并购不仅需要健全的市场体制作为基础，还需要完善的法律环境进行规制。本报告首先概括介绍了2019～2020年国家出台的有关并购重组的法律、行政法规、部门规章和其他规范性文件，以及涉及并购重组的相关法律法规、部门规章和部门其他规范性文件。其次，对《证券法》（新版）、《民法典》和《上市公司收购管理办法》（2020修订）进行分析解读。再次，对中国并购重组的主要立法过程进行回顾，分析并购活动中常见的纠纷、并购纠纷诉讼实务中的若干法律争议及难点问题。最后，分析了违反证券法规的典型犯罪案例。
A robust legal environment，just as a solid market mechanism，is the cornerstone for the mergers and acquisitions market. This article summarizes laws，regulations，executive orders，and other regulatory documents promulgated from 2019 to 2020 regarding mergers and acquisitions activities. Further，the article interprets the implications of Securities Law of the People’s Republic of China （2019 revision），Civil Code of the People’s Republic of China，and Regulations on the Takeover of Listed Companies （2020 revision）. The article also reviews the significant legislative history of the law on mergers and acquisitions，presents the common discrepancies in mergers and acquisitions practice，and resolves the controversies and pain points in the securities litigation practice. Finally，detailed analyses are provided on several typical cases of security law violations.
