基础上,揭示了特定的市场经济发展环境对于并购发展起到的重要影响作用。这也为中国外资并购国有企业走出特色之路提供了指引和极好的借鉴。全文最终收笔于解决外资并购国有企业过程中仍然亟待解决的问题,通过对新出台的《企业国有资产法》对于并购实务的影响分析进一步引出笔者对于发展和完善中国外资并购立法体系、推动外资并购实践的几点心得体会。更多还原

【Abstract】 With the fast development of world economy compacting, all of characteristic of regional economy and globalized economy are taking concentrated expression. More and more transnational merger cases have shown up in the late twentieth century and the early twenty-first century. The transnational mergers are becoming the main trend of world’s merger economy now. After the China’s entrance into WTO and the promulgation and implementation of Chinese Corporation Law, and also with the trend of Split share structure reform, significant relaxation of various restrictions for foreign merge and acquisition of state-owned enterprises was founded. Since the frame of Chinese law and regulations still does not sound, and there are many unreasonable problems in the current system designed and practice of legislation in China, such as the problems induced by layers of legislation, less effectiveness of legislation, duplicated regulations deficient in practical ways and much good-looking legislation, etc., the author tries to clarify the theories in the aspects of legal issues on foreign M&A of state-owned enterprises in order to bring up suggestions for improvement of legislation with Chinese Character.Mergers and acquisitions by foreign investors are "double-edge swords", and have some side effects on domestic market, so we should use it properly. The author focuses on the aspects of Legal institutions of different countries and the improvement of Chinese legal system concerned with foreign capital M&A of state-owned enterprises’activity, and also introduces experience and practice of mergers and acquisitions in developed countries in order to make Chinese legal system in this field more scientific and more practicable. Abide by this thought, the framework of this dissertation are as follows:There are four parts in this dissertation. ChapterⅠintroduces outlines of Mergers and Acquisitions of state-owned enterprises by foreign investors. A correct and comprehensive understanding of basic conceptions leads to better understanding of existing issues in the practice of foreign investor’s M&A of state-owned enterprises. In accordance with the conceptions of "M&A", "foreign M&A", "state-owned enterprises", the author describes the progress made in the phase sense. Referring to the legal relationship, the core issue among others, it describes the rights and obligations occurred according to relevant law and regulations of foreign investor’s M&A of state-owned enterprises. Therefore, the study of Mergers and Acquisitions of state-owned enterprises by foreign investors is to study the subject, object and the relationship between rights and obligations of that. ChapterⅡrevolves around the analysis of legal relationships, and brings up the main patterns and development trends.Legislation can not survive without research of legal practice. Based on the legislation systems and practices of the west developed countries, Asia countries and other developing countries with comparative research methods, ChapterⅢin this dissertation provides that, specific environment of market economy plays an important role in the rise and development of Mergers and Acquisitions of state-owned enterprises by foreign investors. It also provides a splendid reference for China to establish a suitable pattern.At last, discussing Chinese current laws concerned about state-owned property, the author points out the legal obstacles of developing Mergers and Acquisitions of State-owned enterprises by foreign investors in China, and going further poses suggestions about legislation improvements.更多还原