股债融合视域下的公司并购:范式重塑与法治进阶

Corporate Merger and Acquisition from the Perspective of the Fusion of Shares and Debt:Paradigm Shift and the Improvement of the Rule of Law

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摘要伴随着可转换优先股、可转换债券、结构性资管计划等并购融资工具的出现以及混合支付的普遍化,公司并购呈现出不同以往的新图景。股债融合导致公司并购法律关系的主体与客体之间的界限被打破,公司并购法律关系主体间的权利义务失去了平衡。优先股、垃圾债、私募股权基金、杠杆收购、夹层融资等深入参与到公司并购之中,优先股股东与普通股股东之间的利益冲突日益凸显,公司并购商业模式和利益格局得以重塑。我国的公司并购法制恪守股债二元结构的逻辑假设,遵循着严格的资本管制逻辑,难以应对股债融合带来的挑战。在《公司法》迎来修订和资本市场深化改革、双向开放的背景下,公司并购法制应当确认资管计划、信托计划、证券投资基金以及特殊目的载体的特殊商事主体地位,对嵌套、杠杆收购、股权权能分离等行为进行规范化,确立目标公司董事会对于普通股股东的加强版信义义务,统合资管产品的信义义务基础,从而实现公司并购的法治化进阶。 With the emergence of M&A financing tools such as convertible preferred shares,convertible bonds,and structured asset management plans,corporate M&A presents a new prospect that is different from the past.The integration of stock and debt leads to the breaking of the boundary between the subject and the object of the legal relationship of corporate M&A,of which imbalanced the rights and obligations between the subjects.Preferred stocks,junk bonds,private equity funds,leveraged buyouts,and mezzanine financing have been deeply involved in corporate M&A.The conflict of interest between preferred-stock and common-stock shareholders has become increasingly prominent,and the business model of corporate M&A have been reshaped.China’s corporate M&A legal system abides by the logical assumption of the dual structure of stock and debt,follows the logic of strict capital control,which is difficult to deal with the challenges brought by the integration of stock and debt.In the context of the"Company Law"revision and the deepening reform of the capital market,the legal system of corporate M&A should confirm the special commercial subject status of asset management plans,trust plans,securities investment funds and special purpose vehicles.At the same time,we should standardize behaviors such as nesting,leveraged buyouts,and establish the enhanced fiduciary obligations of the target company’s board of directors to ordinary shareholders,and unify the fiduciary obligations of joint venture products,which is significant to realize the legalization of corporate M&A.

作者李安安

机构地区武汉大学法学院

出处《荆楚法学》 2022年第3期32-45,共14页 Jingchu Law Review

基金国家社科基金项目“公司法制度竞争视野下股权结构变革研究”(项目号:21BFX095)的阶段性成果中央高校基本科研业务费专项资金项目资助

关键词股债融合公司并购法律适应性资本市场 Stock-debt Integration Corporate Mergers and Acquisitions Legal Suitability Capital Market

分类号 D922.291.91 [政治法律—经济法学]

作者简介李安安,武汉大学法学院副教授。