日本公司三角合并中的法律问题

发布时间：2018-04-27 17:34

本文选题：并购 + 三角合并　；参考：《华东政法大学》2013年硕士论文

【摘要】：所谓三角合并，是指母公司通过子公司，，吸收合并别的公司的方法。和一般的合并不同的是，被合并方的股东所收的对价是合并公司母公司的股份。日本于2007年解除了对三角合并的限制，之前不能以国外母公司股份作为收购对价的规定已被废除。这成为外国企业进入日本市场的很好的契机。本文第二章主要分析了中国企业并购日本企业的动因，并分析了日本公司并购的主要方式选择：受让目标公司已发行股份、吸收合并、认购目标公司定向增发的新股、股份交换、要约收购（上市公司）、接受事业转让等。以上各种方式各有其局限之处，比如中国企业最常使用的认购目标公司定向增发的新股的方式，会造成现金大量流出，也无法达到使存续公司成为自己的全资子公司的目的。本文第三章介绍了日本的三角合并制度。主要介绍了三角合并的运用价值：并购公司是外国公司的时候也可以使用；存续公司可以保持并购公司完全子公司的状态；用股份作为对价可以大大的减轻公司的现金负担；不需要并购公司母公司股东大会的特别决议通过；并购公司母公司本身可以与目标公司的负债等风险相隔开。本章还介绍了花旗并购日兴证券的案例，并对三角合并与吸收合并、股份交换、反三角合并、交换要约的优劣进行了比较。本文第四章介绍了日本法中的相关制度与中国企业的注意点。在这一章中，1、介绍了日本预托证券（JDR）制度。该制度于07年建立，通过该制度可以使外国企业达到类似在日本上市的效果，提高企业声誉，使企业股票成为三角合并的理想对价，同时又能免除繁琐的上市程序；2、介绍了日本延缓征税制度，该制度的适用对目标公司股东的实际利益有重大影响；3、介绍了日本外汇与对外贸易法中对外国公司取得日本特殊行业上市公司股份的特殊规定；4、介绍了日本法中关于三角合并时的信息披露的特殊规定；5、介绍了日本反垄断法的要求。在日本，企业在获取一定数额以上其他企业的股份前需要提交申报。6、中国企业对这些规制的利用与应对。
[Abstract]:The so-called triangular merger refers to the method by which the parent company absorbs and merges other companies through its subsidiaries. Unlike a normal merger, the shareholders of the combined party receive consideration in the shares of the parent company. Japan lifted restrictions on triangular mergers in 2007, after a rule that did not allow shares of foreign parent companies to be bought for consideration had been scrapped. This has become a good opportunity for foreign enterprises to enter the Japanese market. The second chapter mainly analyzes the motivation of Chinese enterprises to merge Japanese enterprises, and analyzes the main ways of Japanese corporate M & A: the target company has issued shares, absorbs the merger, subscribes the new shares of the target company. Share exchange, offer acquisition (listed company, acceptance of business transfer, etc. Each of these methods has its limitations, for example, the most commonly used way for Chinese companies to subscribe for targeted new shares will result in a large outflow of cash, and will not enable the surviving companies to become their own wholly-owned subsidiaries. The third chapter introduces the triangular merger system in Japan. The paper mainly introduces the application value of triangle merger: M & A company can be used when it is a foreign company; existing company can maintain the state of complete subsidiary of M & A company; using shares as consideration can greatly lighten the cash burden of the company. There is no need for a special resolution of the parent company's shareholders' meeting; the parent company itself can be separated from risks such as the liabilities of the target company. This chapter also introduces the case of Citigroup's merger and acquisition of Nikko Securities, and compares the advantages and disadvantages of triangular merger and absorption merger, stock exchange, anti-triangular merger and exchange offer. The fourth chapter introduces the relevant systems in Japanese law and the points of attention of Chinese enterprises. In this chapter, we introduce the system of Japanese Depository Securities (JDR). The system was established in 2007. Through this system, foreign enterprises can achieve similar results as those listed in Japan, enhance their reputation, and make their shares an ideal consideration for triangular mergers. At the same time, it can also avoid the onerous listing procedures. It introduces Japan's deferred taxation system. The application of this system has a significant impact on the actual interests of the shareholders of the target company. This paper introduces the special provisions of the Japanese Foreign Exchange and Foreign Trade Law on foreign companies acquiring shares in Japanese listed companies in special industries. The article introduces the requirements of Japanese anti-monopoly law. In Japan, enterprises need to file a declaration. 6 before they acquire a certain amount of shares of other enterprises, and Chinese enterprises should make use of these regulations and deal with them.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D931.3;DD912.29

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