外资并购我国金融机构的法律规制
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摘要
进入20世纪90年代以来,金融全球化步伐提速,导致全球金融市场的竞争日趋剧烈。跨国金融集团都希望通过扩大规模降低经营成本、提高竞争力。由于国内市场的逐渐饱和,为了争夺海外市场,跨国并购成为规模扩张的途径之一。同时,电子信息技术飞速发展使得金融产品、金融工具极为丰富,金融监管体制趋于全球化协调等,这些都为各国金融机构对外并购奠定了基础。
2002年11月以后,我国对外资并购限制逐步放松,关于鼓励和规范外资并购的政策和法律法规己基本完备。2003年12月9日,银监会制定的《境外金融机构投资入股中资金融机构管理办法》出台,规定投资入股中资金融机构应当以货币出资；单个境外金融机构向中资金融机构投资入股比例不得超过20%；多个境外金融机构对非上市中资金融机构投资入股比例合计达到或超过25%时,对非上市金融机构按外资金融机构监管；多个境外金融机构对上市中资金融机构投资入股比例合计或超过25%时,对上市金融机构仍按中资金融机构实施监管。较为敏感的金融行业,也开始对外资的并购式进入模式进行立法规范。伴随金融服务贸易领域逐步的对外资开放,外资流入与跨国银行的并购在中国这个拥有着丰厚资源、堪称“世界工厂”的土地上展开了一场全球化的争夺战。截至2009年末,我国共有23家中资商业银行引入35家境外投资者,投资总额达212.5亿美元。
然而,中国金融业的并购市场是新兴的市场,在理论和实践操作中都表现得不够成熟。主要体现在：一是由于金融业在国民经济中的作用和地位特殊,学界开始关注和研究金融市场的外资并购行为,但对于金融市场的对外开放是否会给东道国带来金融安全的风险,依既定市场外资所占的份额及参股的现状来看有无必要进行反垄断规制,我国金融体制的改革和金融业的繁荣发展是否需要依赖外资的并购来完成等一系列的问题,学界仍存在较多争议；二是由于相关法律法规的缺位或规定不详,使得并购操作在实务中也存在较多障碍,例如：金融机构股权定价过低、外国金融机构混业并购的有效监管、法律法规间的不协调、《境外金融机构投资入股中资金融机构管理办法》(以下简称《管理办法》)中相关规定的不合理等。
金融市场的并购行为需要法律的规制才能有效地保障金融安全。但在现有法律体系的基础上如何进一步完善,使得我们既能收获外资并购带来的溢出效应,又能避免对外开放带来的弊端,是摆在我们面前鱼待解决的问题。因此,研究外资并购我国金融机构的法律规制,对于规范外资并购行为,促进金融并购市场的健康、有序发展,具有十分重要的理论意义和实践价值。
目前,我国的并购立法体系尚不完备,用以调整外资并购金融机构的法律法规还存在诸多缺陷,迫切需要完善我国的外资并购金融机构法,弥补现行法律法规的不足。建议吸取国外成熟金融市场的立法经验和教训,构建外资并购我国金融机构的法律规制体系,主要应由三个层次的法律法规构筑而成：一是以《外资并购中资金融机构法》作为外资并购我国金融机构的核心层,建议以现行的《境外金融机构投资入股中资金融机构管理办法》为基础,出台统一的《外资并购中资金融机构法》,但在专门立法出台前应修改、完善《境外金融机构投资入股中资金融机构管理办法》；二是以《反垄断法》及《实施细则》作为中间层。针对外资并购可能引发的金融垄断风险,三是以外国金融机构参股并购相关辅助制度为外部层,如金融监管制度、金融资产评估和定价制度、外资的市场退出机制等。
Since has entered for 1990s, the financial globalization step raises fast, causes the whole world money market the competition to be day by day fierce.The transnational financial group all hoped reduces the cost of operation through the expanded scale, enhances the competitive power.As a result of domestic market gradually saturated, in order to compete the overseas market, the transnational merger and acquisition becomes one of ways which the scale expands.At the same time, the electronic information technology rapid development causes the financial product, the financial tool to be extremely rich, the financial supervising and managing system tends to the globalization coordination and so on, these all have laid the foundation for the various countries financial organ foreign merger and acquisition.
In November 2002, China's restrictions on mergers and acquisitions, and on encouraging the gradual relaxation and normative foreign policy and the laws and regulations has basic complete.9 December 2003, the CBRC established the foreign financial institution investment funded financial institutions management approach "introduced, provides investment funded financial institutions should be based monetary contribution; single offshore financial institutions to invest in shares of the financial organizations should not exceed 20% ratio; multiple offshore financial institutions on non-listed Chinese financial institution investment shares in proportion to the total reaches or exceeds 25%, on non-listed financial institutions according to foreign financial institutions supervision; multiple offshore financial institutions on the listing of the financial organizations invest in equity ratio equals or exceeds 25%, still listed financial institutions by implementing the supervision of the financial organizations. Sensitive financial industry, has also started on foreign investments "acquisition" entry mode for the legislative norms. Accompanying financial services trade area gradually opened up to foreign investments, foreign capital and multinational bank mergers and acquisitions in China that has huge resources, has been called the "world factory" of land on a global war. As of the end of 2009, a total of 23 banks introduced 35 foreign investors, with a total investment of $212.5 million.
However, China's financial industry mergers and acquisitions market is emerging in the market, in theory and practice of the operation are not mature enough to behave. In:first, because of the financial sector in the economy, the role and place of special concern, academia and research on financial market of foreign capital and acquisitions, but for financial market opening will bring financial security to the host country of the risk, according to the established market share of foreign capital and equity participation of the State to see the need for antitrust regulation, reform of China's financial system and financial industry prosperity development do you need to rely on foreign investments and acquisitions to complete a series of questions, academia and more controversy still exists; the second is due to the lack of relevant laws and regulations or provisions is unknown, the merger operation in practice more obstacles also exist, such as:financial institutions share price too low, foreign financial institutions mixed merger effective supervision, lack of co-ordination between the laws and regulations, the foreign financial institution investment funded financial institutions management measures "(hereinafter referred to as the" management method (CN)))) the relevant provisions of the irrational, and so on.
At present, China's merger legislation system is not yet complete, to adjust the foreign financial institution's laws and regulations also exist many defects, there is an urgent need for improvement of foreign financial institutions, make up for the inadequacies of existing laws and regulations. Recommendations from abroad, mature financial markets of legislative experience and lessons learned, the construction of foreign acquisitions of financial institutions of legal regulation system, mainly consists of three levels of laws and regulations and to build into:the first is the merger of the financial institutions act as foreign financial institutions in the core layer, the proposal to existing offshore financial sector investment funded financial institutions management approach ", introduced uniform foreign-affiliated financial institutions act, but before the introduction of specialized legislation should be amended, perfecting the offshore financial sector investment funded financial institutions management measures"; the second is to anti-trust law and regulations as an intermediate layer. For the merger could lead to financial risk, the third is the monopoly to foreign financial institutions share merger related assisted system for the external layer, such as the financial regulatory system, financial assets valuation and pricing system, foreign market exit mechanisms.
2002年11月以后,我国对外资并购限制逐步放松,关于鼓励和规范外资并购的政策和法律法规己基本完备。2003年12月9日,银监会制定的《境外金融机构投资入股中资金融机构管理办法》出台,规定投资入股中资金融机构应当以货币出资；单个境外金融机构向中资金融机构投资入股比例不得超过20%；多个境外金融机构对非上市中资金融机构投资入股比例合计达到或超过25%时,对非上市金融机构按外资金融机构监管；多个境外金融机构对上市中资金融机构投资入股比例合计或超过25%时,对上市金融机构仍按中资金融机构实施监管。较为敏感的金融行业,也开始对外资的并购式进入模式进行立法规范。伴随金融服务贸易领域逐步的对外资开放,外资流入与跨国银行的并购在中国这个拥有着丰厚资源、堪称“世界工厂”的土地上展开了一场全球化的争夺战。截至2009年末,我国共有23家中资商业银行引入35家境外投资者,投资总额达212.5亿美元。
然而,中国金融业的并购市场是新兴的市场,在理论和实践操作中都表现得不够成熟。主要体现在：一是由于金融业在国民经济中的作用和地位特殊,学界开始关注和研究金融市场的外资并购行为,但对于金融市场的对外开放是否会给东道国带来金融安全的风险,依既定市场外资所占的份额及参股的现状来看有无必要进行反垄断规制,我国金融体制的改革和金融业的繁荣发展是否需要依赖外资的并购来完成等一系列的问题,学界仍存在较多争议；二是由于相关法律法规的缺位或规定不详,使得并购操作在实务中也存在较多障碍,例如：金融机构股权定价过低、外国金融机构混业并购的有效监管、法律法规间的不协调、《境外金融机构投资入股中资金融机构管理办法》(以下简称《管理办法》)中相关规定的不合理等。
金融市场的并购行为需要法律的规制才能有效地保障金融安全。但在现有法律体系的基础上如何进一步完善,使得我们既能收获外资并购带来的溢出效应,又能避免对外开放带来的弊端,是摆在我们面前鱼待解决的问题。因此,研究外资并购我国金融机构的法律规制,对于规范外资并购行为,促进金融并购市场的健康、有序发展,具有十分重要的理论意义和实践价值。
目前,我国的并购立法体系尚不完备,用以调整外资并购金融机构的法律法规还存在诸多缺陷,迫切需要完善我国的外资并购金融机构法,弥补现行法律法规的不足。建议吸取国外成熟金融市场的立法经验和教训,构建外资并购我国金融机构的法律规制体系,主要应由三个层次的法律法规构筑而成：一是以《外资并购中资金融机构法》作为外资并购我国金融机构的核心层,建议以现行的《境外金融机构投资入股中资金融机构管理办法》为基础,出台统一的《外资并购中资金融机构法》,但在专门立法出台前应修改、完善《境外金融机构投资入股中资金融机构管理办法》；二是以《反垄断法》及《实施细则》作为中间层。针对外资并购可能引发的金融垄断风险,三是以外国金融机构参股并购相关辅助制度为外部层,如金融监管制度、金融资产评估和定价制度、外资的市场退出机制等。
Since has entered for 1990s, the financial globalization step raises fast, causes the whole world money market the competition to be day by day fierce.The transnational financial group all hoped reduces the cost of operation through the expanded scale, enhances the competitive power.As a result of domestic market gradually saturated, in order to compete the overseas market, the transnational merger and acquisition becomes one of ways which the scale expands.At the same time, the electronic information technology rapid development causes the financial product, the financial tool to be extremely rich, the financial supervising and managing system tends to the globalization coordination and so on, these all have laid the foundation for the various countries financial organ foreign merger and acquisition.
In November 2002, China's restrictions on mergers and acquisitions, and on encouraging the gradual relaxation and normative foreign policy and the laws and regulations has basic complete.9 December 2003, the CBRC established the foreign financial institution investment funded financial institutions management approach "introduced, provides investment funded financial institutions should be based monetary contribution; single offshore financial institutions to invest in shares of the financial organizations should not exceed 20% ratio; multiple offshore financial institutions on non-listed Chinese financial institution investment shares in proportion to the total reaches or exceeds 25%, on non-listed financial institutions according to foreign financial institutions supervision; multiple offshore financial institutions on the listing of the financial organizations invest in equity ratio equals or exceeds 25%, still listed financial institutions by implementing the supervision of the financial organizations. Sensitive financial industry, has also started on foreign investments "acquisition" entry mode for the legislative norms. Accompanying financial services trade area gradually opened up to foreign investments, foreign capital and multinational bank mergers and acquisitions in China that has huge resources, has been called the "world factory" of land on a global war. As of the end of 2009, a total of 23 banks introduced 35 foreign investors, with a total investment of $212.5 million.
However, China's financial industry mergers and acquisitions market is emerging in the market, in theory and practice of the operation are not mature enough to behave. In:first, because of the financial sector in the economy, the role and place of special concern, academia and research on financial market of foreign capital and acquisitions, but for financial market opening will bring financial security to the host country of the risk, according to the established market share of foreign capital and equity participation of the State to see the need for antitrust regulation, reform of China's financial system and financial industry prosperity development do you need to rely on foreign investments and acquisitions to complete a series of questions, academia and more controversy still exists; the second is due to the lack of relevant laws and regulations or provisions is unknown, the merger operation in practice more obstacles also exist, such as:financial institutions share price too low, foreign financial institutions mixed merger effective supervision, lack of co-ordination between the laws and regulations, the foreign financial institution investment funded financial institutions management measures "(hereinafter referred to as the" management method (CN)))) the relevant provisions of the irrational, and so on.
At present, China's merger legislation system is not yet complete, to adjust the foreign financial institution's laws and regulations also exist many defects, there is an urgent need for improvement of foreign financial institutions, make up for the inadequacies of existing laws and regulations. Recommendations from abroad, mature financial markets of legislative experience and lessons learned, the construction of foreign acquisitions of financial institutions of legal regulation system, mainly consists of three levels of laws and regulations and to build into:the first is the merger of the financial institutions act as foreign financial institutions in the core layer, the proposal to existing offshore financial sector investment funded financial institutions management approach ", introduced uniform foreign-affiliated financial institutions act, but before the introduction of specialized legislation should be amended, perfecting the offshore financial sector investment funded financial institutions management measures"; the second is to anti-trust law and regulations as an intermediate layer. For the merger could lead to financial risk, the third is the monopoly to foreign financial institutions share merger related assisted system for the external layer, such as the financial regulatory system, financial assets valuation and pricing system, foreign market exit mechanisms.
引文
1参见《大不列颠百科全书》1999年版对"Merger"一词的解释。
2参见《并购规定》第60条,香港特别行政区、澳门特别行政区和台湾地区的投资者并购境内其他地区的企业,参照本规定办理。
[1]叶军.外资并购中国企业的法律分析[M].法律出版社,2004,3-7,322-323
[2]See Black law Dictionary-English Edition, West Publishing Co.Thomson Business,2004,p.25
[3]李曙光主编.中国企业重组操作实务全书.中国法制出版社,1998：325
[4]贺姗姗.外资并购我国金融机构的法律规制.湖南大学学报,2008,40
[5]曹洪军.外资并购与中国外资政策调整研究[M].人民出版社,2005,12
[6]汤树梅.外商投资股份公司法律问题研究,中国人民大学出版社,2004,(5)：72
[7]岳彩申.跨国银行法律制度研究[M].北京大学出版社,2002,35-41
[8]BergerAllenN.TheIntegrationoftheFinaneialServieesIndustry:Wherearetheeffieieneie s[J], NorthAmereiaAetuarialJourual,2000,41
[9]曾筱清.金融全球化与金融监管立法研究[M].北京大学出版社,2005,28-29
[10]王元龙.中国金融安全论[M].中国金融出版社,2003,57—60
[11]黎四奇.对外资并购中资银行法律制度之反思与建议[J].甘肃政法学院学报,2007,(7)：24-27
[12]罗志松.银行业外资并购对东道国金融安全的影响及对策[J].国际经济合作,2005,(3)：62-67：
[13]陈泰锋.加入WTO后我国引进外资的趋势分析,载《上海投资》2002.2
[14]罗志松.银行业外资并购对东道国金融安全的影响及对策[J].国际经济合作,2005,(3)：62-67
[15]孙效敏.外资并购投资准入监管研究[J).甘肃政府学院学报,2005,(2)：32-35
[16]单飞跃.经济理念与范畴的解析[M].中国检察出版社,82002,90-101
[17]摘自《嗦望)：外资并购新规定七大看点,http:llnnanee.QQ.eom,2006年9月2日09：54,新华网
[18]参见黄小强.外国金融机构参股监管法律问题研究,西南财经大学,2006
[19]韩立余.创建反垄断制度的契机一对外资并购催生反垄断法思考[M].国际贸易2004,(1)：33-34
[20]PilloffStevenJandAnthonyMSantomero.TheValueEffeetofBankMergersandAequisiti ons[M].BankMergersandAcquisitions,1998,129-130
[21]单飞跃.经济理念与范畴的解析[M].中国检察出版社,2002,90-101
[22]卢炯星.中国外商投资法问题研究[M].法律出版社,2001,55-179
[23]耿金衡.比较法研究：拉美金融自由化与外资金融机构并购[j].西北政法学院学报,2007(4)：32-34
[24]杨小平,李震.中国金融反垄断执法机构设置浅析[J].经济导刊,2007,(3)：45-58
[25]黎四奇.对外资并购中资银行法律制度之反思与建议[J].甘肃政法学院学报,2007,(7)：24-27
[26]韩立余.创建反垄断制度的契机一对外资并购催生反垄断法思考[J].国际贸易,2004,(1)：33-34
[27]杨小平,李震.中国金融反垄断执法机构设置浅析[J].经济导刊,2007,(3)：45-58
[28]聂名华.美国对跨国并购投资的法制管理.《国外社会科学》2003.(4)45
[29]胡平.外资并购的反垄断规制.国际经济合作[J]2004,11
[30]刘和平.欧盟并购控制法律制度研究[M]北京：北京大学出版社,2006,311
[31]王晓晔.伊从宽.竞争法与经济发展,社会科学文献出版社,2003,51
2参见《并购规定》第60条,香港特别行政区、澳门特别行政区和台湾地区的投资者并购境内其他地区的企业,参照本规定办理。
[1]叶军.外资并购中国企业的法律分析[M].法律出版社,2004,3-7,322-323
[2]See Black law Dictionary-English Edition, West Publishing Co.Thomson Business,2004,p.25
[3]李曙光主编.中国企业重组操作实务全书.中国法制出版社,1998：325
[4]贺姗姗.外资并购我国金融机构的法律规制.湖南大学学报,2008,40
[5]曹洪军.外资并购与中国外资政策调整研究[M].人民出版社,2005,12
[6]汤树梅.外商投资股份公司法律问题研究,中国人民大学出版社,2004,(5)：72
[7]岳彩申.跨国银行法律制度研究[M].北京大学出版社,2002,35-41
[8]BergerAllenN.TheIntegrationoftheFinaneialServieesIndustry:Wherearetheeffieieneie s[J], NorthAmereiaAetuarialJourual,2000,41
[9]曾筱清.金融全球化与金融监管立法研究[M].北京大学出版社,2005,28-29
[10]王元龙.中国金融安全论[M].中国金融出版社,2003,57—60
[11]黎四奇.对外资并购中资银行法律制度之反思与建议[J].甘肃政法学院学报,2007,(7)：24-27
[12]罗志松.银行业外资并购对东道国金融安全的影响及对策[J].国际经济合作,2005,(3)：62-67：
[13]陈泰锋.加入WTO后我国引进外资的趋势分析,载《上海投资》2002.2
[14]罗志松.银行业外资并购对东道国金融安全的影响及对策[J].国际经济合作,2005,(3)：62-67
[15]孙效敏.外资并购投资准入监管研究[J).甘肃政府学院学报,2005,(2)：32-35
[16]单飞跃.经济理念与范畴的解析[M].中国检察出版社,82002,90-101
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