|Abstract: ||摘要企業欲在日益激烈的競爭環境中勝出，實現永續經營，除了出色的管理，組織機構之戰略重組亦十分重要。以現金併購的方式進行併購重組由於需要大量的資金，會給企業帶來較大的負擔；而用合併的方式進行併購，必然有一家公司法律人格必須消滅，未必符合所有企業組織重組公司的初衷。如何在不影響公司現金流與公司法人格之前提下，又能夠擴大公司經營提高競爭力被各國家與地區所思考。在考量各公司組織型態之不同、運作及人事方面之調整以及其他非法律等因素等，為節約交易成本亦在財務上產生了合理避稅及股票按預期增長之效果，突破傳統企業併購之方式，構建企業併購之新類型，股份轉換制度順勢而生。並且隨著一帶一路之推進，為實現現代企業制度之快速發展與多角化經營，股份轉換制度誠需在中國進行立法規制。 首先，通過對股份轉換制度意義與法律性質之界定，與其他併購方式之比較，對股份轉換制度基本認知。其次，通過對美國、日本、台灣相關立法例之敘述，了解股份轉換制度之源起與發展、程序之構建以及利害關係人之保護，對股份轉換進行深入的了解。最後，剖析中國企業併購態樣之立法與實踐中併購之案例，從而找出中國引入股份轉換制度存在之障礙並提出解決意見，對中國引入股份轉換制度之可行性與必要性進行探討，在此基礎上對中國股份轉換程序之構建提出建議，以期中國引入股份轉換制度。|
Enterprises which want to win in the increasingly fierce competition environment, and to achieve sustainable management, should not only pay attention to excellent management, also the strategic reorganization of the organizational structure. The way of cash M&A will bring a great burden to the enterprises because of the large amount of capital. And the way of M&A, which must have a company legal personality eliminated, may not be in line with all the original intention of the reorganization of the company. How to expand the operation of the company without affecting the company's cash flow and the corporate personality and to improve the competitiveness is the necessary thinking in the process of national legislation.Considering the differences in organizational structure, operational and personnel adjustments, and other non-legal factors, to achieve savings in transaction costs, reasonable tax avoidance and the effect of stock growth according to expected growth, it is necessary to break through the traditional enterprise M&A mode and build a new enterprise M&A system. With the advance of one belt and one road initiative, in order to realize the rapid development of modern enterprise system and the diversification of enterprises, China urgently needs to establish a share exchange system.To achieve the purpose of constructing a new legal system, we should start with the basic problems of the system. This paper first defines the concept of share exchange, makes the comparative analysis of the share exchange and other M&A, and analyzes its nature from the legal point of view. Then through the analysis of the extra-territorial legislation, it further reveals the meaning of the share exchange system and the protection of stakeholders. Finally, the specific cases are listed to analyze the current practice of M&A in China, and the status quo of M&A legislation is reviewed, so as to summarize the possible problems in the introduction of the system and research on the necessity of this system. On this basis, the paper puts forward suggestions on the construction of China's share exchange system, and hopes that China will introduce the system of share exchange.