论股权并购尽职调查中法律责任.pdfVIP

论股权并购尽职调查中的法律责任 摘 要 无论经济处于高涨时期，还是萧条时期，公司并购在资本市场中 一直占有重要地位，其中，股权式并购是通常采用的主要方式。此类 并购交易一般涉及的金额大、时间长、交易复杂，在股权并购合同签 定前，收购方所进行的尽职调查是估价标的公司、控制并购风险、确 定双方法律责任的重要途径。在并购尽职调查过程中，如果收购方对 于被收购方已经披露或提供的信息，由于过失、疏忽等原因而没有发 现而所造成的自身损失，应当自己承担缔约过失责任；而对于收购方 明确要求提供的信息，这里的明确要求提供的信息，必须为具体的且 被收购方所理解的信息而没有提供，被收购方应承担缔约过失责任。 对于收购方没有要求的或没有预测到的信息，原则上，被收购方应承 担瑕疵担保责任，但是瑕疵担保责任的承担应严格掌握，要以信息为 重大及对收购交易本身有重要影响为前提。股权并购尽职调查过程 中，收购方对所提供信息的审查、被收购方对信息的提供，关系到双 方法律责任的认定，因此，如何把握信息的审查与信息的提供尺度， 也是并购尽职调查的重要问题。 关键词：股权并购 尽职调查 缔约过失 瑕疵担保 A RESEARCH OF LEGAL LIABILITIES IN DUE DILIGENCE FOR SHARE PURCHASE ABSTRACT Merger Acquisition always play an important role in capital market, whether in the period of economy upswing or in the period of economy depression. Share Purchase is one of main means adopted among such transactions. General speaking, these transactions are very complicated with long performance period and involving large amount of money. Due Diligence by purchaser is one of the efficient ways for the evaluation, risks control and identifying the legal liabilities of relevant parties. In the process of Due Diligence, the purchaser shall be responsible for not finding the problems existed in the materials and information supplied or disclosed by the purchased in view of neglect and fault. However, the seller shall be responsible for not providing the materials and information specially required by the purchaser, which is clearly understood by the purchased. In principle, the seller shall guarantee no existence of incumbrances for the materials and information not required or not predicted by the purchaser, however, such materials or information must be very important or have much effect on the transaction. How to provide the material and information and how to check