【作者】 张涛；

【导师】 陈业宏；

【作者基本信息】 华中师范大学 ， 经济法学， 2006， 硕士

【摘要】 国家风险(Country risk)是跨国投资者在从事国际投资活动过程中,因东道国政治、法律或经济政策的变化而遭受经济损失的可能性。国家风险直接关涉着企业这一现代社会最为活跃的市场主体能否在海外实现预期的并购目标,对于我国“走出去”战略目标的实现都具有重要意义。国家风险的界定、法律特征、种类是其中最为基础的问题,而目前我国法学界对此的研究总体上而言存在不足,多表现为简单介绍,明显缺乏较深入系统的研究。国家风险理论研究的缺乏导致在实践操作和防范上存在诸多困惑。欲改变这一现状,就必须从源头上准确界定国家风险及其性质。本文欲从案例分析的视角出发,通过比较分析的方法对国家风险的内涵、特征及法律防范措施从以下几个部分进行比较全面的梳理和阐释。 第一部分重点研究两个并购案例,即中国海洋石油集团公司和海尔集团在美国的并购。这一部分主要讲述了三个问题:一是中海油、海尔美国并购告退的过程,二是对上述两则案例进行比较分析,最后得出结论。在经济全球化的背景下,基于维护国家经济安全和本国经济利益的驱动,欧美等发达国家已经建立了一整套涉及外资并购的制度及规则,而国家风险日益成为中国企业“走出去”海外并购投资的无形“壁垒”。 第二部分阐释了中国企业海外并购国家风险,首先对“国家风险”进行了法律界定,论及中国企业海外并购国家风险的特征,并将政治风险与国家风险进行了比较;其次,本章论述了“国家风险”的主要类型,包括主权风险、政治风险、法律风险;再次,将欧美国家并购投资风险进行了比较,包括东道国产业政策对外资并购设置的申报、审查程序;东道国竞争政策对外资并购的管制;国家安全政策。这部分是文章的重点内容之一,它回答了“国家风险”究竟包括哪些,在欧美发达国家间又有何差异,为下文即将论述的防范措施奠定了基础。本文重点回答了中国企业海外并购国家风险是什么,也提出了为何须积极防范此种国家风险。 第三部分是论述了企业自身如何去规避、防范海外并购中的国家风险,包括:并购前的风险回避、建立企业风险自我控制和相互制衡的风险控制机制、向专门保险机构进行投保、多元化投资分散海外并购风险、设立专项风险基金自我补偿并购可能出现的风险损失、采取多种措施转移并购风险、遭受严重风险时撤退及撤退中更多还原

【Abstract】 Country risk is possibility because of the change of politics、, law or economic policy ,which cross-border investors will suffer frequently in the process of M&A in other countries. Country risk decide whether company can realize its investment objectives successfully. It also influences our national "invest abroad" strategic object. Its concept、 legal characteristic and categories are basic issues, but there is lack of research in law field. There is not thorough studies ,but only simple introductions. The lack of research on the theory of Country risk results in more and more difficulties in practice. In order to deal with these problems ,we must generalize the concept of Country risk and its characters. This paper sets out view of cases analzing and uses comparing method to explain and research the concept 、 legal countermeasures against the country risk of Chinese over-see M&A from four following four parts.The first part deals with two M&A cases, namely the China Sea Petroleum Group and Haier Group’s failure of M&A in America. This part mostly narrates three problems: Firstly the process of he China sea petroleum group and Haier Group’s failure of M&A in America;secondly analyze two cases and lastly make a conclusion. Country risk will become intangible obstacles in the process of investing abroad increasingly.The second part deals with the country risk of Chinese M&A abroad. Firstly, we discuss the concept and legal characteristic of country risk, and then compare country risk and political risk. Secondly ,we discuss the primary kinds of country risk, namely sovereignty risk 、 political risk and law risk .At last, we compare the country risk in different countries, including the declare and check-up procedures for foreign capital M&A in host countries、 the supervision in competition policy of host countries and national securities policy. This part is foundation of following parts. We answer that what country risk of Chinese M&A abroad is and why we should take effective measures to avoid and prevent the it.The third part deals with how to avoid and prevent the country risk . The effective measures include avoiding country risk before investment 、 establishing risk controlsystem ^ insuring at special insurance company > M&A in different counties and companies ^ setting up special risk funds for potential loss, taking lots of effective measures to transfer country risk, withdrawing when companies suffer country risk.The fourth part discusses law measures to void and prevent the country risk for our country and government, what our government should do for Chinese investors? It should enhance law-making on M&A abroad and provide consultation service > negotiate with other countries about the declare and checkup procedures for foreign capital M&A -. establish foreign investment insurance system > sign bilateral agreements with other countries to encourage and protect investment in the form of M&A.In the end of this paper , the country risk of Chinese M&A abroad is the predominant problem, and it will be the biggest obstacle for our investors. It is inevitable outcome of strengthen on national economic sovereignty in the background of globalized economy. Companies and our government must set up integrated mechanism. Only this can we cope with the country risk effectively.更多还原