改革開放以來，跨境併購成為中國經濟發展的重要力量。越來越多的外國投資者通過併購中國企業股權和資産，以利用中國的低廉勞動生産力或取得巨大的市場空間，各種跨境併購活動方興未艾。 上市公司併購是一個複雜的過程，從控股股東的併購動機，到整個交易過程中的各個具體環節所發生的變化，都會最終影響到併購重組的效果和利益在各方的分配。而過程中所產生的風險及問題，都顯示出外資在大陸執行併購時的「如履薄冰」。外資併購大陸公司的每個案例都如同一場商業諜戰，而法律正是這場戰役中，每個人所握有的重要武器。本文期能以外資的角度爲出發點，以外資併購大陸上市企業的併購管理流程爲軸，以大陸外資併購的相關法律規範爲緯，從併購管理流程的角度，思考過程中相關的法律操作實務，協助實務工作者瞭解整體併購過程的相關併購規範，並於執行併購中，能按圖索驥，按步執行併購作業，避免投資中國的徒勞無功。 本研究共分為五章，首先說明中國經濟體制及法律變革。第二章主要說明外資在大陸特殊政經情勢下的併購發展及所適用的相關法律。第三章主要說明外資併購中國上市公司時的操作流程，並且從企業管理的角度及法律角度說明兩者的差異。本研究最終歸納外資併購大陸上市公司流程區分為併購的預備、調查、簽約及履約四大階段及十個流程。第四章則針對上述每個階段的流程，分析一併購交易中會面臨的法律風險及問題，並於行文中，說明相關參考案例。第五章則說明本文的結論及重要觀察。 / Since the reform and opening-up policy , the Cross-border M&A plays the important role in China. In order to take advantage of lower cost productivity or grab the attractive market shares, more and more foreign investors use the M&A to obtain the stocks or assets. The M&A in listed companies is a complicated processdures. Each segments of the M&A processdures has different impacts for the effects of the M&A. Foreign investors faced lots of the risks and challengeswhile they try to initiate the M&A plan. M&A cases seems like the spy games in the business war filed and law is the major weapon during the attacts and defenses. The research is based on the foreign investors view and constructs the thesis by M&A processdures and M&A regulations. From the perspectives of the M&A processdures, the research will build the step-by-step processes and assist the practioniers to execute the M&A effectively. The rewearch has five chapters. The first chapter is to introducethe economical mechanisms and the regulation systems in China. The second chapter is to deliberate the major M&A cases in China and explore the M&A related regulations. The third chapter is focus on the analysisM&A prcessdures and construct the specific processdures, including four processes (M&A preparation, M&A investigation, M&A contract and M&A execution) and ten segments. Specifically, the fourth chapter covers the analysis of the business and law insights for each segment. Finally, the fiveth chapter concludes the observations.

企業併購法經由政府全力推動下，民國91年初立法通過，同時修訂公平交易法及證券交易法，掀起我國企業併購熱潮。然而，快速立法之後果即缺乏相關法令間互相配合，企業併購法與公司法、金融控股公司法、金融機構合併法相關法規有重疊之處，財政部亦陸續發布相關解釋函令，於實務上因併購產生之相關稅務爭訟，以企業併購交易以所得稅之課徵引發較多爭議。 　　 　　企業併購係企業追求利潤的手段之一，最終的目的係為追求經濟的提升，故我國歷經多次修法，以求減低企業併購所可能發生之障礙。但在企業併購實務中，法律風險並非併購雙方唯一之考量，財務風險、管理風險及稅務風險亦為併購時均應納入之考量。本研究為求企業併購之順利，以稅務爭議所帶來之風險為中心，探討目前稽徵實務上常出現的爭議，以法律割裂適用、虧損扣抵之繼受、租稅優惠之繼受、商譽認定及攤銷，以及視為股利此五個爭點為研究中心，蒐集相關文獻、期刊雜誌及法律規範開始研究，並從司法案例做個案討論，就企業併購實務提出研究結果及建議，使在企業併購過程中能妥善對風險有所控制，提高企業併購的成功率，減少企業併購失敗所來的社會成本耗損，以提高社會資源之利用。 / With the effort to legislation by government, mergers and acquisitions Act was enacted in early 2002. In the meanwhile, the Fair Trade Act and the Securities Exchange Act were amended. However, the consequences of rapid legislation lead to Merger and Acquisition Act overlap in Company Act, Financial Holding Company Law, and relevant laws and regulations. Ministry of Finance has also been released many tax regulations of income tax levied on corporate mergers and acquisitions, which lead to much controversy. In the practice of mergers and acquisitions, legal risk is not only the consideration, but also financial risk, management risk and tax risk should be considered. For completing mergers and acquisitions smoothly, this essay is from the viewpoint of tax dispute, studying the division of laws, succession to loss carry forwards, succession to tax incentives, the recognition and amortization of goodwill, and constructive dividend income. According to these five disputes, the relevant literature, journals and laws are included in this essay. Consequence and recommendations from the judicial cases are provided to mergers and acquisitions practice so that the risks can be properly controlled to some extent, improving the success rate of mergers and acquisitions, reducing the social costs of mergers and acquisitions, and improving the use of social resources.