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外资在中国进行上市公司的参股、收购所要面对更多的法律法规限制,这一方面限制了外资并购的规模与速度。另一方面也使得外资并购案花样翻新,虽然自2003年1月1日起施行的《利用外资改组国有企业暂行规定》第3条规定利用外资改组国有企业总体上包括4种情形:股权转让、债券转让、资产出售、增资扩股。 但事实上,外资并购的方式远不只这些,外资并购所进行的制度创新,对有意实现外资收购的上市公司也颇有借鉴意义。
Foreign investment in China, the participation of listed companies, acquisitions have to face more restrictions on laws and regulations, which limits the scale and speed of foreign M & A. On the other hand, the merger and acquisition of foreign capital has also taken the shape of a retrofit. Although Article 3 of the Provisional Regulations on the Restructuring of State-owned Enterprises Utilizing Foreign Capital, which came into force on January 1, 2003, stipulates that the reorganization of state-owned enterprises by foreign capital generally includes four types of situations: equity transfer, Bond transfer, asset sales, capital increase. However, in fact, the way of mergers and acquisitions by foreign investors is far more than that. The system innovation made by foreign mergers and acquisitions is also of great reference to those listed companies that are interested in acquiring foreign capital.