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对于企业并购中的合同责任,《合同法》买卖合同一章的规定应参照适用。无论是资产并购还是股权并购,只有作为企业的整体存在瑕疵时,才构成企业并购标的的瑕疵。在股权并购场合,应抛弃德国司法实践和学界通说的做法,不必探求转股比例为多少时股权转让才构成企业买卖,而是应承认权利(包括股权)买卖时也可能存在物的瑕疵。因而对于企业并购交易中标的瑕疵的认定,关键是根据《合同法》第61条及第62条第1项的合同解释规则探求买卖标的的应然状态。
For the contractual responsibility in mergers and acquisitions, the provisions of the chapter of “Contract Law” in the contract of sale and purchase shall refer to the applicable ones. Whether it is asset acquisition or equity M & A, it will only constitute a flaw in the bidding of an enterprise if it exists as a flaw in the whole enterprise. In equity mergers and acquisitions, Germany should abandon the practice of judicial practice and academics say, not to explore the proportion of shares when the transfer of shares constitutes a business deal, but should recognize the rights (including equity) may exist when the sale of flaws. Therefore, the key to determining the successful flaw in the M & A transactions is to explore the status of the bidding and selling target according to the contract interpretation rules of Article 61 and Article 62 (1) of the Contract Law.