杠杆收购视角下财务资助豁免规则的解释

Interpretation of Financial Assistance Exemption Rules from the Perspective of Leveraged Takeovers

摘要: 新《公司法》引入财务资助制度对公司以提供贷款、担保等方式资助取得公司股份的行为予以原则性禁止，同时辅以“公司利益”为由的豁免规则。该制度直接影响杠杆收购在公司资本运营中的实施路径，杠杆收购在经济学领域被证明具有促进被收购公司业绩增长、提升公司价值的作用。作为一种特殊的财务资助，其以取得目标公司控制权为目标，现有财务资助豁免规则未针对杠杆收购进行区分，故在适用时有解释的必要和空间。建议将“公司利益”概念落实为净资产维持规则和董事偿债能力申明规则，将决议机构限缩解释为股东会，以保障杠杆收购发挥正外部性。

Abstract: The new Company Law introduces a financial assistance system to prohibit companies from providing loans, guarantees, and other forms of assistance to acquire company shares in principle, supplemented by exemption rules based on “company interests”. This system directly affects the implementation path of leveraged buyouts in corporate capital operations. Leveraged buyouts have been proven in the field of economics to promote the performance growth of the acquired company and enhance its value. As a special type of financial assistance aimed at obtaining control of the target company, the existing exemption rules for financial assistance do not differentiate between leveraged buyouts, so there is a need and space for interpretation when applied. It is suggested to implement the concept of “company interests” as rules for maintaining net assets and declaring the solvency of directors, and to limit the interpretation of the decision-making body to the shareholders’ meeting, in order to ensure the positive externalities of leveraged buyouts.