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论文编号：	2893
作者编号：	043100
上传时间：	2010/12/20 15:02:03
中文题目：	基于公司治理的外资并购政府规制研究
英文题目：	Research on governmental Regulations in Regulation to the Mergers and Acquisitions by Cross—National Enterprise
指导老师：	李维安
中文关键字：	政府规制；外资并购；公司治理
英文关键字：	government regulation ; foreign acquisition ;corporate governance
中文摘要：	摘要 经济全球化背景下，跨国并购作为对外直接投资的主要方式，对世界各国的经济增长、技术进步和国民福利产生了重要的影响。跨国公司在华并购作为中国经济增长的外生变量，对促进我国国民经济快速发展，弥补国内建设资金不足，促进国内技术进步和推动产业结构调整与升级，改善我国公司治理水平等方面发挥了重要的作用，但其对我国社会经济产生的消极影响也不容忽视，如果没有适当的政府监管，外资并购不可避免会冲击我国的民族工业体系，形成行业垄断，由此危及我国的经济安全，同时也会损害到并购交易主体及其利益相关者的权益。本文从理论和实证两个层面，以公司外部治理为契入点，探讨转型时期我国政府规制外资并购的规律，政府规制对外资并购的影响，以及作为重要利益相关者的政府如何提供良好的制度环境对外资并购进行引导和规范，并为完善我国外资并购政府规制提出有价值的政策建议。 本文共分六章内容。第一章为导论。第二章为文献综述。本部分主要从公司治理、跨国并购及政府规制三个方面介绍了相关领域的研究成果及主要结论，指出了当前研究的不足与改进、完善的方向。第三章为理论分析。本部分为本文的分析构建了理论框架。第四章为经验研究。本章首先运用较为翔实的数据对全球跨国并购和跨国公司在华并购状况及其影响因素进行了分析。其次，通过对近年来外资并购我国上市公司的绩效研究和典型实例分析，进一步验证政府规制与外资并购之间的关系，并指出了政府规制外资并购的方向。第五章为外资并购政府规制的实践。本章首先介绍和分析了美国、日本及加拿大为代表的成熟市场经济国家和一些发展中国家外资并购政府规制的实践，以期从中寻找可资借鉴的经验和做法，之后主要对处于经济转型期的我国政府对外资并购实施规制的途径进行了分析，同时指出目前我国外资并购政府规制存在的偏差及成因。第六章为研究结论、政策建议及研究展望。 通过对外资并购政府规制问题展开比较系统的分析和研究，得出的主要结论如下： 第一，政府作为重要的利益相关者应当为公司治理运行提供良好的制度环境。外资并购作为公司治理的外部接管机制，不仅通过公司控制权市场影响目标公司的治理水平和绩效，更重要的还会影响到东道国的市场竞争秩序和经济安全。基于外资并购的双重效应，作为利益相关者的政府必须通过政策、立法对外资并购行为实施引导和规范，以保证公司治理的正常运行。 第二，全球跨国并购发展趋势和近年来跨国公司在华并购的发展历程显示，政府规制对跨国并购的发展起着关键性的作用。20世纪80年代至今，与经济全球化伴随的对外直接投资出现了前所未有的快速增长势头，出于应对经济全球化的挑战和增强本国企业竞争力的需要，在跨国并购投资方面，全球普遍出现了政策调整的趋势，总的发展趋势是，各国政府对外资并购逐步持宽松态度。从跨国公司在华并购的发展历程来看，20世纪90年代以来，我国陆续出台了一系列规范外资并购的政策法律法规，不断放松对外资企业的管制，降低外资准入壁垒。我国政府对部分产业放松经济性规制和政府规制的不断完善促进了外资并购的发展。 第三，通过对2002年至2006年发生在我国证券市场上共计51起外资并购事件的财务数据（本文提取了样本公司并购前后四年即2001年至2008年的财务数据）进行实证分析显示：外资并购在整体上提高了目标公司的财务业绩，这一结论验证了政府规制的有效性。但同时，数据分析也显示，绝大多数样本公司业绩在并购当年有所下降，部分公司并购业绩的持续性较差，甚至还有部分公司出现了财务指标恶化的现象，就其影响因素来讲，除了经济环境等宏观因素和并购主体公司治理水平等微观因素影响外，政府规制的影响不容忽视。 第四，通过对外资并购政府规制的国际经验和国内实践的分析得出如下结论：虽然市场经济发达国家外资并购政府规制的模式不同，但其政府规制外资并购的重心普遍侧重于竞争政策，将反垄断法作为规制外资并购的核心。与经济转型时期相适应，我国政府对外资并购实施规制的主要目的在于吸引外资。随着我国社会主义市场经济建设步伐的加快，在规制重心上将逐步以反垄断规制为核心，这是今后一段时期内对外资并购实行政府规制的核心内容和重点建设所在。 第五，对我国现行外资并购相关政策法律法规的梳理和分析，并结合我国外资并购的实践，可以看出我国政府目前在外资并购规制方面存在的问题主要是政府规制缺失和不完善。由于缺乏系统科学的外资并购政府规制体系，在某种程度上，导致外资并购处于无序状态，阻碍了外资并购的进程，也给我国社会经济发展带来了一定的消极影响。对此，一方面应该尽快完善现行的外资并购政府规制，包括完善现有的产业政策、外资政策、反垄断规制及其他相关领域的政策、立法，另一方面也应加强对外资并购政府规制的行政执法和司法的力度。 第六，为提高政府规制外资并购的有效性，克服政府规制的局限性，正确认识和实践以下几点至关重要。其一，明确政府在外资并购中的职能定位，正确处理政府与市场的关系。其二，完善对政府的监督机制。对此一方面要消除外资并购中政府过度规制的根源；另一方面，规范政府在外资并购中的权力运行方式和程序，防止寻租等损害国家利益行为的发生。其三，正确、妥善地处理中央政府与地方各级政府在规制外资并购中的关系。 第七，外资并购的法律冲突需要国际合作加以解决。由于外资并购具有跨国性，各国政府在规制外资并购时，必然会发生法律冲突。对该法律冲突的解决，除了通过国内的法律适用规范即冲突规范解决外，必须进行国际合作，即通过签订双边或多边的国际条约或协定协调各国政府对外资并购规制的分歧。 本文的创新之处主要有以下三个方面：首先，本文基于公司外部治理的视角，结合转型时期中国政府规制外资并购的现状和特点，考察了外资并购、政府规制和公司治理之间的互动关系，探寻公司治理机制的规制角色理论，拓展了目前公司治理研究的领域。其次，外资并购通过控制权市场发挥着治理效应，作为外资并购重要利益相关者的政府必须营造一个良好的规制环境。本文结合中国外资并购的实践，从新审视转型时期基于公司治理的外资并购政府规制，探讨政府在发挥外资并购治理效应过程中的重要职能作用，以弥补现有政府规制理论研究的不足。最后，本文从静态和动态两个层面，探讨外资并购政府规制的一般规律，拓展了以往从静态视角研究外资并购规制的范式。
英文摘要：	Abstract In the context of economic globalization, cross-border merger, as the foremost type of current foreign direct investment, influences the economic growth, technical progress and national welfare of the world more and more. The mergers by transnational corporations in China, which is an exogenous variable of economic growth of China, have played an important role in accelerating the rapid development of our national economy, offsetting the deficiency of domestic construction funds, advancing domestic technical progress as well as the level of management improvement, promoting the adjustment and upgrading of industrial structure and improving the level of corporate governance in our country. The negative effects that they have on our economy and society, however, can’t be ignored. Without appropriate government regulation, foreign acquisitions will inevitably impact our national industry system so as to form monopoly, thus which will endanger our national economic security and industrial security while damage the legal rights of disputing parties involved in mergers and other stakeholders. Taking corporate external governance as a point of penetration, from both levels of theoretical and positive analysis the dissertation studies the rules for foreign acquisition regulated by our government in the transformation era, the influences by government regulation on foreign acquisition and studies how the government as the crucial stakeholder affords a perfect institutional environment to lead and regulate the foreign acquisition behaviors. Furthermore, the dissertation presents some valuable policy proposals in order to consummate our government regulation for foreign acquisition. The dissertation is divided into six chapters. The first chapter is the introduction. The second chapter is the literature review. This part mainly introduces the academic achievements in related fields and conclusions in the dimensions of corporate governance, cross-border merger and government regulation, then point out the insufficiencies of the existing studies and the direction of improvement and perfection. The third chapter is the theoretical analysis. This part is the theoretical framework for analyzing and constructing of the dissertation. The fourth part studies the models of government regulation for foreign acquisition. This chapter first introduces and analyzes the models of government regulation for foreign acquisition of the mature market economy countries symbolized by the United States, Japan and Canada together with some developing countries, for the purpose of seeking the experiences and practices for reference. Hereafter, the dissertation primarily makes an analysis on the models and approaches of our government regulation for foreign acquisition in the transformation era. At the same time, it indicates that there exist the deviations and their origins of our present government regulation for foreign acquisition. The fifth chapter is the positive analysis. Firstly, this chapter analyzes the conditions and their influencing factors of the global cross-border mergers and the mergers by transnational corporations in China taking use of rather faithful data and charts. Then, through researching the performance and typical cases of our listed companies’ mergers by foreign funds in recent years, it further verifies the relations between the government regulations and foreign acquisition, and designates the direction of the government regulation for foreign acquisition. The sixth chapter is the conclusion, policy proposals and outlooks. This chapter summarizes the research results, putting forward some policy proposals for improvements and perfections of our government regulation for foreign acquisition based on the point of view of corporate external governance from some aspects such as governmental function transformation, legislation, administrative law enforcement and justice. Through the systematic analysis and study on the government regulation for foreign acquisition, the conclusions made are as follows: First, the government as the crucial stakeholder shall offer perfect institutional environment for the operation of corporate governance. As the external takeover mechanism of corporate governance, foreign acquisition not only influences the governance level and performance of target corporations through the market for corporate control, for the most important, but also influences the market competition system and the economic security of the host country. Based on the double effects of foreign acquisition, the government as the stakeholder is requested to guide and regulate the foreign acquisition behaviors by means of policy and legislation so as to Protect the normal operation of corporate governance. Second, the development trend of global cross-border mergers and the history of the recent mergers by transnational corporations in China show that the government regulation plays a critical role in the advancing of cross-border mergers. Since 1980s, the foreign direct investments, accompanying the economic globalization, have taken on an unprecedented rapid increasing tendency. For the need of coping with the challenge from economic globalization and enhancing the competitive power of native enterprises, the adjustment trend of policy for cross-border mergers has emerged generally in the world. The general trend is that each country takes gradually a loose attitude toward foreign acquisition. According to the history of the mergers by transnational corporations in China, since 1990s our country has issued in succession a series of policies, laws and rules regulating the merger behaviors by transnational corporations, loosening continuously the control of foreign-invested enterprises, upgrading barriers for foreign funds admittance. The continuous completion of economic and government regulation by government to some industries has advanced foreign acquisition development. Third, the following conclusions are based on the analysis on the international experiences and domestic practices of the government regulation for foreign acquisition: although the models of the government regulation for foreign acquisition of market economy developed counties are different, yet the government regulation for foreign acquisition generally focuses on the competitive policies and makes the anti-trust law as the core; compatible with economic transformation era, the regulation of our government for foreign acquisition mainly aims at attracting foreign investment. With the acceleration of our socialist market economy construction, the core of regulation will be changed into anti-trust gradually, which is the core content and focal construction of the government regulation for foreign acquisition in the henceforth coming period. Four, the positive analysis on the financial data from 51 foreign acquisitions taking place in our securities market from 2002 to 2006 （The financial data in this thesis is extracted from the sample companies from 2001 to 2008. ）reveals: foreign acquisition has lifted as a whole the financial achievements of the target corporations, which has checked the effectiveness of the government regulation. However, the data analysis also shows that the achievements of most sample corporations have dropped somewhat in the year of mergers while the continuity of the merger achievements of some corporations is rather bad and what is worse, the exacerbation of each financial index has taken place in some corporations. As for influencing factors, except the macro factors such as economic environment and the micro factors such as the corporate governance of disputing parties involved in mergers, the influence of government regulation is indispensable. Five, the analysis of the regulations and laws about foreign acquisitions in our country, combination with the foreign acquisitions practice in our country reveals that the main problem of the foreign acquisition in our country is the deficiency and imperfectness of government regulation. The lack of systematic government regulation for foreign acquisition, to some extent, results in a state of disorder of foreign acquisition and blocking the process of foreign acquisition as well as the negative impact on the development of economic development. Withal, on one hand, the current government regulation for foreign acquisition shall be accomplished as soon as possible, including perfecting the present industrial policies、foreign capital policies、anti-monopoly regulation as well as policies and regulations in the relevant fields; on the other hand, the potency of administrative law enforcement and justice of government regulation for foreign acquisition shall be strengthened. Six, in order to improve the effectiveness of government regulation for foreign acquisition and to overcome the limitations of government regulation, it is of paramount importance to acknowledge and practice the following points. Ⅰ, identify the functional location of government in foreign acquisition and correctly handle the relations between government and market. Ⅱ, consummate the supervision mechanism on government and eliminate the resource of excessive regulation of government in foreign acquisition; specify the pattern and procedure of government regulation power and prevent the occurring of the behaviors damaging national interests such as rent-seeking. Ⅲ, correctly and properly deal with the relations between the central government and local government at several levels in regulating foreign acquisition. Seven, the conflicts of law related to foreign acquisition need to be settled based on international cooperation. When each government regulates the foreign acquisition, the transnational characters of foreign acquisition behaviors are bound to lead to conflicts of law. For resolving the conflicts, except through applicable specification of domestic law (conflict rule), the international cooperation is requested to be carried out, which means to coordinate the differences between the government regulation of each country for foreign acquisition through signing bilateral or multilateral international treaties or agreements. There are three innovations in this thesis: First, the innovation of theory. From the perspective of the external governance of corporate, combined with the actuality and features of the government regulation on the foreign merge and acquisition, the thesis studies the merge and acquisition of foreign capital, the correlated relationship between government regulation and the governance of corporate, so that it expands the scope of the study of the governance of corporate. Second, the foreign merge and acquisition play the role of governance by holding the market, so the government which is the important stakeholder must build a good regulation system. This thesis resurveys the government regulation on the foreign merge and acquisition during the transition period in China, and discusses the important functions the regulation plays on the foreign merge and acquisition; therefore it makes up the deficiency of the present theory about foreign merge and acquisition, combined with the actuality of the foreign merge and acquisition in China. Finally, the thesis discusses the general rules of the foreign merge and acquisition from the static and dynamic perspectives, which is beyond the mode of studying the foreign merge and acquisition from the static perspective.
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