【摘要】：杠桿收購融資的本質(zhì)就是舉債收購,即以債務(wù)資本作為主要融資工具。這些債務(wù)資本多以被收購公司資產(chǎn)為擔保而得以籌集,故頗似房地產(chǎn)抵押貸款。黨的十八大報告指出,要“深化金融體制改革,健全促進宏觀經(jīng)濟穩(wěn)定、支持實體經(jīng)濟發(fā)展的現(xiàn)代金融體系,發(fā)展多層次資本市場”。杠桿收購是經(jīng)濟發(fā)展的重要推動力。中央高度重視科學發(fā)展、創(chuàng)新驅(qū)動,而優(yōu)化杠桿收購的融資方式對創(chuàng)新驅(qū)動有著巨大的推動作用。在資本市場中,資金流動迅速、博弈紛繁激烈。沒有規(guī)矩,不成方圓。如果沒有法律提供市場運行規(guī)則,資本市場必然陷入失序和混亂的境地�；仡櫸覈Y本市場成長道路,縱覽發(fā)達國家資本市場發(fā)展歷程,我們可以得到一個啟示：“法治興則市場強,法治弱則市場衰�！钡俏覈F(xiàn)在關(guān)于杠桿收購融資的法律制度沒有體系化、很多部分都是法律真空地帶,非常不利十杠桿收購融資的進行,杠桿收購融資的方式的法律進程嚴重滯后。 本文針對杠桿收購融資的三種主要融資方式,優(yōu)先股法律制度、高收益?zhèn)芍贫�、私募股�?quán)基金法律制度詳細研究。先研究我國這三種融資方式的法律困境,再對照美國相應(yīng)的法律制度,得出我國這三種融資方式的完善措施。 全文共分為四章。 第一章為了能對杠桿收購融資有一個初步的認識,本文首先介紹了杠桿收購融資的概念及特點,融資方式,融資操作流程。然后提出構(gòu)建杠桿收購融資法律制度的意義。最后提出構(gòu)建杠桿收購融資法律制度的基本原則,應(yīng)該在經(jīng)濟效率和意思自治的原則下構(gòu)建杠桿收購融資法律制度。 第二章首先梳理優(yōu)先股、高收益?zhèn)�、私募股�?quán)基金現(xiàn)有法律制度框架。然后在對我國這三種融資方式現(xiàn)狀分析基礎(chǔ)上,指出了這三種融資方式的困境。 第三章詳細介紹了美國優(yōu)先股法律制度、高收益?zhèn)芍贫�、私募股�?quán)基金法律制度,為完善我國這三種融資方式法律制度提供了有益的借鑒。 第四章在借鑒美國經(jīng)驗的基礎(chǔ)上,提出完善我國優(yōu)先股法律制度、高收益?zhèn)芍贫�、私募股�?quán)基金法律制度的措施。
[Abstract]:The essence of leveraged buyout financing is debt buyout, that is, debt capital is the main financing tool. Most of these debt capital is secured by the assets of the acquired company, so it is quite like a real estate mortgage. The report of the 18th National Congress of the Communist Party of China (CPC) pointed out that it is necessary to "deepen the reform of the financial system, improve the modern financial system that promotes macroeconomic stability, support the development of the real economy, and develop a multi-level capital market." Leveraged buyout is an important driving force for economic development. The central government attaches great importance to scientific development and innovation drive, and optimizing the financing mode of leveraged buyout plays a great role in promoting innovation drive. In the capital market, the capital flows rapidly, the game is numerous and fierce. There are no rules, there are no circles. If there is no law to provide the rules of market operation, the capital market is bound to fall into disorder and chaos. Looking back on the growth road of China's capital market and reviewing the development process of capital market in developed countries, we can get a enlightenment: "the rule of law leads to a strong market, and a weak rule of law leads to the decline of the market." However, there is no systematization of the legal system of leveraged buyout financing in our country, and many parts are in the legal vacuum zone, which is very disadvantageous to the development of leveraged buyout financing, and the legal process of leveraged buyout financing is seriously lagging behind. In this paper, the three main financing methods of leveraged buyout financing, preferred stock legal system, high-yield bond legal system, private equity fund legal system are studied in detail. This paper first studies the legal predicament of these three financing methods in our country, and then compares with the corresponding legal system of the United States, and obtains the perfect measures of these three financing methods in our country. The full text is divided into four chapters. In the first chapter, in order to have a preliminary understanding of leveraged buyout financing, this paper first introduces the concept and characteristics of leveraged buyout financing, financing methods, financing operation process. Then it puts forward the significance of constructing the legal system of leveraged buyout financing. Finally, the basic principle of constructing the legal system of leveraged buyout financing is put forward, and the legal system of leveraged buyout financing should be constructed under the principle of economic efficiency and autonomy of will. The second chapter first combs the preferred stock, high yield bond, private equity fund existing legal system framework. Then, on the basis of analyzing the present situation of these three financing methods in China, this paper points out the difficulties of these three financing methods. The third chapter introduces in detail the legal system of preferred stock in the United States, the legal system of high-yield bonds and the legal system of private equity funds, which provides a useful reference for perfecting the legal system of these three financing methods in our country. The fourth chapter, on the basis of drawing lessons from the experience of the United States, puts forward the measures to perfect the legal system of preferred stock, the legal system of high-yield bonds and the legal system of private equity funds in China.
【學位授予單位】：上海師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.287

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