論外資收購中國上市公司法制-以要約收購、協議收購為中心

The legal system of Acquisitions of Listed Companies by Foreign Investors in China

詹蕙嘉(Huei-Chia Chang)

指導教授 ： 王 文 杰

國立交通大學/管理學院/科技法律研究所/碩士(2009年)

https://doi.org/10.6842/NCTU.2009.00064

摘要

中國自1978年改革開放後，便以各項優惠投資措施吸引外資以加速其經濟發展，再加以2001年中國加入WTO，其與世界經濟之接軌更加深其開放之程度，因而，對於想要從事跨國投資之企業而言，中國市場之重要性已不言可喻。然而跨國併購雖已逐漸成為跨國投資行為之主流，外資在中國從事收購行為卻往往鎩羽而歸，歸究其因，係中國特有之經濟體制與滯後、繁雜之法律環境，使跨國收購行為在中國產生了不同之面貌。本研究乃環繞中國之證券市場體制與法規主要規範之收購模式-要約收購與協議收購為核心，進行相關之討論。
本研究第一章為緒論，主要介紹本文選題之動機及目的，及本研究之研究方法及研究範圍，並對於本研究主題之重要名詞加以定義，以建立讀者對於題旨之初步認識。第二章介紹中國之資本市場與證券市場，以及中國證券市場上歷年來最重要之改革-股權分置改革，並就本研究所選定之目標企業屬性-上市公司，從不同角度分析其特色。第三章則立於整體、宏觀之角度，分析外資收購中國上市公司之路徑，並探討、評析中國目前關於外資收購之主要法規範。第四章則深度分析協議收購、要約收購之程序及現行法規範下存在之具體問題。第五章則探討外資收購中國上市公司之監管，並以2008年8月1日起正式施行之「反壟斷法」為核心，說明其對經營者集中行為之規範。最後再總體分析三起具有代表性外資收購中國上市公司案例-凱雷收購徐工案、SEB收購蘇泊爾案及可口可樂收購匯源案。第六章為結論，總結先前章節內容並就中國收購之制度面提出檢討。
由於中國將台灣投資者視為外國投資者，因此本研究所探討之規範於台商均有適用，期望能以本研究之整理與成果，為欲赴中國從事收購行為之台商提供些許助益，即為本研究之小小成就。

關鍵字

收購 ； 上市公司 ； 股權分置改革 ； 要約收購 ； 協議收購 ； 反壟斷法

並列摘要

China has taken all kinds of preferential measures to attract foreign investments to accelerate its economic development while the reformation and opening door policy was ongoing since 1978. In addition, China's accession to WTO in 2001 makes its relationships with the world economy even more deeply connecting to the level of its opening-up. Therefore, the importance of the Chinese market is now ever crucial for those enterprises that want to pursue transnational investments. Although transnational M&A have gradually become the mainstream of activities of international investments, acquisitions by foreign investors in China often fail. This phenomenon may attribute to the unique Chinese planned economy, the complex legal system and approval processes that are lagging behind other countries, and the inconsistent interpretation of law and ineffective law enforcement. The aforesaid are just partial reasons making the conduct of transnational acquisitions in China have had a different appearance. This study is to focus on discussion of China’s unique security market system and the legal environment of the acquisition types under Tender Offer and Acquisition by Agreement in China. It has six chapters to accomplish these goals.
Chapter one serves as an introduction to this study. It introduces the background of topic choosing, motivation, purpose, research methodology and study range, as well as the definitions of important terms of study themes in order to build an initial fundamental understanding for this study. Chapter two concerns on capital market and security market in China, as well as the most important reform ever happened in China’s security market – the Share Trading Reform, and analyses from different perspectives of the listed companies, the type of target companies chosen in this study. Chapter three is covered by the analyses of paths of acquisitions of listed companies by foreign investors in China on an overall macro perspective, and to explore the regulations of acquisitions by foreign investors in China. Chapter four gives the depth analyses and evaluations of procedures and regulations of Tender Offer and Acquisition by Agreement. Chapter five turns to explore the monitoring regulation of acquisitions of listed companies in China and focus on the newly executed law, that is, the Anti-Monopoly Law. Furthermore, to deepen this study, it chooses and evaluates three important and classical cases -the Carlyle Xugong case, the SEB Supor case and the Coca-Cola Huiyuan case. Chapter six concludes by summing up the previous chapters and reviewing the system of acquisition in China.

並列關鍵字

acquisition ； the listed companies ； share-trading reform ； tender offer ； acquisition by agreement ； the anti-monopoly law

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