外资并购我国上市公司的几个问题及其法律完善

外资并购方式将取代外商直接投资创建企业方式作为我国主要的利用外资的形式。在我国当前外资并购实践不规范和外资并购立法严重滞后的情况下,如何解决外资并购上市公司中存在的种种问题是当务之急。     

关于优化我国外资结构的思考与建议

保持外资结构的合理与优化，是实现我国积极有效利用外资的重要保证，也是实现我国经济稳定、均衡、可持续发展的关键。从目前我国利用外资的现状来看，外资产业结构、外资区域结构、外资来源国结构、外商投资设立企业方式等方面都存在着严重的不合理因素，这些将影响我国产业结构的有效调整和区域间的均衡发展，影响跨国公司先进技术的引进和我国利用外资的效率。本文针对以上问题，分析了产生的原因，并提出了相关对策与建议。     

关于外资并购我国国企的现实思考

随着十六大对吸引外资的更高要求和一系列外资并购政策的相继出台,外资并购必将成为我国利用外资的一种重要方式。本文在分析了外资并购活动中外资方和我方不同动因的基础上,提出了应对外资并购中可能出现的若干问题的对策。     

外资并购问题的浅析

加入WTO后,我国利用外资的规模逐步扩大。外资并购成为跨国公司在我国投资战略调整的产物。如何认识并充分利用外资并购成为一项重大课题。     

外资并购问题的浅析

加入WTO后,我国利用外资的规模逐步扩大.外资并购成为跨国公司在我国投资战略调整的产物.如何认识并充分利用外资并购成为一项重大课题.     

跨国公司与我国上市公司并购的趋势及影响

长期以来,跨国公司对我国的直接投资主要以上新项目、建新企业的方式进行。我国入世后,跨国公司将重新评估我国在其全球经营战略中的地位。随着我国对外资并购的限制条件进一步放宽,以跨国公司为主的外资并购将成为我国入世后的重要经济热点。跨国公司并购缩短了我国融入世界专业化分工体系的时间,促使国内各行业按照国际分工的要求重新调整,并在国内下一轮企业并购浪潮中引导趋势。同时,对资本市场而言,跨国公司与上市公司的并购活动,较以往上市公司的资产重组更注重战略重组和重建核心竞争力,对我国证券市场有着深远的影响。     

浅议外资在华并购的产业安全规制

随着我国对外开放的进一步扩大,外资在华并购迅速发展,在促进我国利用外资方式多样化的同时,也对传统产业的安全造成一定的威胁,但目前我国关于外资并购的规制还存在一定的问题。本文从外资在华并购的特点出发,引出外资并购对产业安全造成的威胁,同时分析目前我国对外资并购行为的规制存在的问题并提出解决问题的对策。     

外资并购我国上市公司模式分析

对于外资并购上市公司的方式,我国<证券法>规定,上市公司收购分为要约收购与协议收购两种方式.2003年1月1日起施行的<利用外资改组国有企业暂行规定>把外资并购国有企业的方式,概括为4种情形:股权转让、债券转让、资产出售和增资扩股.但事实上,外资并购我国上市公司的方式远不只这些,在实践中外资并购方式不断创新.     

外资并购我国上市公司模式分析

对于外资并购上市公司的方式,我国《证券法》规定,上市公司收购分为要约收购与协议收购两种方式。2003年1月1日起施行的《利用外资改组国有企业暂行规定》把外资并购国有企业的方式,概括为4种情形:股权转让、债券转让、资产出售和增资扩股。但事实上,外资并购我国上市公司的方式...     

利用外资并购改组国企的意义

利用外资并购推进我国国企改革重组有着积极的意义。但随着外资的进入,外资并购国企有着新的特点,为加快国企改革推动产业结构调整,在实际操作过程中,我们应注意一些问题。     

Why do Chinese firms tend to acquire strategic assets in international expansion?

More Chinese companies are using cross-border merger and acquisition (M&A) to access and source strategic assets so as to address their competitive disadvantage. However, there is lack of research on the rationale for such strategic-asset-seeking M&A. This paper intends to address this critical issue from an institutional perspective. Building on institutional theory, we propose a model of resource-driven motivation behind Chinese M&A. To shed light on the explanatory power of this institutional framework, we draw on a multiple-case study of three leading Chinese firms—TCL, BOE and Lenovo. By arguing that cross-border M&A from Chinese firms represents a means to acquire strategic assets is the logic of Chinese unique institutional environment, this study is of importance not only to stimulate possible theoretical extensions but also to draw implications to other emerging market firms.     

基于中国视角的跨国并购现状与风险分析

公司并购是一种有效的经济增长机制和一种产业经济结构调整的机制。但众所周知,并购有风险。国内外企业的并购不乏成功案例,更不缺失败的例子。2005年联想正式宣布完成收购IBM全球PC业务,进过了一系列的融合,现今已经成为了一个极具代表性的成功跨国并购案例。而失败的案例也是不甚枚举,2004年10月,上海汽车斥资5900亿韩元(当时折合约5亿美元)收购双龙汽车48.92%股权(后增持至51.3%)。但四年后,韩国双龙进入回生程序,上海汽车正式退出双龙汽车的经营管理。上汽为此付出了惨痛的代价。因此,在现今中国企业积极走出去的大背景下,对跨国并购的风险进行一定的分析显得具有一定的现实意义。本文通过对我国企业跨国并购的现状与风险进行分析,并通过分析提出一些跨国收购的风险管理的建议。     

中国企业跨国并购交易完成率决定因素分析

本文通过对2000~2015年期间804起中国企业宣告的跨国并购交易作为样本研究发现,并购目标的选择会影响中国企业跨国并购交易完成的可能性。从宏观层面来看,东道国/地区的制度质量与跨国并购交易成功的可能性正相关。从目标方企业特征来看,作为目标企业,如果是私人目标会增加跨国并购交易完成的可能性。从交易特征来看,如果收购采用现金支付方式会减少中国企业跨国并购交易完成的可能性。     

人民币汇率升值下纺织品贸易摩擦应对措施

人民币汇率机制调整以来,我国与欧美等国家和地区的纺织品贸易摩擦并没有因此而缓和.我国一直采取的自愿出口限制、出口税等措施,在人民币汇率升值后应适当调整.当前,发展纺织产业的产业内贸易,即积极采取自愿进口扩大措施,并鼓励纺织品企业向发达国家跨国并购,不但有利于缓解贸易摩擦,而且在汇率升值的契机下更有利于我国纺织产业保持比较优势,形成竞争优势.     

Cross-Border Mergers & Acquisitions Policy in Service Markets

We provide facts showing that in service markets: (i) restrictions on foreign direct investment (FDI) are under reform, (ii) cross-border Mergers & Acquisitions dominate as the entry mode of FDI, and (iii) there is often a high market concentration. Based on these facts, we present a model for analyzing cross-border merger and acquisition policy in liberalized service markets taking into account efficiency and market power effects. Our findings suggest that a merger policy, but not a discriminatory policy towards foreigners, seems warranted. Moreover, policies ensuring competition for domestic target firms seem warranted. In this vein, harmonization of the EU takeover regulations may particularly benefit assets owners in countries with many target firms.     

Merger waves,entry-timing,and cross-border acquisition completion: A frictional lens perspective

We study the impact of deal announcement and entry-timing within a cross-border acquisition (CBA) wave on the likelihood of acquisition completion. Drawing upon the frictional lens perspective, we identify two types of frictional forces- wave-friction and partner-friction within merger waves. We follow a simulation-based methodology and identify three CBA waves for Indian acquirers between 1995 and 2015. Our findings suggest that acquisition announcement within a merger wave as compared to outside of a wave is negatively related to the likelihood of deal completion. Further, within a merger wave, we find an inverted U-shaped relationship between entry-timing and the likelihood of deal completion.     

Light‐Touch Integration of Chinese Cross‐Border M&A: The Influences of Culture and Absorptive Capacity

As a major entry mode of global strategy of Chinese MNCs, Chinese cross‐border merger and acquisition (M&A) is still a less understood phenomenon, in particular the post acquisition phase. This study contributes to this rising, important and interesting phenomenon utilizing an explorative research method. By integrating synergy potential, culture influences and the learning perspective, we suggest a multilevel perspective in understanding Chinese cross‐border M&A. A novel post acquisition integration approach, namely light‐touch integration, is investigated, and supported by newly assembled empirical evidence in the context of Chinese M&A in Germany. Light‐touch integration essentially synthesizes the preservation and symbiosis integration approaches due to the contextual characteristics of Chinese cross‐border M&A, such as cultural influences and the learning perspective. Understanding the cultural and learning influences can facilitate and smooth the activities involved in the post acquisition phase. The light‐touch integration approach offers ample opportunities for joint collaborations between and mutual benefits for acquiring firms, acquired targets and third party organizations. © 2013 Wiley Periodicals, Inc.     

跨国收购失败教训何在——明基并购西门子案例剖析

随着经济全球化的发展,跨国并购浪潮正在席卷全球。许多优秀的中国企业纷纷投身于并购浪潮之中,然而,由于异地民族文化差异,由文化差异带来的文化冲突,严重影响并购整合过程。因而,跨国并购后实现有效的跨文化整合已成为中国企业的当务之急,企业跨文化经营管理的有效性命题被提上议程。     

企业并购中进行文化整合的基本思路与对策

日前企业并购中存在的问题,究其原因,主要是文化管理体制没有进行根本性的改革。企业并购中文化整合的基本思路是将企业文化整合的内容划分为观念文化的整合、制度文化的整合、行为文化的整合、物质文化的整合。加强并购企业文化整合,必须建立良好的文化整合机制,提炼核心价值观,增强企业领导者的文化整合观念和能力,自上而下地加速整合的进程。     

How do employees adapt to organizational change driven by cross-border M&As? A case in China

Globalization has encouraged merger and acquisitions (M&As) across countries. We propose a theoretical model that explains the process through which employees adapt to changes introduced by cross-border M&As. Empirical analyses based on 174 Chinese employees who experienced an unexpected M&A initiated by a Western company suggest that the relationship between change management practices (i.e., provision of training and assurance of job security) and post-change performance is mediated by employees’ person–change (P–C) fit perceptions. Integrating the quantitative results with interviews, we further theorize that underlying cultural dynamics (e.g., collectivism and Confucian doctrines) drive change-related attitudes and behavior among Chinese employees.