中國大陸股權分置與上市公司併購之研究

Research on Share Trading Reform System and Legal Framework of M&A in China

王煦棋(Hsu-Chi Wang)

《台灣金融財務季刊》 8卷2期 (2007/06) Pp. 81-114

摘要

自2005年8月起國務院正式實施股權分置改革措施，主要目的在於解決中國因非流通股問題所造成的國企改革與資本市場流通問題，同時也帶動中國公司法制及證券法制之相關修正。股權分置改革實施迄今，其相關成效已表現在資本市場中，包含A股價格上漲、國企併購案件較往年增加、國際套利基金大舉湧入中國金融市場等現象。股權分置改革源自中國資本市場所特有之歷史背景與市場因素，此點往往為臺灣學者在探討中國資本市場發展之際所忽略。因此，本文特以中國股權分置改革措施為題，探討股權分置改革之歷史背景、法理基礎與其缺失，藉以檢視中國證券市場未來的發展趨勢。
中國近幾年參與國際併購案件頻傳，對其企業而言，引進境外戰略投資者並不是為了吸引更多資本，而是為了引進更好的產品、經驗和管理。從國務院近來發布之相關訊息中，中國未來併購產業將隨其經濟發展而日益著重於臺灣地區所擅長之服務業及高科技製造業領域。然而，在「上市公司收購管理辦法」實施後，同樣賦予台資企業可利用臺灣母公司授權境外控股公司名義之方式，併購並取得中國上市公司經營權，解決以往臺灣企業僅能透過香港市場或結合外資以間接收購之高成本方式，將有效縮短臺灣企業布局中國市場之時間與成本。

關鍵字

股權分置改革 ； 併購 ； 流通股 ； 境外投資

並列摘要

In order to solve problems in the Chinese capital market caused by non-tradable shares since long time ago, the State Council implemented share trading reform in August 2005 formally, aiming at solving China state-owned enterprise reform problems and capital market circulation problems that brought out by non-tradable shares. The implementation of this reform also means simultaneous revision of relevant Chinese company and security laws. Till now, its related effect has been shown in the capital market including A share price turning high, increasing cases of M&A, and more international arbitrage funds pouring into Chinese financial market. Such reforms undertaken because of the unique history and background of the Chinese capital market as well as other market factors was always neglected by Taiwanese researchers when analyzing its development.
Ever since the share trading reform being taken in China, the share reform of A share, B share, H share and G share has been done in half year's time and get into the so called full circulation period in China security market history. With the market reform measures promoted by China official in 2005 one after another, the M&A environment has become more and more mature and that brings out international enthusiasm to China M&A market, and it also encourages Chinese businesses to seek capital growth worldwide. Hence, this article will focus on the Chinese financial market reforms by examining its historical background and its legal underpinnings at the same time. In closing, this paper will also look at the general trend in the operations of the Chinese security market.

並列關鍵字

share trading reform ； Merger & Acquisition ； shares in circulation ； foreign investment

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