外资收购上市公司股权法律问题研究——对部分制约因素的分析及立法建议
摘要
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。
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 (M&A) 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 investor) need to be solved properly. 3. The current assets evaluation method, that is replacement cost of company's assets, cannot reflect the profitability of a specific enterprise; hence foreign investors cannot recognize the valuation made in this way. This approach should be optimized equally. 4. According to related regulations, there is no other payment options for acquired stocks but only by cash, this not only deprives the rights of the participants to select the appropriate payment method they need, but also impedes the way of acquisition from diversification. There should be more payment options like share exchange, trusted finance etc. introduced into this market. 5. The limitation on the company's reinvestment proportion makes the stock acquisition more difficult, this thesis tries to present the unreasonableness of this kind of limitation, and suggest that this kind of restriction actually should be abolished. 6. There is also an intention to discuss whether the controlling right of the company could be transferred during the transitional period from the beginning of the acquisition to the date when assigned stocks are registered under the name of the acquirer. Under certain conditions, allow the acquirer share some shareholder's rights by stock seller's specific authorization might explore a workable way to clarify the rights and the obligations of the participants in this period. Finally, this thesis gives some suggestions on legislation related to foreign investors' acquisition in establishing a new legislative structure which focus on conducting necessary regulating, in gradually integrating of the laws and regulations on domestic and foreign investment, in compiling of the special regulations on foreign investment, and, in eliminating the confliction, lagging and omission phenomena in existing provisions. By doing so we can give foreign investors a clearer picture of the legal framework when make investment into China.
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 (M&A) 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 investor) need to be solved properly. 3. The current assets evaluation method, that is replacement cost of company's assets, cannot reflect the profitability of a specific enterprise; hence foreign investors cannot recognize the valuation made in this way. This approach should be optimized equally. 4. According to related regulations, there is no other payment options for acquired stocks but only by cash, this not only deprives the rights of the participants to select the appropriate payment method they need, but also impedes the way of acquisition from diversification. There should be more payment options like share exchange, trusted finance etc. introduced into this market. 5. The limitation on the company's reinvestment proportion makes the stock acquisition more difficult, this thesis tries to present the unreasonableness of this kind of limitation, and suggest that this kind of restriction actually should be abolished. 6. There is also an intention to discuss whether the controlling right of the company could be transferred during the transitional period from the beginning of the acquisition to the date when assigned stocks are registered under the name of the acquirer. Under certain conditions, allow the acquirer share some shareholder's rights by stock seller's specific authorization might explore a workable way to clarify the rights and the obligations of the participants in this period. Finally, this thesis gives some suggestions on legislation related to foreign investors' acquisition in establishing a new legislative structure which focus on conducting necessary regulating, in gradually integrating of the laws and regulations on domestic and foreign investment, in compiling of the special regulations on foreign investment, and, in eliminating the confliction, lagging and omission phenomena in existing provisions. By doing so we can give foreign investors a clearer picture of the legal framework when make investment into China.
引文
1．卢炯星：《中国外商投资法律问题研究》，法律出版社2001年出版第1版
2．沈四宝，王军，焦津洪：《国际商法》，对外经济贸易大学出版社2002年出版第1版
3．李金泽：《公司法律冲突研究》，法律出版社2001年出版第1版
4．江平：《新编公司法教程》，法律出版社2003年出版第2版
5．毛亚敏：《公司法比较研究》，中国法制出版社2001年出版第1版
6．谢文捷：《外资并购ABC》，对外经济贸易大学出版社2003年5月出版第1版
7．刘恒：《外资并购行为与政府规制》，法律出版社2000年出版第1版
8．刘文通：《公司兼并收购论》，北京大学出版社1997年出版第1版
9．倪建林：《公司治理结构：法律与实践》，法律出版社2001年出版第1版
10．林康：《跨国公司与跨国经营》，对外经济贸易大学出版社2000年出版第1版
11．张舫：《公司收购法律制度研究》，法律出版社1998年出版第1版
12．胡果威：《美国公司法》，法律出版社1999年出版第1版
13．左羽：《特拉华州普通公司法》(译)，法律出版社2001年出版第1版
14．耿志宏：《上市公司收购法律问题探析》，载于《法律图书馆》网站
15．沈四宝主编，王军，焦津洪副主编：《国际商法教学案例(英文)选编》，法律出版社1999年出版第1版
16．(英)经济学家情报社 EIU：《跨国公司在中国—赢家和输家》，新华出版社2000年出版第1版
17．王晓晔：《企业合并中的反垄断问题》，法律出版社1996年出版第1版
18．肖海军：《国有股权法律制度研究》，中国人民公安大学出版社2001年出版第1版
19．吴国萍，周世中：《企业并购与并购法》，山东人民出版社2003年出版第1版
20．高如星，王敏祥：《美国证券法》，法律出版社2000年出版第1版
21．朱伟一：《美国证券法判例解析》，中国法制出版社2002年出版第1版
22．蔡奕：《论我国外资立法体系的重构——兼议外国投资法典的编纂问题》，载于《法学》2000年第5期
23．李茂昶：《外资并购项目结构设计的法律观察》，载于君合律师事务所内部刊物2003年11月号
24．赵锡勇，易宜松：《中国全面要约收购第一案——南钢股份要约收购案例分析》，载于君合律师事务所内部刊物2003年11月号。
2．沈四宝，王军，焦津洪：《国际商法》，对外经济贸易大学出版社2002年出版第1版
3．李金泽：《公司法律冲突研究》，法律出版社2001年出版第1版
4．江平：《新编公司法教程》，法律出版社2003年出版第2版
5．毛亚敏：《公司法比较研究》，中国法制出版社2001年出版第1版
6．谢文捷：《外资并购ABC》，对外经济贸易大学出版社2003年5月出版第1版
7．刘恒：《外资并购行为与政府规制》，法律出版社2000年出版第1版
8．刘文通：《公司兼并收购论》，北京大学出版社1997年出版第1版
9．倪建林：《公司治理结构：法律与实践》，法律出版社2001年出版第1版
10．林康：《跨国公司与跨国经营》，对外经济贸易大学出版社2000年出版第1版
11．张舫：《公司收购法律制度研究》，法律出版社1998年出版第1版
12．胡果威：《美国公司法》，法律出版社1999年出版第1版
13．左羽：《特拉华州普通公司法》(译)，法律出版社2001年出版第1版
14．耿志宏：《上市公司收购法律问题探析》，载于《法律图书馆》网站
15．沈四宝主编，王军，焦津洪副主编：《国际商法教学案例(英文)选编》，法律出版社1999年出版第1版
16．(英)经济学家情报社 EIU：《跨国公司在中国—赢家和输家》，新华出版社2000年出版第1版
17．王晓晔：《企业合并中的反垄断问题》，法律出版社1996年出版第1版
18．肖海军：《国有股权法律制度研究》，中国人民公安大学出版社2001年出版第1版
19．吴国萍，周世中：《企业并购与并购法》，山东人民出版社2003年出版第1版
20．高如星，王敏祥：《美国证券法》，法律出版社2000年出版第1版
21．朱伟一：《美国证券法判例解析》，中国法制出版社2002年出版第1版
22．蔡奕：《论我国外资立法体系的重构——兼议外国投资法典的编纂问题》，载于《法学》2000年第5期
23．李茂昶：《外资并购项目结构设计的法律观察》，载于君合律师事务所内部刊物2003年11月号
24．赵锡勇，易宜松：《中国全面要约收购第一案——南钢股份要约收购案例分析》，载于君合律师事务所内部刊物2003年11月号。