反向子公司并购中的法律问题研究——从美中两国公司并购形态的角度

A Research on the Issues in Reverse Subsidiary Merger & Acquisition——from the perspective of Merger & Acquisition in America and China

美国法上的反向子公司并购作为反向B型重组,不同于我国反向子公司并购形态,在并购目的、环境、对价等方面两国各有其特点,反向子公司并购最重要的一点是(并购公司)母公司利用(并购公司的)子公司对目标公司进行并购,从而实现对并购公司的并购目的,至于具体的并购行为则可以灵活多样。反向子公司并购有着其鲜明的可行性特点,比如避开少数股东阻挠、子公司债务隔离屏效应以及税法上的优遇,这些都使得反向子公司并购有着强烈的促进和规范意义,值得仔细分析。

As the B reorganization, the reverse subsidiary merger ＆ acquisition in American law differentiates from its Chinese forms, concretely in the purposes, backgrounds and considerations, etc. The most important point in reverse merger ＆ acquisition is that the acquiring company proceeds the merger ＆ acquisition towards the target company by taking advantage of the functions of subsidiary company, thus realizing the goals of merger ＆ acquisition, and the forms of merger ＆ acquisition could be various and flexible. The feasibility of the reverse merger ＆ acquisition possesses its distinctive traits, such as the avoidance of the minority shareholders＇ obstruction, the reduction of liability exposure by subsidiary and the reverse motion for tax reasons, which make the reverse subsidiary merger ＆ acquisition has a great significance in being promoted and standardized, being worthy of analyzing in detail.