本文選題：外資雙重身份 + 外資戰(zhàn)略性并購(gòu)　； 參考：《寧波大學(xué)》2013年碩士論文

【摘要】：外資雙重身份進(jìn)入我國(guó)證券市場(chǎng)，是在我國(guó)證券市場(chǎng)逐漸對(duì)外開放的過程中形成的，是指外資戰(zhàn)略投資并購(gòu)上市公司，和外資以合格境外機(jī)構(gòu)投資者（簡(jiǎn)稱QFII）身份或者通過合格境外機(jī)構(gòu)在股票二級(jí)市場(chǎng)等領(lǐng)域進(jìn)行財(cái)務(wù)投資。由于歷史原因，我國(guó)對(duì)外資在證券市場(chǎng)的這兩種身份的法律監(jiān)管，是分別用關(guān)于企業(yè)并購(gòu)、外資并購(gòu)的法規(guī)，和關(guān)于QFII的法規(guī)進(jìn)行規(guī)范和監(jiān)管的；然而，同為外資，兩者在資本性質(zhì)和所有權(quán)控制上可以出現(xiàn)歸屬一致的情況。因此，法律規(guī)制監(jiān)管的分體性在面臨資本的一致性和靈活性時(shí)，會(huì)出現(xiàn)一定的監(jiān)管漏洞和法律風(fēng)險(xiǎn)。目前國(guó)內(nèi)對(duì)兩者的研究都比較充分，但對(duì)于二者規(guī)制和監(jiān)管模糊地帶的研究，則不多并且不夠深入。本文試從這個(gè)角度進(jìn)行系統(tǒng)、深入的研究，并提出具體的立法完善建議。 首先，對(duì)外資雙重身份進(jìn)入我國(guó)證券市場(chǎng)的相關(guān)概念進(jìn)行界定，闡述外資雙重身份進(jìn)入我國(guó)證券市場(chǎng)的成因及其風(fēng)險(xiǎn)。主要從我國(guó)證券市場(chǎng)對(duì)外開放的歷程和分業(yè)經(jīng)營(yíng)分業(yè)監(jiān)管的模式分析原因，并指出會(huì)在證券市場(chǎng)開放戰(zhàn)略和法律制度整體層面、證券市場(chǎng)和并購(gòu)市場(chǎng)的運(yùn)行層面等方面產(chǎn)生一系列風(fēng)險(xiǎn)。 其次，從外資雙重身份間的聯(lián)系這一側(cè)重點(diǎn)分析了外資戰(zhàn)略性投資并購(gòu)我國(guó)上市公司的現(xiàn)行法律規(guī)定，以及關(guān)于QFII的現(xiàn)行法律制度；并分析這樣的雙重身份立法存在以下問題，即我國(guó)并購(gòu)法律相關(guān)規(guī)定的缺失使得各種投資主體的關(guān)系模糊，，外資并購(gòu)制度與合格境外投資者制度存在銜接漏洞，以及法律制度的分割與外資資本控制權(quán)的統(tǒng)一性要求存在矛盾。立法現(xiàn)狀及存在問題的闡述，為下文如何具體進(jìn)行立法完善打好基礎(chǔ)。 最后，針對(duì)前文分析的風(fēng)險(xiǎn)及立法現(xiàn)狀存在的問題，文章深入論述完善外資雙重身份進(jìn)入我國(guó)證券市場(chǎng)風(fēng)險(xiǎn)監(jiān)管體系的總體思路和具體立法建議。主要從我國(guó)資本市場(chǎng)開放戰(zhàn)略，我國(guó)監(jiān)管模式面臨的挑戰(zhàn)，法律位階和統(tǒng)一性問題，以及合格境外機(jī)構(gòu)投資與外資戰(zhàn)略投資并購(gòu)兩個(gè)制度的銜接性，等這幾方面，提出立法完善的總體思路；進(jìn)而從五個(gè)相互獨(dú)立又有關(guān)聯(lián)的角度提出具體的立法完善建議。
[Abstract]:The dual status of foreign capital entering the securities market of our country is formed in the course of gradually opening up to the outside world in our country's securities market. It refers to the strategic investment of foreign capital in mergers and acquisitions of listed companies. And foreign investors as qualified foreign institutional investors (QFIIs) or through qualified foreign institutions in the secondary stock market and other areas of financial investment. For historical reasons, China's legal supervision of these two identities of foreign capital in the securities market is regulated and regulated by the laws and regulations on enterprise M & A, foreign capital M & A and QFII respectively; however, they are both foreign capital. Both in capital nature and ownership control can appear to belong to the same situation. Therefore, in the face of the consistency and flexibility of capital, there will be certain regulatory loopholes and legal risks. At present, the domestic research on both of them is quite sufficient, but the research on the regulation and regulation of fuzzy zone is not enough and not deep enough. This article tries to carry on the system, the thorough research from this angle, and puts forward the concrete legislation consummation suggestion. First of all, the paper defines the concept of the dual identity of foreign capital into the securities market of our country, and expounds the causes and risks of the dual identity of foreign capital entering the securities market of our country. Mainly from the course of opening up to the outside world of China's securities market and the mode of separate operation and supervision, it is pointed out that it will be in the overall level of the opening strategy and the legal system of the securities market. There are a series of risks in the operation of securities market and M & A market. Secondly, from the point of view of the connection between the dual identities of foreign capital, this paper analyzes the current legal provisions of foreign capital strategic investment in mergers and acquisitions of listed companies in China, as well as the current legal system on QFII, and analyzes the following problems in such dual identity legislation. That is, the lack of laws and regulations on mergers and acquisitions in China makes the relationship between various investment subjects blurred, and there are some loopholes in the connection between foreign M & A system and qualified foreign investors system. There are contradictions between the division of legal system and the unity of the control right of foreign capital. The current situation of legislation and the exposition of existing problems lay a good foundation for how to make legislation perfect. Finally, in view of the risk analysis and the problems existing in the legislation, the article deeply discusses the overall idea and specific legislative suggestions of perfecting the dual status of foreign capital entering the risk supervision system of China's securities market. Mainly from the aspects of the opening strategy of China's capital market, the challenges faced by China's regulatory model, the problems of legal rank and unity, as well as the convergence of the two systems of qualified foreign institutional investment and foreign strategic investment M & A, and so on. The author puts forward the general idea of legislative perfection, and then puts forward specific suggestions for legislative perfection from five independent and related angles.
【學(xué)位授予單位】：寧波大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287

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本文編號(hào)：2014016