本文選題：中韓 + 公司并購��； 參考：《復旦大學》2011年碩士論文

【摘要】：中國自1978年改革開放,1993年走上社會主義市場經濟道路以來,目前已經成長為世界第二經濟大國,中國企業(yè)通過不斷推進跨國并購,在世界并購舞臺上已經逐漸成為主角。韓國從1997年金融危機以后,放松企業(yè)并購方面的各種規(guī)制,公司并購進展也較為迅速。在此過程中,許多外資公司和投機資本并購韓國企業(yè),同時也發(fā)生了國富流失的問題。 中韓兩國,自1992年建交以來在政治、經濟、文化等各個領域的交流與合作取得了令人可喜的成果。目前,中國已成為韓國的首位投資國家和貿易國家,韓國也成為中國的第三位貿易伙伴,并且兩國正致力于雙邊貿易區(qū)磋商。在此潮流下,今后兩國公司之間的并購也會迅猛增加。因此研究分析中韓公司并購法律規(guī)范的限制性規(guī)制,具有較大的現(xiàn)實意義和實用價值。 在中韓公司并購法律規(guī)范上,對于公司并購法律行為的限制性規(guī)制的核心問題包括：針對收購人的收購行為進行的持股權益披露制度與要約收購制度、針對收購人的要約收購行為而目標公司所采取的反收購措施規(guī)制、針對外資并購進行的限制性規(guī)制與國家安全審查制度、對因公司并購而發(fā)生的經營者集中規(guī)制等。對于這些限制性規(guī)制,中韓兩國均借鑒美國、歐洲和日本等發(fā)達國家的法律,在規(guī)制的內容和結構上,其規(guī)制的核心內容大致一致。但是,在法律的細致內容和具體適用程序上,因兩國的法律背景與經濟狀況的不同而存在一些差異。 從整體并購法律的框架和內容來看,中國相關法律規(guī)范在各個層次上都比較豐富,政府對公司并購行為進行比較嚴格的監(jiān)管。韓國則沒有專門規(guī)制公司并購的單獨法律；對要約收購的規(guī)制不利于確保交易的穩(wěn)定性以及保護中小股東的利益；在反收購規(guī)制方面,有關并購法律對反收購的價值取向、濫用問題以及具體反收購措施的適用問題均沒有明文規(guī)定；對經營者集中的規(guī)制難以確保經營者集中當事公司交易的穩(wěn)定性以及審查的正確性。 對此,中韓兩國均需要以自律規(guī)定形式制定《公司并購指南》,供企業(yè)的并購業(yè)務和司法機構的審理并購案件參考,隨時反映在實踐中的各種并購問題。在韓國要約收購規(guī)范方面,為了保護中小股東和投資者的合法權益,需要借鑒在中國要約收購規(guī)制法律上的事前申報制度和專家聘請制度。在反收購措施方面,兩國均需要明確規(guī)定反收購措施決策權,并且為了防止敵意收購,需要考慮進行毒丸計劃的合法化。在經營者集中審查方面,與中國、美國、歐盟一樣,韓國需要采取事前申報制度和兩階段審查制度,以確保經營者集中當事公司交易的穩(wěn)定性以及審查的正確性。 本文從實踐的角度出發(fā),以現(xiàn)行的中韓并購法律和政策為基礎,就兩國公司并購法律的限制性規(guī)制進行綜合分析,并通過上述分析找出中韓公司并購法律制度和實踐上的不同之處及彼此可以借鑒的要素,從而使兩國公司并購制度在立法和實踐上更加趨于完善。本文共分為五章： 第一章,分析了中韓公司并購法律規(guī)范的基礎,并提出了兩國公司并購法律規(guī)范的核心問題。具體闡述了中韓公司并購法律框架和特點,提出了兩國公司并購法律規(guī)范的限制性規(guī)制的核心問題。 第二章,研究分析了對收購人的收購行為的限制性規(guī)制。重點分析了中韓持股權益披露制度和要約收購制度的具體內容,并對兩國相關制度進行了比較。 第三章,研究分析了在公司收購中反收購措施限制性規(guī)制。具體闡述了反收購立法模式與價值取向,重點分析了主要反收購措施的內容以及中韓兩國在法律和實踐上的適用,并對兩國反收購措施適用狀況進行了比較。 第四章,研究分析了經營者集中審查制度。具體闡述了中韓經營者集中審查制度的具體程序和內容,并對兩國經營者集中審查制度進行了比較。 第五章,闡述了中韓兩國公司并購法律限制性規(guī)制的問題,并對完善兩國并購法律規(guī)制提出了建議。
[Abstract]:Since the reform and opening up in 1978 and the road to the socialist market economy in 1993, China has now grown into the world's second economic power. Chinese enterprises have gradually become the leading role in the world's merger and acquisition stage through continuous promotion of transnational mergers and acquisitions. Since the financial crisis of 1997, Korea has relaxed the various rules and regulations on merger and acquisition of enterprises. Mergers and acquisitions are also progresses more rapidly. In the process, many foreign companies and speculative capital buy and sell Korean enterprises, and at the same time, the problem of wealth loss has also occurred.
Since the establishment of diplomatic relations in 1992, China and South Korea have made remarkable achievements in exchanges and cooperation in various fields, such as political, economic and cultural. At present, China has become the first investment country and trade country of Korea, and Korea has also become the third trading partner of China, and the two countries are working on bilateral trade zone consultations. The merger and acquisition between the two companies in the two countries will also increase rapidly. Therefore, it is of great practical significance and practical value to study and analyze the restrictive regulation of the legal norms of mergers and acquisitions between China and South Korea.
On the legal norms of merger and acquisition of China and South Korea, the core issues of restrictive regulation for the legal behavior of merger and acquisition include: the disclosure system of shareholding rights and the offer system for the acquisition of the acquirer, the regulation of the anti takeover measures taken by the Target Corp for the takeover behavior of the purchaser and the merger and acquisition of foreign capital The restrictive regulation and the national security review system, and the centralized regulation of the operators due to the merger and acquisition of the company. For these restrictive regulations, both China and South Korea draw on the laws of the developed countries such as the United States, Europe and Japan, and the core contents of the regulation are roughly the same. However, the law is meticulous. There are some differences between the legal background and the economic conditions of the two countries.
According to the framework and content of the overall merger and Acquisition Law, the relevant legal norms of China are abundant at all levels. The government has strict supervision over the merger and acquisition behavior of the company. There is no separate law for the merger and acquisition of the regulated company in Korea; the regulation of the offer of the offer is not conducive to ensuring the stability of the transaction and the protection of the small and medium shareholders. In the respect of anti takeover regulation, there are no explicit provisions concerning the value orientation of anti takeover, the problem of abuse and the application of specific anti takeover measures, and it is difficult to ensure the stability of the business of the concentration of the operators and the correctness of the review.
In this regard, both China and South Korea need to formulate the "guide to merger and acquisition" in the form of self-discipline, for the merger and acquisition of enterprises and the judicial institutions to hear the merger and acquisition cases, at any time reflecting the various mergers and acquisitions in practice. In order to protect the legitimate rights and interests of small and medium shareholders and investors, it is necessary to draw lessons from China. In the anti takeover measures, both countries need to specify the right to make decisions on anti takeover measures. In order to prevent hostile takeover, it is necessary to consider the legalization of the drug pill plan. In the field of centralized review of operators, South Korea, like China, the United States and the European Union, needs to take it. The pre declaration system and the two stage review system are to ensure the stability of the transactions and the correctness of the examination.
On the basis of the current Sino Korean merger and acquisition laws and policies, this paper makes a comprehensive analysis on the restrictive regulation of the merger and acquisition laws of the two countries, and finds out the differences in the legal system and practice of merger and acquisition between China and South Korea by the above analysis and the elements that can be used for reference, so that the merger and acquisition system of the two countries will be established. The law and practice are more perfect. This article is divided into five chapters:
In the first chapter, the foundation of the legal norms of merger and acquisition between China and South Korea is analyzed, and the core issues of the legal norms of merger and acquisition of the two countries are put forward. The legal framework and characteristics of the merger and acquisition of China and South Korea are elaborated, and the core issues of the restrictive regulation of the legal norms of the merger and acquisition of the two countries are put forward.
In the second chapter, the restrictive regulation of the acquisition behavior of the purchaser is studied and analyzed. The specific contents of the system of disclosure of the shareholding rights and the tender offer system of China and South Korea are emphatically analyzed, and the related systems of the two countries are compared.
In the third chapter, the restrictive regulation of anti takeover measures in the company's acquisition is studied and analyzed. The legislative model and value orientation of the anti takeover are elaborated, the contents of the main anti takeover measures and the application of the two countries in the law and practice are emphatically analyzed, and the application of the anti takeover measures between the two countries is compared.
In the fourth chapter, the system of centralized censorship is studied and analyzed. The specific procedures and contents of the centralized censorship system between China and South Korea are elaborated, and the centralized review system of the two countries is compared.
The fifth chapter expounds the restrictive regulation of corporate mergers and acquisitions in China and South Korea, and puts forward suggestions for improving the legal regulation of mergers and acquisitions between the two countries.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2011
【分類號】：D922.29;D922.28;D931.26

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