外資投資及併購中國大陸企業法制之變遷－兼論外資投資及併購台灣企業之法制

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Title:	外資投資及併購中國大陸企業法制之變遷－兼論外資投資及併購台灣企業之法制 The Evolution on Legal System of Foreign Capital Investment and M&A Regarding Mainland China’s Enterpricess ：Taiwan’s Legal System of Foreign Capital Investment and M&A Also Visited
Authors:	李易杰
Contributors:	法律學系碩士在職專班
Keywords:	外資併購跨國併購兩岸外資投資法令 foreign investment mergers and acquisitions cross-border mergers and acquisitions Act of foreign investment on both sides
Date:	2016
Issue Date:	2016-08-18 13:56:44 (UTC+8)
Abstract:	利用外資促進經濟發展，可以說是大陸地區的基本國策。中國政府自1979 年開始採取了一系列的政策措施，藉以一方面改善與世界各國的關係，從各國政府及世界金融組織獲得貸款，另一方面改善本身的投資環境，創造商業機會吸引各國廠商到大陸投資。從中國利用外資的發展的趨勢觀察，1980 年代主要是國際貸款，自1990 年代初以來，外商直接投資則逐漸居支配的地位。自台灣地區加入WTO 以來，為因應WTO 下的規則，所以台灣地區對於吸引外資的政策逐步變遷為主要從招商、投資案進行及投資後服務等階段分別加強推動，包括篩選招商目標對象、提供全方位投資服務、執行「日本窗口計畫」、執行僑外商來台投資邀訪計畫、提供投資資訊、排除投資障礙及修正法令、強策略性服務業招商，以及籌劃各年度的全球招商大會等。另在租稅方面，推動兩稅合一制、投資支出5%~20%之抵減優惠、新興重要策略性產業享有5 年免徵營所稅、設置物流中心、企業併購免徵營所稅、營運總部自國外關係企業取得相關所得免徵營所稅、進駐自由貿易港區自國外輸入原物料及機器設備免徵關稅、貨物稅、營業稅，最後，進駐科學園區、加工出口區、保稅工廠或倉庫可享貨物輸出免營業稅，自國外輸入原物料及機器設備免徵關稅、貨物稅、營業稅。然而，兩岸之間在多年來吸引外資的進程中，作出許多優惠與讓步，促使兩岸各自的資金外移後，改頭換面以外資的名義各自進駐，以外資的形式，享受兩岸政府多方面給予的優惠，換取超國民待遇，在2006 年時，大陸地區的返程投資規模幾乎達到整體外資投資的三分之一，更是促使大陸商務部、外匯管理局、海關總署及工商總局於同年出台「關於外商投資的公司審批登記管理法律適用若干問題的執行意見」，對於假外資進行了重大的打擊與整肅。本文同時針對外資的法律性質、實際性質進行討論說明之。再者，早期台灣企業併購活動僅侷限於合併案，近年來隨著相關主管機關法令規範之配合訂定，策略合作架構設計之空間擴大，企業的併購型態愈來愈趨向多元化，換股案、分割案、及各種類型之收購案逐漸增加，企業得以藉由發行新股為對價，收購標的公司之股份，或是收購標的公司某事業部門之營業及財產。對於大陸地區而言，投資環境的政治優化與法律優化，同樣促使外資對於投資中國的方興未艾，而跨國購併已經是國際直接投資的主要方式之一，大陸地區自然不能獨外於這個投資盛宴，北京當局除正在研究制定相關政策之外，在過往的十餘年間，外資併購大陸企業所產生的問題也有一併解決的必要，本文一同探討之。目前和獎勵企業併購的相關法令，在台灣地區包括公司法、促進產業升級條例、金融機構合併法、金融控股公司法、企業併購法等。其中以企業併購的租稅優惠最多，惟各法在併購租稅的條文內容上或多或少會有差異，而且不同的併購類型將適用不同的優惠，對於欲進行併購的企業而言，如何選擇去適用最優惠的法令將是併購考量的重點；在大陸地區目前的法制現況與適用法令應如何適用最為優惠，限制最少，本文一併比較說明之。 Using foreign capitals to boost economic development can be said to be the fundamental national policy of Mainland China. Chinese government has taken a series of policy measures since 1979 in order to improve relations with other countries and obtain loans from their governments and world financial organizations, and, on the other hand, improve the investment environment itself, creating business opportunities to attract companies around the world to invest in the Mainland. Viewing from the trend of China’s development of employing foreign investment, there were mainly international loans in the 1980s, while foreign direct investment gradually has stayed at a dominant position since the early 1990s. Since joining the WTO, Taiwan has gradually changed from the policy of attracting foreign investment to mainly carrying out investment plan and promoting and strengthening post-investment services respectively so as to comply with the rules of the WTO, including selecting investment subjects, offering all-round investment services, implementing “Japan Window Plan”, implementing foreign investors invitation plans to Taiwan, providing investment information, eliminating barriers to investment and amending decree, investing strong strategic services, as well as planning global annual investment assembly. In terms of tax, Taiwan promotes imputation tax system, tax credits for 5% to 20% of investment spending, five-year tax exemption from emerging and important strategic industries, logistics center establishment, exemption from business tax for enterprise mergers and acquisitions, exemption from business tax for operational headquarters’ relevant income obtained from overseas affiliate enterprises, free customs duty, excise and sales tax from imported raw materials and machinery equipment after stationing in free trading ports. Finally, free sales tax of goods output after stationing in Science Park, processing export zone, bonded factory or warehouse, as well as free customs duty, excise and sales tax from imported raw materials and machinery equipment after stationing in free trading ports. However, the two sides have made many concessions and compromise in the process of attracting foreign investment over the years, prompting the two sides make a face-lift and station separately in the name of foreign investment after their funds relocation; in the form of foreign investment, they enjoy many government grant and concession given by the two sides in exchange for supernational treatment. In 2006, the scale of return investment of the Mainland almost reached one third of overall foreign investment, promoting Chinese offices such as Ministry of Commerce, Administration of Foreign Exchange, the Customs Department and the SAIC to issue “Implementation Opinions on Some Issues concerning Law Application for the Administration of Examination and Approval and Registration of Foreign-funded Companies” in the same year, which had a major blow and purge to fake foreign investment. This paper also discussed the legal and actual nature of foreign investment for illustrative purposes. Moreover, the early Taiwan M & A activity was limited to the merger cases; with the cooperative formulation of relevant authorities act specification as well as the expansion of strategic policy framework design space in recent years, mergers and acquisitions patterns increasingly become diversified, hence the gradual increase in convertible case, split case, and acquisition cases of all types; enterprises could acquire shares of target company or acquire the business and property of target company by means of issuing new shares as the consideration of the business. For Mainland regions, the political optimization and legal optimization of the investment environment also make foreign investment in China ascendant. While transnational mergers and acquisitions have been one of the main direct international investment, Mainland China cannot quit this investment feast; in addition to working on relevant policies, Beijing authority needs to solve the problems generated in foreign acquisitions of Mainland enterprises in the past ten years. And this article will join in the discussion. Currently, related laws rewarding M & A and in Taiwan include Company Act, Statute for Upgrading Industries, The Financial Institutions Merger Act, Financial Holding Company Act, EnterprisesMergers and Acquisitions Act, etc, among which mergers and acquisitions have the most preferential tax. Nevertheless, each act differs more or less in the provision content of acquisition tax, and different types of M & A will apply to different promotions; for businesses aiming for mergers and acquisitions, how to choose to apply the most favorable Act will be the focus of consideration for mergers and acquisitions; for the current status of the legal system and applicable laws and regulations in Mainland China, the text will make comparison and illustration as for how to apply the most favorable and the least restriction.
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