求解并購維權(quán)困局

MA is an important route for enterprises to enhance their competitiveness and grow bigger and stronger， and a general business practice and market behavior under market economy conditions. After China’s reform and opening up， with the gradual establishment of market economic system， the rise of a variety of MA intermediary organizations， and the development of capital markets， mergers and acquisitions activities gradually become active. However， observations on mergers and acquisitions， whether domestic integration or overseas acquisitions， reveal that damages to MA rights of involving parties are rather common. There are cases where the buyers encountered inflated financial metrics， or the sellers encountered term traps， or MA intermediaries did not receive service fees on schedule， or small shareholders were forced to accept decisions of the major shareholders and damages to their interests， etc. How to protect interests of all parties in an acquisition？ How can we form a good MA order？

并購是企業(yè)提升競爭力做大做強的一個重要途徑，隨著中國市場經(jīng)濟體制的逐步建立，企業(yè)并購活動漸趨活躍，尤其是中國入世之后，并購成為企業(yè)的常態(tài)。然而，縱觀企業(yè)的并購，無論是國內(nèi)整合還是海外并購，相關(guān)方權(quán)益受損的情況比較普遍，買方遭遇財務(wù)注水，賣方遭遇條款陷阱，并購中介拿不到服務(wù)費，小股東在收購過程中受大股東左右導(dǎo)致權(quán)益受損，等等，究竟怎樣才能維護各方的并購權(quán)益？中國并購公會發(fā)起成立并購仲裁委員會，無疑對并購維權(quán)以及建立良好的并購市場秩序提供了一種解決方式，但畢竟并購是一項極為復(fù)雜的企業(yè)行為，涉及多方利益，如何保證各方正當和合理合法的利益不受損害，顯然我們還有很長的路要走。