论文标题:中国资本市场外资并购上市公司研究
Study on Government Behavior in Shenzhen Economy Development
论文作者 李新平
论文导师 李永禄,论文学位 博士,论文专业 产业经济学
论文单位 西南财经大学,点击次数 59,论文页数 176页File Size1209k
2005-04-01论文网 http://www.lw23.com/lunwen_809237077/ 外资; 并购;上市公司
Foreign capital merger & acquisition; Listed companies
一.论文的选题背景从上个世纪90年代起,大型跨国并购可谓愈演愈烈。超大规模并购的频频发生,使世界经济格局发生了深远的变化。行业中新的大型巨无霸的不断出现,使行业内的竞争格局在全世界范围内发生巨大变化。但是我国的利用外资始终停留在创建式(绿地)投资的方式之中,外资并购几乎被统计所忽略。中国建立资本市场后的1995年,产生了第一起战略意义上的外资并购上市公司案。这似乎是预示着外资并购这一新兴制度在中国股市上的萌芽,但是却很快被管理层喊停。事隔几年后的2001年,耐不住寂寞的证券市场终于向外资并购展开了怀抱。外资并购对于股市的意义是什么?为什么缘起、消失又再生?如何促进外资并购制度在中国股市的健康规范的发展,对中国股市乃至整个经济发展都具有重要意义,因为,上市公司在中国产业的地位非同一般。本文主要内容和观点: 本文试图从制度经济学关于制度变迁的理论出发,对中国的外资并购交易制度进行研究。从积极促进上市公司外资并购和对其适度规制两方面进行了重点研究。围绕这一研究思路本文共分为六大部分:第一部分为本文的导论,介绍了论文的研究背景、目的、意义。对课题当前的主要研究情况作了综述。介绍了本文的结构安排和研究方法。第二部分:阐述了外资并购的一般理论,对兼并和收购的概念进行了鉴定,进而对外资并购的概念特征和分类进行了表述。本部分提出了本论研究的外资并购上市公司的内涵和外延。并对外资并购和创建式(绿地)投资进行了经济学的分析,简单阐述了外资并购动因涉及的一些传统理论。第三部分:主要研究世界外资并购的实践情况。首先对第五次世2界并购浪潮的基本特点进行了分析,其后分别对几个发达国家的外资并购上市公司的制度实践进行了比较研究。笔者提出反垄断和维护公共利益成为发达国家规制外资并购的两大前提,政府作为规制主体是有限政府,依照法律法规透明进行,体现了法治精神。而反观发展中国家的制度,政府外生性地提供制度安排,外生性制度变迁的痕迹明显。第四部分:探讨了中国资本市场外资并购的实践。本部分对中国的外资并购上市公司制度变迁进行了回顾和制度经济学的评价。对外资并购中国上市公司的现状、特点、趋势、动因进行了分析,指出了当前资本市场外资并购中存在的主要问题。第五部分:主要研究目前外资并购上市公司的制度障碍,提出积极促进并购的建议。笔者认为应当首先重新定位政府在资本市场中的作用,笔者在本文运用了制度经济学关于契约经济学的原理,提出制度变迁的范式由行政性范式向契约范式跨越的重要理论观点。本部分提出 “非均衡二元结构”和外资并购“流动悖论”是当前外资并购上市公司的基础产权障碍。认为必须积极进行非流通股的协议转让。笔者从契约理论的角度,指出非流通股的流通其实质是契约的改变,从意思自治的法律精神讲非流通股的流通需要平等主体的谈判,达成新的契约。本部分深度探索了外资并购上市公司非流通股后的性质和待遇的问题。笔者认为应当修改相关立法,确认外资并购上市公司股权后上市公司的外商投资性质和待遇。在外资并购领域中 B 股的作用是不容回避的,但 B 股的融资功能正在边缘化之中。发展外资并购上市公司要利用 B 股市场进行金融创新。第六部分:主要研究对外资并购中国上市公司的规制问题。笔者分析了对上市公司外资并购进行规制的基本理由,提出适度规制的观点。笔者重点在国家产业保护、反垄断和外汇监管方面及董事会反并购行为的规制展开论述。指出创生于“绿地”式的当前外商投资指南,在外资并购盛行时代中存在的问题和解决方案。提出在外资并购中国上市公司中反垄断的必要性和紧迫性。阐述了外资并购上市公司反垄断的法律适用、规制标准和除外制度。针对外资并购上市公司给中国3外汇监管带来的冲击,提出我国外汇监管存在管理资源配置不合理,由于监管部门不协调带来的体制性漏洞,以及当前法律规定的不完善几个重要问题并提出了建设性的建议。最后笔者在实证分析了当前上市公司收购中的反并购案例后,指出中国管理层反并购规定中的主要问题,重点提出中国必须从行政最终决定体制向司法最终解决体制跃进。二.本文的创新:(一)提出政府在证券市场中的重要职能变革---从行政范式向契约范式跨越。(二)提出当前外资并购上市公司的基本产权障碍是 “非均衡二元结构”和外资并购的“流动悖论”。进一步探讨了外资并购国有股、法人股的必要性并对股权分置问题作了深度思考。(三)提出当前外资并购上市公司的性质和待遇认定上的存在深刻的内部矛盾,指出应当将其统一认定为外商投资企业的重要性;(四)提出B股市场中的定向增发是激活B股市场融资功能和打开外资并购通道的契机,并具体研究了其中的主要法律问题。(五)提出了中国董事会反并购制度的问题和建议。指出中国法律体制应当由行政最终解决体制向司法最终解决体制跃进。外资并购上市公司在中国的利用外资历史上和中国资本市场的发展上都是新生事物,这里面涉及的问题决非笔者论文所完全涵盖。当前状况下,外资并购上市公司的案例多以战略性参?
1. Background of the Topic Since the 1990s, large-scale transnational merger & acquisition hasbecome more and more fierce. The fact super large-scale merger &acquisition has take place frequently has brought profound changes to theworld economic structure. And the fact super large-scale firms haveappeared constantly have brought great change in the competition in thetrade. But in China, the utility of FDI remains in the first stage(green-land investment) and the utility of FDI in merger & acquisition isneglected in statistics. In 1995 when China’s capital market wasestablished, the first case that strategic foreign capital merger &acquisition of listed company appeared in China. This seemed to meanforeign capital merger and acquisition was in the bud. But soon, theadminister stopped it. Some years later, in 2001, China’s capital marketopened its door to foreign capital merger & acquisition. What is thesignificance of foreign capital merger & acquisition? Why did it appeared,disappeared and appeared again? To promote the health and standardizeddevelopment of foreign capital merger & acquisition in China’s capitalmarket is of great significance to the development of China’s capitalmarket, even to the development of China’s economy because listedcompanies occupy an unusual position in Chinese economy.2. Main content and viewpoints This thesis tries to make a study of China’s trade system of foreignmerger & acquisition on the basis of theory of system change ofinstitutional economics. The deep consideration of the change of systemsin the thesis is of great importance to the understanding of the thesis. Thethesis is composed of six parts: Part one is the introduction. It mainly introduces the background ofthe topic, the aim and significance of the study. It makes a brief accountof the current situation in the study of the topic, the system and thestructure of the thesis, and the method used in the thesis. Part Two deals with the general theory of foreign capital merger &acquisition .It gives a definition and then describes the characteristics andcategories of foreign capital merger & acquisition. It puts forward theconnotation and denotation of China’s listed companies. It makes aneconomics analysis of foreign capital merger & acquisition and foundingFDI (green-land investment) and makes a brief account of the agent andsome traditional theories of foreign capital merger & acquisition. Part Three mainly studies the practice of foreign capital merger &acquisition throughout the world. It first makes analysis of thefundamental characteristics of the fifth tide of merger & acquisition in theworld, and then makes a comparative study of the systems and practice offoreign capital merger and acquisition of the list companies in severaldeveloped countries and developing countries separately. Part Four is the foundation of the theories put forward in the thesis.It reviews and appraises on the basis of institutional economy the systemchange of China’s foreign capital merger & acquisition of listedcompanies, makes an analysis of the current situation, characteristics,trend, and agent of China’s listed companies of foreign capital merger &acquisition. It points out the main problems which exist in currentChinese foreign capital listed merger & acquisition of companies. Part Five mainly studies the systematic obstacles of Chinese foreigncapital merger & acquisition of listed companies and puts forward somesuggestions to as to overcome them. The author thinks that it is ofprimary importance to make clear the role of the government in capitalmarket. The author holds that the main obstacles of foreign capitalmerger & acquisition of listed companies. He thoroughly explores theproblem of features and treatment of foreign capital merger & acquisitionof non-negotiable stocks of the listed companies. At last the author makesa certain analysis of the problems of law concerning foreign capitalmerger & acquisition by private placement B-stock, merger & acquisitionin the way of exchange of stocks and the protection of
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