外资收购上市公司股权法律问题分析一一对部分制约因素的分析及立法建议-analysis on legal issues of foreign capitals acquisition of shares of listed companies an analysis of some restrictive factors and legislative proposals.docxVIP

内 容 提 要 股权收购是收购公司购买目标公司股份从而控制该公司的法律行为 是公司实 现外部扩张和增强整体竞争能力的主要方式之一 典型的股权收购则是对上市公司 的收购 在跨国收购已经成为发达国家主要的对外直接投资方式的背景之下 外资 收购我国上市公司股权对我国经济的重要性也不容低估 笔者在介绍现行有关法律 规范的基础上 对一些制约外资收购的因素进行了分析 一 对外资要约收购上市 公司的规定不够明确 同时外资进行要约收购的法律和市场环境都还欠成熟 二 由于非流通股和流通股在转让中的定价机制不同 给收购带来很大不便 又由于股 市终将走向全流通 外商作为非流通股东 如何和流通股东之间完成利益的调整则 成为必须解决的问题 三 由于我国通常采用的重置成本法不能反映企业的盈利能 力 对企业价值的评估往往不能为外商接受 所以资产评估方法急需改进 四 由 于外资收购上市公司只能以现金支付 方式过于单一 同时也限制了收购参与方对 支付方式的选择 不利于外资收购方式的多样化 建议增加换股 信托融资等支付 方式 拓宽支付渠道 五 公司转投资的比例限制客观上加大了收购的难度 笔者 论述了该限制的不合理性和取消的可行性 六 对收购开始到股权过户之前这段过 渡时期公司控制权能否转移的问题 笔者从股权托管的角度进行了分析 最后 建 议确立以规范投资行为为主线的外资立法的新的框架 逐步统一内外资立法 并针 对外资的特别规范进行非法典化编纂 力图给外国投资者一个清晰的立法框架 其 次 应加快改变现存规范中的滞后 冲突和缺漏现象 Abstract Share acquisition, also known as stock acquisition, is one of the most important means to realize corporation expansion externally and sharp the competitive edge as a whole, acquiring corporation can get controlling rights of target corporation through buying shares from the shareholders of the target corporation. Acquisition of the listed company is a typical practice. Recently the cross-national Merge and Acquisition (MA) becomes to be a key method for Foreign Direct Investment (FDI) in developed countries, and the impact of stock acquisition to China’ s economy can not be underestimated. On the basis of introduction of the current laws and regulations related to stock acquisition, this thesis intends to make some legal analyses on some factors which restrict the process of acquisition: 1. The laws and regulations on tender offering by foreign investors are vague, also the legal and market environment is not really mature for acquiring. 2. Different share pricing systems for quoted and non-quoted stocks result in a lot of difficulties for stock acquisition. Further more, it is certain that all the issued stocks of a listed company will be wholly quoted and traded on stock exchanges in the future, how to balance the interests between quoted stocks holders and non-quoted stocks holders (foreign