论外资并购国家安全审查制度

发布时间：2018-05-13 01:03

本文选题：外资并购 + 国家安全审查　；参考：《华东政法大学》2015年硕士论文

【摘要】：我国在“十一五”内累计吸收了外商直接投资共计4789.4亿美元,比“十五”期间的外商投资总额增加了63%,外商投资已然成为经济发展的助推器。外资并购得以填补企业资金不足的漏洞,优化企业资源配置以及调整产业结构,进而促进经济实现国际化。然而,外资并购给我国带来的负面效应也是多方面的,例如可能危及国家的经济主权、抑制民族工业的发展、破坏公平和有效的竞争环境,侵害消费者利益等等。上述外资并购的负面影响是客观存在的,但通过对其认识并施以相应对策,可以将负面影响降低到最低限度,充分发挥其正面影响。其他国家的外资并购实践表明,即使外资并购具有某些负面效应,若对其施予有效和全面的规制,其对经济发展的巨大推动作用完全可以将功补过。笔者试图从比较法的角度对发展较为成熟的美国并购安全审查制度进行分析、评价与借鉴,在分析完中国目前的并购安全审查制度现状后,结合美国的立法提出了相关完善建议。本篇论文除导言与结论外,另外分为四章,以下为论文摘要部分:第一章主要讲述外资并购国家安全审查制度的基本理论。首先,本章第一节对外资并购的概念进行了界定,将“外资并购”分拆为“外资”和“企业并购”,分别从经济学和法学的角度进行阐述,最终得出对外资并购的定义。其次,本章第二节界定了国家安全的概念,并根据现有的与外资并购有关的法律法规及其他规范性文件,对“国家安全”展开充分分析。在对“外资并购”以及“国家安全”分别分析过后,得出针对“外资并购国家安全审查”的定义,并阐述了构建我国并购安全审查制度的重要性。最后,本章第三节通过分别比较并购安全审查制度与市场准入制度、反垄断审查制度的异同,加深了对并购安全审查制度特点的了解。在广义上,外资准入制已包含了国家安全审查,然而,由于外资准入制的局限性及国家安全自身特性的原因,构建起专门的并购安全审查制度来进一步提高国家安全的程度仍然十分必要。第二章着重于论述我国的外资并购国家安全审查制度的现状及不足之处。本章第一节从法律法规和其他规范性文件的角度介绍了我国并购安全审查制度的目前的法律规制状况。第二节分析了我国并购安全审查制度的实体内容,包括安全审查的范围和主要考量内容,并分析了目前规定在理论上和实践中的不足之处。第三节分析了我国并购安全审查制度的程序内容,包括对主管机构的确认和审查的具体程序规定,并分析了目前的程序规制远远无法适用于现实的情况。第三章致力于分析美国的外资并购国家安全审查制度。第一节引入了美国并购安全审查制度的立法渊源——“埃克森—弗罗里奥”修正案(Exon-Florio Amendment)及《外国投资与国家安全法》(FINSA)的产生背景及大致内容。第二节分析了美国并购安全审查立法的实体规制部分。审查机关是外国投资委员会,在制定审查标准方面,美国并购安全审查的相关法律都未对“国家安全”进行定义,旨在保持有关立法的灵活性和开放性。美国安全审查立法罗列了受管辖和不受管辖的并购交易。2008年《实施细则》将“受管辖的并购交易”涉及的关键词作出了解释,诸如对“控制”、“外国人”和“美国人”的认定。第三节分析了美国的并购安全审查的程序规制部分。美国并购安全审查的具体程序包括:审查、调查程序,申报撤回,重启审查,以及国会监督机制等方面的内容。第四章论述了我国从美国的并购安全审查制度中获得的经验和借鉴,在列举出我国现有审查制度立法缺陷的基础上,提出了相应改进建议。第一节明确应该制定并购安全审查制度的原则,包括维持开放外资与保护国家安全平衡原则、保持并购安全审查的透明性原则和确保并购安全审查的统一性原则。第二节介绍了我国并购安全审查的实体部分需要完善的部分,首先应在立法中明确规定安全审查的范围。关于“外国投资者”的认定方面,我国在确定并购安全审查对象时可以借鉴美国的规定,针对外国自然人采取国籍标准,针对外国实体采取“实际控制”标准。在设置并购安全审查的范围方面,我国在列举被并购企业的类型时,应在现有基础上添加兜底条款。同时,对于“重要基础设施”、“关键技术”等对于确定行业是否属于被并购企业具有关键性影响的词汇,也应予以明确的定义或设立一定的判断标准。其次,应细化安全审查的内容。我国在细化安全审查内容时也可参考美国的模式,既要具体细化判断国家安全时应予考虑的因素,也应该设置会对国家安全产生影响的原则性因素,以掌握一定的变通空间。第三节介绍了我国并购安全审查的程序部分所需完善的内容。首先,应明确并购安全审查机制的职责分工。其次,应完善外资并购安全审查程序,包括了应将程序设置的细致严谨、应为程序设置更多的弹性和变动空间,以及应设置对申请人的救济权利及救济渠道。
[Abstract]:In the "11th Five-Year", China has absorbed a total of $478 billion 940 million in foreign direct investment. The total amount of foreign investment increased by 63% over the period of "fifteen". Foreign investment has already become a booster of economic development. Foreign investment has been able to fill the loopholes in the undercapital of enterprises, optimize the allocation of enterprise resources and adjust the industrial structure, and then promote the industrial structure. However, the negative effects of M & A on China are also multifaceted, for example, it may endanger the state's economic sovereignty, inhibit the development of national industry, destroy a fair and effective competitive environment, and encroach on the interests of consumers. The negative effects of the above foreign mergers and acquisitions are objective, but by understanding it and With the corresponding countermeasures, the negative effects can be reduced to a minimum and the positive impact of the foreign merger and acquisition in other countries shows that, even if the foreign merger and acquisition has some negative effects, if it is given effective and comprehensive regulation, the huge push for economic development can be completely overcome. From the angle of law, we analyze the mature US M & a security review system, evaluate and draw lessons from it. After analyzing the current situation of China's M & a security review system, we put forward some relevant suggestions in combination with the legislation of the United States. In addition to the introduction and conclusion, this paper is divided into four chapters, and the following is the summary of the paper: the first chapter First, the first section of this chapter defines the concept of foreign capital merger and acquisition, divides the "foreign capital M & a" into "foreign capital" and "enterprise merger and acquisition", expound from the angle of economics and law respectively, and finally get the definition of foreign capital merger and acquisition. Secondly, the second section of this chapter The concept of national security is defined, and the "national security" is fully analyzed in accordance with the existing laws and regulations related to foreign capital acquisition and other normative documents. After the analysis of "foreign merger and acquisition" and "national security", the definition of "national security review of foreign capital merger and acquisition" is obtained, and the construction of China is expounded. Finally, in the third section of this chapter, by comparing the similarities and differences of the system of M & a security review and the market access system and the antitrust review system, it deepens the understanding of the characteristics of the M & a security review system. In the broad sense, the foreign access system has included the national security review, however, the limitation of the foreign investment access system It is still necessary to build a special security review system to further improve the degree of national security. The second chapter focuses on the status and shortcomings of the national security review system of foreign capital mergers and acquisitions in China. This paper introduces the current legal regulation status of China's M & a security review system. The second section analyzes the substantive content of the M & a security review system in China, including the scope and main content of the security review, and analyzes the shortcomings of the current regulations in theory and practice. The third section analyses the security review system of M & A in China. The contents of the program, including the specific procedures for the confirmation and examination of the competent authorities, and the analysis of the current procedural rules and regulations which are far from applicable to the reality. The third chapter is devoted to the analysis of the national security review system of the foreign merger and acquisition in the United States. The first section introduces the legislative origin of the US M & a security review system - Exxon - The background and general content of the Exon-Florio Amendment and the foreign investment and national security law (FINSA). The second section analyses the substantive regulation part of the US M & a security review legislation. The review body is a foreign investment committee, and the relevant laws of the US M & a security review in the formulation of the examination criteria The definition of "national security" is not defined to maintain the flexibility and openness of the relevant legislation. The US security review legislation provides an explanation of the key words involved in the "governed M & a" for the.2008 years of M & A under jurisdiction and ungoverned mergers and acquisitions, such as "control", "foreigner" and "American". The third section analyses the procedural regulation part of the US M & a security review. The specific procedures of the US M & a security review include: review, investigation procedure, declaration withdrawal, review, and congressional supervision mechanism. The fourth chapter discusses the experience and loan of China's M & a security review system in the United States. On the basis of enumerating the defects of the existing censorship system in China, the paper puts forward some suggestions for improvement. The first section clearly defines the principles of the security review system of M & A, including maintaining the principle of opening foreign capital and protecting the national security balance, maintaining the transparency principle of the security review of M & A and the principle of ensuring the unity of the security review of M & A. The second section introduces the part of the substantive part of the M & a security review in China. First, the scope of the security review should be clearly defined in the legislation. As for the identification of "foreign investors", our country can draw on the regulations of the United States when determining the object of the merger and acquisition security, and take the foreign natural persons to the standard of nationality. The national entity adopts the "actual control" standard. In setting the scope of the merger and acquisition security review, when China lists the types of the merged enterprises, we should add a pocket clause on the existing basis. At the same time, the words "key infrastructure" and "key technology" are the key words to determine whether the industry has a key impact on the M & A enterprises. The remittance should be defined clearly or set up a certain standard of judgment. Secondly, we should refine the content of the security review. In the refinement of the content of the security review, our country can also refer to the model of the United States, not only to refine the factors that should be considered in the judgment of national security, but also to set up the principle factors that will affect the security of the state in order to master the factors. The third section introduces the perfect content of the procedure part of China's M & a security review. First, we should make clear the division of responsibilities of the security review mechanism of M & A. Secondly, we should improve the procedure of the security review of foreign merger and acquisition, including the meticulous and rigorous procedure setting, so as to set more flexibility and change space for the procedure. And relief rights and relief channels should be set up for applicants.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.295

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