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“上市公司+PE”模式并购基金是以上市公司作为有限合伙人,以PE机构作为普通合伙人的一种新型私募基金,本文从新模式并购基金的法律模型出发,分解出上市公司、PE机构和其他有限合伙人三类交易主体,考察它们在现有法律框架下的互动以及各方名义上的权利义务分配。以此为基础,本文进一步剖析了法律模型掩盖下真实的经济逻辑,从双层委托一代理关系和激励机制设计两方面入手,揭开上市公司“名为LP,实为GP”的真实身份。“上市公司+PE”模式并购基金必须解决其法律模型与经济逻辑之间的悖论,否则此模式将会导致较高的交易风险,扰乱已有法律框架下的交易秩序。
“Listed company + PE ” mode M & A fund is a new type of private equity fund with listed company as a limited partner and PE corporation as a common partner. Based on the legal model of the new model M & A fund, this paper decomposes the listed companies, PE Institutions and other limited partners of the three types of trading subjects to examine their interaction under the existing legal framework and the nominal distribution of rights and obligations of all parties. Based on this, this article further analyzes the real economic logic under the cover of the legal model. Starting from the double entrustment-agency relationship and the design of incentive mechanism, the paper reveals the truth of the listed company “named LP, actually GP ” Identity. “Listed Company + PE ” Model M & A funds must solve the paradox between its legal model and economic logic, otherwise this model will lead to higher transaction risk and disrupt the trading order under the existing legal framework.