外资并购中目标企业债务处理的法律问题研究

发布时间：2019-06-16 12:38

【摘要】：外资并购境内企业是一项复杂的交易活动,而外资并购中对目标企业债务的处理则是并购交易中非常重要的一部分。对目标企业债务的处理妥善与否,关系着外国投资者、目标企业及其股东、目标企业的现有债权人以及目标企业的潜在债权人等多方的利益,必须引起重视。本文主要从民商法的角度对与外资并购中目标企业债务的处理有关的重要法律问题进行了分析和探讨,并提出了作者的一些见解。本文在结构上共分为三章,主要内容如下: 第一章第一节对外资并购的概念进行界定,并在与绿地投资进行比较的基础上就外资并购投资的特点作进一步阐述;第二节对外资并购的两种法定的基本模式即股权并购和资产并购的概念进行界定,并具体分析了股权并购和资产并购这两种模式的特点。本章通过对外资并购基本问题的介绍,为下文就外资并购中目标企业债务处理的法律问题进行分析和探讨奠定了基础。第二章第一节对外资并购中目标企业债务的类型作简单介绍,特别是对现有债务和潜在债务、披露的债务和隐形债务进行区分;第二节对外资并购中目标企业债务处理的规则进行分析并得出结论——除各方对目标企业债权债务的处置另有约定外,无论是股权并购还是资产并购,目标企业的原有债务在并购后均由目标企业承担;第三节分析了外资并购中目标企业债务处理的一些特别要求,即债权转让应通知债务人,债权转移应取得债务人同意,以及资产并购中目标企业应通知债权人并发布公告的义务。目前理论上对债权转让的生效要件仍存在争议,本文在分析后得出作者的观点,即债权转让行为以通知到达债务人为生效要件。第三章第一节首先介绍了股权并购中可能存在的隐形债务的几种情形,并通过对外资并购中目标企业债务处理的规则的分析得出:外资并购中的隐形债务风险主要存在于股权并购中,而资产并购中外国投资者一般不会遭受隐形债务风险;进而对外国投资者应采取哪些措施来防范股权并购中的隐形债务风险提出建议。第二节就资产并购中的目标企业在出售资产并办理清算注销之前的行为(如生产销售产品、排放化工厂污水等)引起的而在其注销后才出现损害的潜在债务,应由谁来承担的问题进行分析并提出作者的观点,即在目标企业为合伙企业或个人独资企业的情况下,应由合伙企业的原普通合伙人或者个人独资企业的原投资人(在5年内)承担责任;在目标企业为公司的情况下,应由目标公司的股东在其取得的目标公司的剩余财产的范围内承担责任。
[Abstract]:The merger and acquisition of domestic enterprises by foreign capital is a complex transaction activity, and the treatment of the debt of the target enterprise in the merger and acquisition of foreign capital is a very important part of the merger and acquisition transaction. The proper handling of the debt of the target enterprise is related to the interests of foreign investors, the target enterprise and its shareholders, the existing creditors of the target enterprise and the potential creditors of the target enterprise, which must be paid attention to. This paper mainly analyzes and discusses the important legal issues related to the treatment of the debt of the target enterprise in the merger and acquisition of foreign capital from the perspective of civil and commercial law, and puts forward some opinions of the author. This paper is divided into three chapters in structure, the main contents are as follows: the first section of the first chapter defines the concept of foreign capital M & A, and further expounds the characteristics of foreign capital M & A investment on the basis of comparison with green space investment; The second section defines the two legal basic models of foreign capital mergers and acquisitions, namely equity mergers and acquisitions and asset mergers and acquisitions, and analyzes the characteristics of equity mergers and acquisitions and asset mergers and acquisitions. Through the introduction of the basic problems of foreign capital mergers and acquisitions, this chapter lays a foundation for the following analysis and discussion on the legal issues of debt treatment of target enterprises in foreign capital mergers and acquisitions. The first section of the second chapter briefly introduces the types of debt of the target enterprise in the merger and acquisition of foreign capital, especially the distinction between the existing debt and the potential debt, the disclosed debt and the invisible debt. The second section analyzes the rules of the debt treatment of the target enterprise in the foreign capital merger and acquisition, and draws the conclusion that unless the parties agree otherwise on the disposal of the creditor's rights and debts of the target enterprise, whether it is equity merger or asset merger, the original debt of the target enterprise shall be borne by the target enterprise after the merger and acquisition. The third section analyzes some special requirements of the debt treatment of the target enterprise in the foreign capital merger and acquisition, that is, the transfer of the creditor's rights should notify the debtor, the transfer of the creditor's rights should obtain the consent of the debtor, and the obligation of the target enterprise to notify the creditor and issue the announcement in the asset merger and acquisition. At present, the effective elements of the assignment of creditor's rights are still controversial in theory. After the analysis, this paper draws the author's point of view, that is, the act of assignment of creditor's rights takes notice to arrive at the debtor as the effective element. The first section of the third chapter first introduces several situations of hidden debt that may exist in equity mergers and acquisitions, and through the analysis of the rules of debt treatment of target enterprises in foreign mergers and acquisitions, it is concluded that the invisible debt risk in foreign mergers and acquisitions mainly exists in equity mergers and acquisitions, while foreign investors generally do not suffer from invisible debt risks in asset mergers and acquisitions; Then it puts forward some suggestions on what measures should be taken by foreign investors to prevent the hidden debt risk in equity mergers and acquisitions. Section II analyzes the question of who should bear the potential debt caused by the sale of assets and liquidation and cancellation of the target enterprise (such as the production and sale of products, the discharge of chemical plant sewage, etc.) and puts forward the author's point of view, that is, if the target enterprise is a partnership or a sole proprietorship enterprise, The responsibility shall be borne by the former general partner of the partnership or the original investor of the sole proprietorship enterprise (within 5 years); In the case of the target enterprise as the company, the shareholders of the target company shall bear the responsibility within the scope of the remaining property of the target company obtained by the target company.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.295;F275

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