在全球經濟合為一體，全球證券市場漸趨統合之時，一國之企業利用收購股權或「公開出價收購」（Tender Offer，大陸「證券法」稱作收購要約。以下簡稱公開收購）等方式取得他國企業之經營控制權，進而取得其技術或進入其市場為可行之辦法。而兩岸已加入世界貿易組織（WTO），我國廠商利用公開收購打入大陸、日本市場為相當可行之方式，又日台企業合資進軍大陸市場為一趨勢，特別是中華人民共和國證券法（以下簡稱大陸「證券法」），自1999年7月1日起正式實施後，提供我國及日本廠商購併大陸企業一條新途徑。本研究就日本、海峽兩岸之公開收購現狀、程序、強制公開收購（基準、豁免）等作一比較研究。本研究結論如下： 一、日本於1971年引進此制度，自1997年以後，每年公開收購案約有15件左右，而外資利用此制度漸漸增加，例如我國聯華電子亦於1998年11月30日透過海外控股公司利用此制度取得日鐵半導體之經營權，為成功之案例。我國1988年引進以後，制度上已漸臻完善，目前有3件案例。大陸尚未有案例。日本與我國皆採申報制，已相當自由化，而探討大陸公開收購案例少之原因，大陸「證券法」採核准制、二級市場流通股所佔比率過低等。 二、強制公開收購較適合中小企業，如櫃台買賣公司。又國內企業已走上大型化，例如聯華電子不僅有能力購併國外大廠，其國內股東達100萬人以上，強制公開收購，不問公開收購人是否有意願、是否有財力再收購，而作一強制規定是否有當，特別是證券市場已全球化，大企業之股東遍及世界各地，此制度若過於嚴苛時，其成本高，妨礙購併之進行，小股東未必受益。主管機關在制定對強制公開收購規則，如基準、豁免等，更應參考世界潮流、我國之國情作明確地規範。 三、強制公開收購為英國制度，其運作為自律規範，而我國證交法主要採美國證交法之立法精神。強制公開收購引進我國要能在兩者取得平衡，實際上相當困難，故主管機關在制定相關規則上更應審慎。 四、台商以公開收購方式收購大陸企業時，大陸「證券法」有關公開收購有以下幾點，須特別注意： (一)大陸「證券法」對公開收購之變更採核准制，且強制公開收購之豁免內容並不明確；其主管機關行政裁量權過大。此為證券投資、直接投資上之障礙。 (二)大陸「證券法」並未規定應募股東之承諾或解除權，故對受要約（應募股東）權益之保護顯然不足。

In the age of global economic integration and progressively borderless stock markets, public offer to purchase (tender offer) provides a feasible means for companies to gain control power over foreign firms, and thus an access to their technologies and overseas markets. Tender offer is used as a means of acquiring corporate control in many countries. In China (PRC), the Chinese Securities And Exchange Law (CSEL) was enacted in July 1999. It provides for a new tender offer system, which provides Taiwan and Japanese enterprises with a new framework to acquire corporate control. This research is to compare the tender offer system among China, R.O.C. (Taiwan) and Japan, and examines the development of tender offer in each country. It focuses on status of tender offer (definition, dissemination, and withdrawal) and the provisions of Mandatory Offer Rule. The conclusions of this study are as follows: l. Tender offer is a popular and important method of acquiring widely held corporations in Japan since 1997. There are three cases in Taiwan, But it is never used in China. 2. A kokai kaitsuke(tender offer) in Japan is defined as a public offer to buy or a public solicitation to sell or exchange share certificates, or such other securities as may be prescribed by Japanese Securities And Exchange Law, outside the securities market. But it is not defined in CSEL. 3. In the U.K., The Mandatory Offer Rule of the Takeover Code., which has no counterpart in U.S. Law., is promulgated, interpreted and enforced by a private self-regulatory body without statutory authority. In Taiwan, China, and Japan, the tender offer systems are based on statutes that are interpreted by the courts and administrative agencies. 4. In China, an investor holds 30 percent of the issued shares of a listed company and continues to buy such shares, the investor shall, in accordance with law, issue a takeover offer to all the shareholders of the listed company, unless he is exempted by the CSRC (China Securities regulatory Commission). But the rules of exemption under the CSRC are not clear. 5. Tender offer in Japan is exempt from regulation if the offer or and its affiliates will acquire beneficial ownership of less than 5 percent of the total shares outstanding. 6. Taiwan and Japan systems both provide shareholders with withdrawal rights after shareholders tender their shares, but it is not allowed in China.