摘要
上市公司并购重组日趋活跃,并非全是正常商业利益驱动的结果。从纯净市场角度出发,监管部门有责任去除不合商业理性的并购行为。若资本市场有其预设的功能目的和服务方向,则证监会可通过对并购交易之规制,增加非理性并购的成本,使并购交易为实体经济融资发展服务。理性并购是一项商业决策,有其正常的交易结构和节奏。证监会可在并购交易所属业态、并购频次、并购融资渠道及规模、并购方式、并购退出渠道等方面对非理性交易予以规制。同业并购是最理性的商业并购形式,却背离有关制度理性,亟须检讨同业并购限制、禁止的规制逻辑是否仍有其存续价值;遏制非理性并购还需要限制并购频次,让并购保持合理节奏;完全以自有资金进行的并购交易,通常不会发生"忽悠式"重组,但融资并购乃并购之常态,证监会对并购融资之鼓励又在一定程度上促成了并购活跃及非理性并购。在IPO严管时代,借壳、买壳式并购交易符合中国商业实践需求,却因存在与IPO竞争的内生局限而受到证监会严格规制,因借壳、买壳主体多为实体企业,这种规制还可能影响实体经济发展。根据并购者退出企业的时间长短不同,分别设计不同的所得税率,遏制短期的投机型并购交易,鼓励长期的投资型并购交易,是沉淀并购投资、支持并购交易"脱虚向实"的又一举措。
The increasing activity of listed companies’M&A is not all resulting from the impetus of normal commercial interests.From the pure market point of view,the regulatory authorities have the responsibility to eliminate the irrational M&A activities.If the capital market has its preset functional purpose and service direction,the CSRC can regulate the M&A by increasing the cost of irrational M&A activities,making the M&A transaction a service for the real economic financing development.Rational M&A is a business decision with its normal trading structure and rhythm.The CSRC can regulate the irrational trade in the types of operation,the frequency,the financing channels and scale,the mode and the exit channels of the M&A activities.Inter-industry M&A is the most rational mode.However,it is deviating from institutional rationality.We urgently need to review whether the regulatory logic of inter-industry M&A restriction or prohibition still has its existence value.In order to curb the irrational M&A,it is necessary to limit the frequency of it so as to maintain a reasonable rhythm.The M&A transaction with its own funds does not usually lead to bluffing M&A.Nevertheless,the leverage buyout is normal,and the encouragement of CSRC to leverage buyout has contributed to the activity of M&A and the existence of irrational M&A.In facing with the strict scrutiny of IPO,backdoor listing or shell-buying transactions are in accordance with the demand of Chinese business practices,but it is strictly regulated by the CSRC because of the inherent limitation of its competition with IPO.Since the main bodies of backdoor listing or shell-buying are business entities,the practices may also affect the real economy development.Finally,according to the different timeline of the acquirer withdrawing from the enterprise,curbing the short-term speculative M&A transactions,and encouraging the long-term investment M&A through the design of the different income tax rate is another measure to stabilize the M&A investment and transfer the M&A transaction“from virtual economy to real economy”.
作者
蒋大兴
JIANG Da-xing(Law School,Peking University,Beijing 100871,China)
出处
《现代法学》
CSSCI
北大核心
2018年第5期79-94,共16页
Modern Law Science
基金
2014年度国家社会科学基金重大项目"社会主义市场经济中的公共商行为及其规制"(14ZDC019)
关键词
上市公司
并购
交易
实体经济
listed company
merger&acquisition
transaction
real economy
