杠杆收购风险转移中的利益平衡机制建构

The Establishment of the Interests Balance Mechanism in Dealing with Risk Transfer Issue of Leveraged Buyouts

在我国供给侧结构性改革的背景下,随着资本市场的不断发展,融资渠道的打开,杠杆收购必将成为一种常态的公司并购方式。在杠杆收购中,收购方通过改善目标公司盈利状况来提升其企业价值,用产生的现金流偿还融资债务,降低目标公司杠杆率,以获得收购方退出时的最大价值。杠杆收购在进行财富重新洗牌的同时,也对风险进行了重新配置,比如目标公司股东的求偿顺序本应劣后于公司的有担保和无担保的债权人,但是经过杠杆收购,其以高溢价获得了一笔收购资金,相当于优先债权人受偿,这就将风险转移给了无担保债权人。应当允许目标公司无担保债权人根据《民法典》和《企业破产法》提起杠杆收购无效之诉或撤销之诉,但同时不能忽视仍有可能引起的系统性风险。处理好杠杆收购交易相关方的利益平衡,才能促进资本市场稳健的发展。

Under the background of China’s supply-side reform,with the continuous development of capital market and the opening of financing channels,leveraged buyouts will become a normal way of corporate mergers and acquisitions.In a leveraged buyout,the acquirer enhances the value of the target company by improving its profitability,repays the debt with the regenerated cash flow,and reduces the leverage of the target company to obtain the maximum value when the acquirer exits the target company.Leveraged buyouts are accompanied by a reshuffle of wealth and reconfigurations of risks.Target company’s shareholders’claims should have been subordinated to the target company’s secured and unsecured creditors,but they obtain the buyout funds at a high premium in a leveraged buyout,subrogating the creditors’claims,thus shifting the risk to unsecured creditors of the target company.The unsecured creditor of the target company should be allowed to file an invalidation or avoidance claim according to the Civil Code and the Enterprise Bankruptcy Law,but at the same time the systemic risks that this may arise should not be ignored,and the conflicts among unsecured creditors and leveraged buyouts participants should be carefully balanced.