科技型企业股权融资中隐形债务规制应遵循的原则——从一起股权并购失败案例说起

The Principles to Be Followed about the Regulatory of Hidden Debt in Science and Technology Enterprises Stock Financing——Speaking from a case of equity merger cheating

科技型企业股权并购中被收购企业的隐形债务常常侵蚀新股东的经济利益,而目前的法律制度在规制股权融资中隐形债务施虐问题上处于失范的状态。由于股权并购人无法利用制度工具保护自己权益,导致很多从经济上本该完成的股权收购事项没有完成。因此,建构公司隐形债务规制制度对于促进股权投资的健康发展,完善股权投资基金退出机制和维护金融市场的良好秩序具有至关重要的意义。

The acquired company’s hidden debts often erode the economic interests of new shareholders in the equity merger of science and technology enterprises. But, The legal system on the regulation of the hidden debts in equity financing does not exist, at present. Because people can’t take advantage of equity acquisition system tools to protect their rights, many cases about stock financing that should have been finished from the perspective of economy are not finished. Therefore, the construction of the regulatory of hidden debt is provided with important significance for the promotion of the healthy development of equity investment, the improvement of the construction of the exit mechanism for equity investment funds and the maintenance of good order in the financial markets.