【作者】 罗曼怡；

【导师】 金润圭；

【作者基本信息】 华东师范大学 ， 世界经济， 2008， 硕士

【摘要】 随着中国对外开放步伐的加快,国内经济步入高速稳定增长的阶段,加上人民币升值的预期,吸引了众多国外投资者的目光。外资并购作为国际上跨国投资的主要方式,在中国这片投资的热土上迅速上演。尤其是股权分置改革以来,外资并购来势汹涌,经典案例层出不穷。所以,对外资并购上市公司系统性研究,有助于中国正确引导未来经济的发展方向,这也正是研究写作的出发点和归属点。全流通市场从客观上为外资并购创造了良好的环境,大量廉价的流通筹码降低了购并的成本。而公司法、证券法、刑法的修改,破产法的修订,会计准则与国际会计标准的全面接轨,购并的制度建设和微观经济基础逐步完善,为外资并购提供了新的机遇。全流通背景下,外资通过二级市场收购和定向增发并购上市公司将会出现一些新的特征,但协议收购和要约收购将是主流方式。随着外资并购法律法规的逐渐完善,外资对于并购对象的要求越来越高。本文分析了全流通背景下外资试图进入的行业,认为资源类、资产类、一般制造和金融服务等行业发生外资并购的概率较大。目前世界金融危机下,外资将把中国作为避风港,加快对我国民族品牌企业的并购。外资并购中的敌意并购是本文研究的焦点问题,外资垄断可能将降低中国经济的竞争力、威胁国家产业安全、形成国有资产流失、挑战政府部门的监管能力、不利于民营和中小企业的成长、影响我国企业的自主创新。对此,本文提出了一些对策,诸如完善对外资垄断性并购的法律规范、将反垄断法与产业政策相结合规范外资收购、健全外资并购中的产业安全审查制度与机构、加强外资并购后的反垄断规制、拟被收购上市公司所应采取的对策等。更多还原

【Abstract】 Along with the acceleration of opening-up in China,the economy has increased stably and appreciation in RMB is expected,both of which attract investors’attention from abroad. M&A by foreign capital,as the primary pattern for cross border investmen,is acting fiercely since the execution of share merger reform.Thus, a systemic study on it could act as a guide for China’s economy development in the future.That’s the starting point of this paper."Full Circulation" Market prepared a substantially promotive environment for the international M&A. A large volume of low price circulation jetton reduced the cost of M&A.Moreover,new opportunities are offered to the international M&A under the following three joint support: the amendement of rules and regulations on corporate law,security law, criminal law and insolvency law,the integration of our accounting policy and standard into international ones and a increasingly improveing M&A system construction and micro economic accumulation.Under the"full circulation"background,new characteristics are going to come forth when foreign capitals merge listing companies on secondary market or by means of specifically allotted shares.Whereas share acquisition agreement and tender offer will still play the main role.With the continuously amelioration of M&A legislation environment,the demand on M&A target by the forgein capital will reciprocally advance as well. My position is that the international M&A is much more likely to occur in industries like natural resources,real property,general manufacture,and financial service than etc.And well performed listing companies with valuable assets,famous brand,stable flock of customers and professional corporate governance will outshine the peers to be the foreign capital’s preference. At present, the world’s financial crisis, China will as a safe haven for foreign investment, speed up the process of our country branded the nation’s M&A business.The hostile M&A problemes thereafter like the declining of Chinese economic competitiveness,the threat to the state’s industries,the loss of state property,the pressure on government supervision ability,the interference to private companies and mediam and small companies as well as the creativity of domestic firms.Upon those problems,this thesis aimed at solutions such as improvement of the legal adjustment on foreign capital monopoly M&A, the combination of anti-monopoly law and industrial policies,the stipulation of international M&A,the enhancement of industrial safety examination system and institution,the establishment of disagreement and private lawsuit system on foreign capital M&A monopoly,and the reinforcement of anti-monopoly rules as well as the countermeasures of target listing companies after international M&A.更多还原