并购交易中购买价格调整机制研究

Study on consideration adjustment mechanisms in M&A deals

随着我国海外投资规模的逐年增加,海外并购交易日益增多,由于并购交易方式的复杂性和非即时性,以及并购合同中对购买价格机制规定的不完善或交易者认识上的错误,导致交割时或交割后买卖双方分歧和纠纷多有发生。分析目前两种通行购买价格机制,即"基于交割帐户的价格调整机制"和"锁箱"机制产生的背景和主要差异,区分了资产收购和公司收购,详细论述两种机制的具体调整方法。"锁箱"机制因能更好地保护卖方利益,通常更受卖家青睐,"基于交割帐户的价格调整机制"则更受买家喜欢。

With the increase scale of China＇s overseas investment year by year and increasing rise of overseas mergers and acquisitions, disputes between buyers and sellers in or after the transaction happened more often than not because of the complexity non-immediacy of MA and the imperfect consideration mechanism in MA contract or the error of traders＇ cognition. This paper analyzes the historical background and the main differences on the current two consideration mechanisms, namely Locked-box Mechanism and Price Adjustment Mechanism based on Closing Account; differentiates asset acquisition and corporation acquisition, elaborates the specific method of adjustment for the two mechanisms. The Locked-box Mechanism can favor sellers more because it protects the seller＇s interests better, while the Price Adjustment Mechanism based on Closing Account is more welcomed by buyers.