中国资本市场换股并购现金选择权问题研究

发布时间：2018-04-22 08:19

本文选题：换股并购 + 现金选择权　；参考：《东北财经大学》2012年硕士论文

【摘要】：2004年4月,第一百货换股吸收合并华联商厦一案是现金选择权制度在我国的首次登场,此后兴起的换股并购浪潮中,30多宗换股并购案例均有现金选择权安排,我国资本市场随之进入了新时代。现金选择权制度是我国资本市场的一项制度创新,当公司发生重大事项时可以保护中小股东权益。但由于缺乏相关法规的制约,现金选择权制度在实践中过于自由,业界对现金选择权制度有很多不同的理解,引发了诸多矛盾。而现金选择权制度在设计上也存在许多缺陷,这削弱了对中小股东的保护功能,有违现金选择权制度的初衷。本文从传统的公司理论出发,分析了现金选择权的法律理论渊源。总结我国已经顺利完成的所有设计了现金选择权的25起换股并购案例,对现金选择权的行权主体、行权条件、定价方法、行权风险收益等方面做了实证分析。针对几起有独创设计的案例做了重点分析,评价其中的设计思路的成败和可移植性。最后提出了重新建立现金选择权制度的一种方案。现金选择权制度是在以换股为支付方式的上市公司合并、分立、资产重组时,相关股东选择以合理对价向特定方出售所持股份并且退出公司的权利。现金选择权有特殊的行权条件：情形只限于收购公司以股份或证券作为对价收购股份、获得目标公司控制权以及通过换股进行合并或其他转移控制权的公司重大事项。在我国早期换股并购案例中,现金选择权的申报是无条件的,即所有目标公司股东都有权申报现金选择权。在2008年之后的换股并购案例中,一般要求目标公司股东必须在股东大会上就并购事项投出有效反对票,并将相应股份持有至约定的到期日,才有资格申报现金选择权。当发生换股吸收合并等重大公司事项时,对于目标公司股东来说,是否申报并行使现金选择权是一个关键问题。如果目标公司股东选择不行权,则其手中持有的目标公司股份会按照并购协议约定的换股比例自动换成并购公司股份。若并购公司在换股吸收合并后股价走强,选择不行权的原目标公司股东将会获得收益；若并购公司在换股吸收合并后股价走弱,选择不行权的目标公司股东将会蒙受损失。如果目标公司股东选择行使现金选择权,则其可以在并购协议约定的期限里立即将手中股份以一个不低的价格变现离场,这就避免了将来并购公司或者新立公司股价走弱进而使其产生损失的风险。但是同时,行使了现金选择权也意味着这部分股东将失去未来因为并购公司股价走强而产生的获利机会。通过对理论和实践的分析,本文得到的主要结论是：现金选择权属于股东退出权,用于在并购中保护中小股东的利益；现金选择权是发生吸收合并、新设合并、分立等重大公司事项时的制度安排,申报主体是目标公司的股东,由同并购公司签订协议的第三方公司收购目标公司股东申报的现金选择权,并将其按照换股价格全部换取并购公司股份；现金选择权定价采用市场定价法,参考标的股票在决议公告日前的市场公允价值；行使现金选择权的收益一般低于参与换股的收益；现金选择权可以为二级市场带来中短期无风险套利投资机会；灵活的现金选择权设计能够促进并购事项顺利进行,不合理的设计可能导致并购失败；现金选择权不同于异议股东回购请求权,二者有各自的适用领域,不能相互替代。
[Abstract]:In April of 2004 , the first department of stock exchange and merger and merger of Hualian Commercial Building was the first time in China . In the new wave of M & A , more than 30 M & A cases had cash option arrangement , and our country ' s capital market entered a new era .

The cash option system is a system innovation in our country ' s capital market . When the company has big business , it can protect the minority shareholders ' equity . However , because of the lack of relevant regulations , the cash option system is too free in practice . The industry has many different understandings about the cash option system , which has caused many contradictions .

Based on the traditional theory of corporation , this paper analyzes the origin of the legal theory of cash option right , summarizes all the 25 cases of change and acquisition of cash option right , and makes an empirical analysis on the main body of cash option , the condition of the bank , the pricing method and the income of the bank ' s right .

In the case of merger and acquisition , the shareholders of the target company have the right to declare the cash option . In the case of merger and acquisition after 2008 , the shareholders of the target company will have the right to declare the cash option . In the case of merger and acquisition after 2008 , the shareholders of the target company will have the right to declare the cash option .
If the M & A company moves weaker after the stock exchange absorbs the merger , the shareholders of the target company that do not have the right to choose the right will be lost . If the target company ' s shareholders choose to exercise the cash option , they can immediately leave their shares at a low price in the time limit agreed in the merger agreement , which avoids the risk of future M & A companies or the new company ' s share price going weak and thus causing losses . But at the same time , the exercise of the cash option also means that this part of the shareholders will lose the future because the M & A company ' s share price is stronger .

Based on the analysis of theory and practice , the main conclusion is that cash option belongs to shareholder ' s withdrawal right and is used to protect the interests of small and small shareholders in the merger and acquisition .
The cash option is the institutional arrangement in the event of absorption and consolidation , new merger , division and other major corporate matters , the subject of application is the shareholder of the target company , the third party company that has signed the agreement with the M & A company acquires the cash option of the shareholder declaration of the target company , and shares it in exchange for the shares of the M & A company ;
Cash option pricing adopts the market pricing method , and the reference stock is fair value in the market prior to the announcement of the resolution ;
The proceeds of the exercise of the cash option are generally lower than those involved in the exchange of shares ;
The cash option can provide short - term and non - risk arbitrage investment opportunities for the second - level market ;
Flexible cash option design can promote merger and acquisition , unreasonable design may lead to M & A failure ;
The cash option is different from that of the objection shareholder ' s right to buy back , both of which have their respective fields of application and cannot be replaced with each other .

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】