| 摘要: | 海峽兩岸先後加入世界貿易組織，均面臨前所未有的機遇與挑戰，台灣與中國大陸，由於同文同種且地理位置鄰近，隨著經濟自由化及全球化的發展，中國大陸經濟結構也持續腳步逐漸大步邁開，其國際貿易自由化政策持續放寬，相信對於兩岸經貿及投資關係造成某種程度的衝擊與影響。
企業體面對如此快速的變遷，採取企業併購的擴張方式要比內部的自我提升方式，既有效又快速。而在企業併購方式中，公開收購是取得經營權最直接的方式。
本文第一章為緒論，主要介紹本研究選題之動機及目的，及研究方法。第二、三章分別介紹中國大陸及台灣之公開收購制度，公開收購在中國大陸稱要約收購，從定義、種類、立法架構及沿革等，對於基本規範作整理。第四章將兩岸公開收購制度作比較，分析兩岸關於公開收購之優、缺點及異同。第五章則藉由實際案例之運作情形，台灣以日月光半導體製造股份有限公司收購環隆電氣股份有限公司案、英特維數位科技公司併購友立資訊公司案及中華電信公開收購神腦國際案加以分析討論；中國大陸則以南鋼聯合要約收購南鋼股份案、中國石化要約收購案及紫金礦業要約收購諾頓金田案，分別為第一例全面強制要約收購、上市公司間第一起要約收購成功案例及第一例中國公司以全面要約方式收購海外上市公司，並凸顯在股權分置改革前後之異同，並發現兩岸現行規範是否有不足之處。第六章結論，總結先前章節內容就兩岸公開收購之制度提出檢討。
Both sides of the Taiwan Strait faced unprecedented opportunities and challenges after joining the WTO. Due to the same culture, ethnicity and the geographic proximity between Taiwan and Mainland China, with economic liberalization and globalization, China’s economic structure continues to stride forward and its international trade liberalization policies continue to be relaxed, which are believed to have a certain degree of impact and influence on cross-strait trade and investment relations.
In the face of such rapid change, expansion of corporate body through corporate merger and acquisition is more effective and faster compared to internal self-improvement. Among the corporate mergers and acquisition methods, tender offer is considered the most direct way to obtain the right to operate.
In this paper, a study on tender offer for the cross-strait business mergers and acquisitions was conducted. The research text consists of six chapters. The first chapter includes the introduction of the motivation and purpose of the research topic selection, as well as the research methods. The second and third chapters detail the introduction of the tender offer systems used in Mainland China and Taiwan. Tender offer is described in terms of basic norms such as definition, type, legislative framework, and history. The fourth chapter compares the tender offer systems of the Cross-Strait and analyzes their advantages, disadvantages, differences, and similarities. Chapter five covers analysis and discussions of actual cases, including the “Advanced Semiconductor Engineering, Inc. and Universal Scientific Industrial Co., Ltd.” acquisition case, the “InterVideo Inc. and Ulead Systems, Inc.” merger and acquisition case, and “Chunghwa Telecom Co., Ltd. and Senao International Co., Ltd.” tender offer case in Taiwan, as well as “Nanjing Iron & Steel Co., Ltd. and Nanjing Iron & Steel Co., Ltd. Shares” tender offer case, “China Petroleum & Chemical Corporation tender offer case and Zijin Mining Group Co., Ltd. Norton Gold Fields Limited” tender offer case, which respectively represent the first case of comprehensive mandatory tender offer, the first successful case of tender offer as a listed company, and the first company in China to acquire an overseas branch office through comprehensive tender offer, thereby highlighting the differences and similarities of the structure of shares before and after reform. Meanwhile, the inadequacies of the existing cross-strait norms were found. Chapter six summarizes the contents in the previous chapters and reviews the tender offer systems of the Cross- Strait. |
