国际投资中反向并购的法律规制

发布时间：2018-03-25 07:00

本文选题：反向并购　切入点：融资　出处：《复旦大学》2011年硕士论文

【摘要】：从二十世纪80年代的空壳公司上市到2005年开始兴起的特殊目的收购公司(SPAC)反向并购在世界资本市场作为一种主要融资方式受到了广泛的关注。对于境内非上市公司来说,通过反向并购买壳上市具有比IPO决捷、法律关系简单、监管宽松的优势。同时,它又比设立特殊目的公司返程投资的融资方式审批流程便捷,没有必须要在一年内完成上市的时间限制,并且可以通过换股的方式一步到位完成买壳和装壳,实现境内资本境外上市融资。然而,自2006年《关于外国投资者并购境内企业的规定》(“《并购规定》”)发布以来,境内非上市公司通过反向并购登陆美股市场的脚步明显放缓。同时,对股权作为反向并购支付方式的限制性规定也成为了SPAC并购在我国蓬勃发展的催化剂。SPAC颠覆了传统反向并购先买壳再装壳的理念,用造壳、上市、再并购这三个步骤完成境内企业上市融资的目的。并且,SPAC因为是先募集资本再进行定向并购,其可以用现金进行收购的能力成为了《并购规定》出台后的一大亮点。但是,SPAC并购与融资型反向并购一样,有其潜在的风险。随着越来越多通过反向并购在美股上市的公司暴出审计及财务报告纠纷,联邦证券交易委员会(“SEC”)已经开始关注在美上市中国公司的公司治理和披露义务。如果不遵守美国上市公司的审计规则,甚至会被SEC起诉从而功亏一篑。另外,即使境内公司成功实现了从柜台交易市场(‘'OTCBB")转板NASDAQ,许多公司经历了一开始的高额溢价发行之后被私募等投资机构大量抛售,使股价一落千丈,不仅没有达到融资的初始目的,反而遭受了巨额损失,而不得不通过拆股的方式避免遭受退市的处罚。本文针对以上情况对我国已有的监管措施中存在的问题,以及对于我国企业通过SPAC并购境外上市中存在的风险可能做到的监管审查和对境内企业的帮助,提出了自己的看法。希望能够为监管机关在立法过程中提供一些帮助,也能为境内公司境外上市融资提供参考和借鉴。
[Abstract]:From the shell company listing in the 1980s to the special purpose buy-out company (SPAC) which began to rise in 2005, reverse mergers and acquisitions have received extensive attention as a major financing method in the world capital market. Listing by reverse and buying a shell has the advantage of being easier than IPO, simple legal relations, and easy to regulate. At the same time, it is more convenient than the approval process of setting up a return financing method for special purpose companies. There is no time limit on the need to complete the listing within one year, and it is possible to purchase and shell the shell in one step by means of a stock exchange to finance the domestic and overseas listing of capital. Since the release of "regulations on merger and acquisition of domestic Enterprises by Foreign investors" in 2006, the pace of landing of domestic non-listed companies in the US stock market through reverse mergers and acquisitions has slowed obviously. At the same time, the restrictive regulation of equity as the payment method of reverse merger has also become the catalyst for the vigorous development of SPAC M & A in our country. Because SPAC is to raise capital first and then conduct targeted M & A, its ability to purchase with cash has become a bright spot after the introduction of M & A regulations. However, SPAC mergers and acquisitions, like financing reverse mergers, have their potential risks. As more and more companies listed in the United States through reverse mergers and acquisitions burst out of audit and financial reporting disputes, The Federal Securities and Exchange Commission ("SEC") has begun to focus on corporate governance and disclosure obligations for Chinese companies listed in the United States. Even if domestic companies successfully realized the conversion of NASDAQ from the over-the-counter trading market to NASDAQ, many companies experienced a massive sell-off by private equity and other investment institutions after the initial high premium issue, causing the stock price to plummet, not only failing to achieve the initial purpose of financing. Instead suffered huge losses and had to avoid delisting through the way of delisting punishment. This paper aims at the problems existing in the existing regulatory measures in China under the above circumstances, as well as the possible regulatory review and assistance to domestic enterprises for the risks that exist in the M & A overseas listing of Chinese enterprises through SPAC. The author hopes to provide some help for the regulatory authorities in the process of legislation, and also to provide reference and reference for domestic companies' overseas listing financing.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996.4

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