摘要
跨国并购包括跨国兼并和跨国收购，跨国兼并是指外资企业将内资企业的资产全部买下，将其作为在中国的独资子公司，承担其全部债权和债务，原有内资公司解散，法人资格消失。
在世界范围内，兼并一直是企业扩张的重要方式，西方国家曾经经历了五次兼并浪潮。上世纪80年代后期以来，新一轮跨国兼并浪潮在全球风起云涌，越来越多的外商选择跨国并购而非新建作为投资方式，中国由于经济的高速增长而成为外商跨国兼并的热点地区。外商通过跨国兼并取得中国的技术、人才、无形资产以及廉价资源和劳动力，顺利进入中国市场，抢占市场份额，以实现其全球化战略。一方面外资跨国兼并推动了中国的经济发展，为内资企业注入新资金、盘活国有企业、推进产业结构调整、引入先进的技术和管理经验，另一方面也对中国民族企业形成威胁，在许多行业已经或正在出现垄断，危害国家经济安全，因此必须对外资跨国兼并进行有效的法律监管。
外资跨国兼并法律监管的主体应当为主管外资事务的政府机构，同时参照英美国家的做法，成立独立的反垄断机构，以防止外资跨国兼并过程中的垄断。外资跨国兼并法律监管的客体包括投资兼并方—外资企业和被兼并方—内资企业。如何对外资跨国兼并进行有效的法律监管，包涵的内容十分广泛。
本文认为一是完善外资的准入制度，根据WTO规则适当调整目前的产业政策，禁止外商兼并关系国民经济命脉和国家安全行业的内资企业，鼓励外商投资基础性行业。二是在外资跨国兼并审查制度方面，将普遍审查制与核准制相结合，防止外资兼并危害中国的经济安全，造成垄断。三是有效监管外商在中外企业合资阶段的增资扩股、出资比例、注册资本等问题，因为外商经合资阶段发展为跨国兼并是近来的新趋势。如明确规定外商出资比例的上限和合资期间增加资本的数
额，增资时必须通过企业董事会同意;对出资比例的下限做出统一、明确的规定，
根据不同行业规定不同的上限;实行实缴资本制与认缴资本制并用的折衷资本制。
四是制定《反垄断法》，成立独立的反垄断机构。有效控制外资通过兼并垄断中国
的某些行业。五是按WTO规则要求，对内外资实现统一的国民待遇，以解决中国
目前外商投资领域中，超国民待遇、次国民待遇与国民待遇并存的现象。
本文试对以上问题加以探讨，以期抛砖引玉。
Transnational merger includes transnational annexation and international purchase. Strictly speaking, transnational annexation is aimed at the thorough purchase of domestic entrepreneur assets by foreign entrepreneur, including the taking of it as the exclusive subsidiary company in China, assuming all of its creditor right and debts, and the former domestic company dis-incorporated, losing its status as a judicial person.
Western countries have undergone five times of transnational annexation, which has been a major pattern for company expansion. A new boom of transnational annexation in the global area since the late 80s in twentieth century leads more and more foreign companies to choose transnational merger, rather than new building-up, as channels of investment. In the case of China, which has become the hotspot for transnational annexation due to its highly developed economic growth, foreign investors, by means of transnational annexation, acquire its technology, talents, intangible assets, resources and labor at a reduced price. Thus, entering into the Chinese market in such a smooth manner and occupying its share, foreign companies manage to turn their globalization strategy into reality. Transnational merger, on the one hand, boosts the development of Chinese economy. In order to instill new capital to the civil-funded enterprises, to make state-owned enterprises alive, to carry forward the adjustment of industrial st
ructure, to introduce advanced technology and the experience of management. On the other hand, it poses threats to Chinese naitional enterprises national entities. Therefore, effective monitoring should be carried out on transnational annexation.
The leading part for this monitoring should be the government institutions in charge of foreign capitals. Absolute anti-monopoly institutions should be established, as in the case of United States and Great Britain, to inhibit the monopoly in the process of annexation. The body being supervised includes the foreign enterprise (the investor who annexes), and the domestic enterprise(the side being annexed). To carry through the effective legal supervision on the foreign capitals in the process of transnational annexation involves quite a lot of issue.
The present thesis argues that the following five issues are among the most important ones:
1. Admittance system for foreign investment should be perfected. The present industrial policies are subject to moderate modifications according to WTO rules. Foreigners are prohibited from merging the domestic enterprises relating to the lifelines of national economy and trades of national security. Foreigners are encouraged to invest on the industries in infrastructure.
2. In the respect of censorship system, censoring at large and sanction system will work together to prevent foreign mergers from harming Chinese economic security and from the shaping of monopoly.
3. during the joint venture period, questions such as the increase of capital and shares, the percentage and the registration of capitals should be supervised in an efficient manner because this period is when the foreign businesses are about to develop into transnational mergers by being the joint ventures first.
4. the Act of Anti-Monopolisation should be enforced, and the anti-monoply
institutions should be established.
5. In accordance with the requirements of WTO, domestic and foreign capitals should enjoy equal favors for country people so that matters in foreign investment area in present China, the co-existence of superior national favors, inferior national favors and national favors could be settled.
This thesis offers a few tentative remarks on the above issues so that others may come up with valuable opinions
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