earticle

영어

There are much difficulty in transnational M&A, the scale of Chinese enterprises’ M&A was increasing from 2004 to 2014. It has increased from $1.3 billion in 2004 to $26.1 billion in 2014.In the same time, the success rate of our country enterprises’ transnational M&A is still in a low level. Legal risk is the main obstacle to the transnational M&A. The anti-merger clauses in the company’s articles of association, as well as the protection of small and medium shareholders,will have a significant impact in transnational M&A.The Company Law of US, Germany, Japan and other developed countries grants the company's articles of association of high autonomy rights. It allows companies to add the “Voting restrictions clause”, “Staggered Board Provision”, “Golden parachutes” and other anti-merger clauses to their articles. But the rules of such anti-merger clauses in Company Law of China are different from the developed countries. The difference is the cause of the current low success rate. This article analyzes the possible legal risks in transnational M&A from the analysis of cases and perspective of comparative law. This article also gives some suggestions to the Company Law of China with reference to foreign legislation.

중국어

跨国并购之路崎岖坎坷，从2004年至2014年，我国企业进行海外并购的规模不断增加。跨国并购的交易规模从2004年时的13亿美元增长至2014年时的261亿美元。但在并购规模扩大的同时，我国企业海外并购的成功率还处于较低的水平。法律风险是我国企业跨国并购的主要障碍。各国《公司法》对公司章程设置反并购条款的态度以及对中小股东的保护程度都将对跨国并购产生巨大的影响。美国、德国和日本等发达国家的《公司法》赋予公司章程较高的自治权限，允许公司在章程中加入限制表决权、董事会分期选举和黄金降落伞等反并购条款。而我国《公司法》中关于公司章程中反并购条款的规定与这些发达国家不同，该差异正是导致当前跨国并购成功率低的原因。笔者在案例分析的基础上，再从比较法的角度，分析跨国并购中可能存在的法律风险。同时参照发达国家的立法，为我国《公司法》立法之完善建言献策。