中国企业海外并购的法律障碍及其对策研究

Legal Obstacles to Chinese Enterprises' Overseas M&A and Some Counter-Strategies

海外并购逐渐成为中国对外直接投资的主要形式。中国企业进行海外并购面临的法律障碍主要来自政府的特许审核方面、海外投资保险、反垄断审查和竞争政策、反收购风险、本国政府审批制度方面以及法律制度和法律文化的差异、经营阶段的法律风险等方面。为促进中国企业海外并购,从宏观方面应制定和完善相关法律法规,从企业层面应重视与海外并购相关的法律问题。

Cross-border merger ＆ acquisition （M ＆ A） has now become the main mode of international direct investment. Recently, Chinese enterprises have actively joined the cross-border M ＆ A activities. It is necessary for Chinese enterprises to go out and take the advantages from cross-border M ＆ A. Certain legal obstacles frustrated Chinese enterprises in doing overseas M ＆ A. This article studies on several main legal obstacles Chinese enterprises must solve in order to succeed in overseas M ＆A, such as the host country＇s anti--trust review, international merger control＂ and competition law, the insurance issue, the differences in legal system and legal culture, etc. The article lastly moves to propose multifarious strategies for Chinese.＂ enterprises to successfully take over foreign corporations.