A Study On The Legal System Of Foreign Capital Merger And Acquisition Of China's Listed Companies

Since the turn of the last century, the free capital flow has been picking up its pace along with the economic globalization, therefore, merger and acquisition have been considered by each country as one major means for foreign direct investment. Such an investment on one hand has conducted positive contributions to the economic growth of the host country; yet on the other hand, it has also brought about adverse effects to the economic development thereof in general. Given such circumstance, each country has invariably integrated merger and acquisition under its legal regulatory system, and makes every endeavor to improve relevant legislation concerning foreign investors' merger and acquisition (M & A) so as to protect the host country's economy from being affected.As listed companies in our country are among the best of them within the industry, and our reform and opening-up policy has been under great advancement, foreign capital merging activities are becoming of high frequency. Furthermore, subsequent to the stock right decentralized allot revolution, the institutional development obstacle to our capital market has been eliminated, which provides a more favorable environment for foreign capital merging activities. However, our current legislation involving the aforesaid investment activities is far from perfect. Accordingly, the way to utilize foreign capital to promote economic development and to avoid the impact of foreign capital thereto has raised new requests for our currently imperfect legislation.Therefore, the author chooses A Study on the Legal System of Foreign Capital Merger and Acquisition of China's Listed Companies as the topic and touches upon the subject matter in four Chapters thoroughly with the latest legal provisions for demonstration.The first Chapter primarily gives the definitions of the concepts involved in foreign capital M&A of China's listed companies, introduces the evolution of the legal policies within the domain, and renders exhaustive analysis on the access mode of foreign capital M&A. This part shall serve as the basis for the following analysis.The second Chapter centers on the access system of foreign capital M&A of China's listed companies. the present state and existing problems in our industrial law mainly from the perspective of the country's industrial policies, and proposes suggestions for improvement by reference to relevant countries'legislation. Chapter Three for the most part explains the review system of foreign capital M&A of China's listed companies, including the Anti-monopoly review system and the national security review system, and probes into the drawbacks of the review system through the analysis of the above systems. Subsequently, relevant foreign legislation is lead in and suggestions for improvement of domestic legislation are put forward..The last Chapter examines the regulatory system of foreign capital M&A of China's listed companies. The author attends primarily to the information disclosure system and the tender offer system as regards to the regulatory system. In this Chapter, relevant stipulations in respect of the legislations of our regulatory system and existing inadequacies are sorted out. Additionally, relevant legal provisions in other countries are revealed and recommendations therefor are produced.This Thesis attempts to analyze the legal system of foreign capital M&A of China's Listed Companies from the above four perspectives. Nevertheless, the content discussed in the main body is far from sufficient to possibly cover all the institutions and imperfections. With the advancing of economic globalization, foreign capital M&A will for sure exert a wider influence. As a result, it is of great significance to establish an all-around legal system of foreign capital M&A of China's listed companies in light of the current China's national conditions.