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.