“期待价值权”在并购交易中的运用

The Use of Contingent Value Rights in the M&A

"期待价值权"(Contingent Value Rights)在西方投资领域及法律实务中已经被广泛使用,但是在理论上却缺少系统深入的研究。而在中国,期待价值权还是一个新生事物,甚至目前尚未有相对应的中文术语。"期待价值权"是一种期权。它的出现有利于推动并购交易的顺利进行,特别是当并购双方对并购目标公司价值评估存在严重差异时,当双方对目标公司尚在研发中产品的价值无法作出准确判断时,"期待价值权"可以帮助减少并购方的风险,同时可以维护被并购方股东的权益。本文亦分析了"期待价值权"在美国的一些并购案,特别是医疗行业的并购案中的应用,从而给"期待价值权"在我国未来的并购案中的广泛运用提供参照。

Contingent Value Rights （CVR） is a tool used very often in the mergers and acquisitions in western countries in recent years. It helps facilitate the M＆A files to move on smoothly. It functions very well particularly in the files in relation to the seller whose strategic new product is still under development and the buyer whose stock price is fluctuating. The application and practice of CVR is universally ahead of its study and research. There is no specific chapter about CVR in most of the M＆A books in western countries. This new concept has not been introduced into China yet. Therefore, there is no Chinese terminology to match CVR at this moment. However, CVR is playing a more and more significant role in the M＆A practices. It is believed that CVR will be applied in the M＆A cases in China shortly.