Study On Legal Issues Of Chinese Enterprise's Overseas M&A

Along with the deepening of economic globalization,cross—border M&A have become the main form of foreign direct investment.From a global perspective, the world is experiencing the fifth wave of cross—border M&A.Under the influence of cross—border M&A in the world, the Chinese enterprises'overseas M&A are booming. Because of the large differences on politics,the economy,legal system and culture between the domestic market and overseas, the Chinese enterprises are facing many barriers among which the legal barriers to cross—border M&A has become a major constraining factor.Therefore,the study on the legal environment of Chinese enterprises'overseas M&A is the actual needs to successful M&A in overseas market.At Present,the legal research of overseas M&A mainly focused on the foreign enterprises' M&A in China and the foreign governments'supervision system on M&A.However,the legal environment for enterprises'overseas M&A has been made by the few studies,this is mainly reason why I choose this paper.The legal matters involved in overseas M&A are very extensive and every nation'legal regulations is different.This paper focused on three main sides within the legal regulations of overseas M&A,the first two are investment policy and competition policy related with overseas M&A,and the third are some special regulations of acquisition of listed companies.This article would like to analyze the legal issue in overseas M&A base on the legislation and legal practice of different countries and the recent Chinese classical case in this area. At the mean time, we need to point out that China has several problems in overseas M&A like the immature oversea investment program, unsound legal system, complicate administrative examination and approval. However, this article would propose the suggestion on consolidating the legal system, reforming the management in oversea investment, improving the oversea investment guarantee system, strengthening the service on oversea investment, which might be the useful information for the future M&A case in Chinese company.