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在全球性经济衰退和中国政府号召金融促进经济发展、支持金融创新的大环境下,2008年12月6日中国银监会发布了《商业银行并购贷款风险管理指引》(下文简称《指引》),首次明确了符合条件的商业银行可以开展并购贷款业务。所谓并购贷款,是指商业银行向并购方企业或并购方控股子公司发放的,用于支付并购交易价款的本外币贷款(《指引》第四条)。这种在中国市场尚属创新的金融工具为拟进行并购的企业提供了一条有效的融资
In the global economic recession and the Chinese government’s call for financial economic growth and financial innovation support, CBRC released the “Guidance on Risk Management of M & A Loans for Commercial Banks” (hereinafter referred to as the “Guidelines”) on December 6, 2008, for the first time Clear that eligible commercial banks can carry out M & A loan business. The so-called M & A loans refer to the loans denominated in domestic and foreign currencies used by commercial banks to pay for the price of M & A transactions (Article 4 of the Guidelines) issued by the commercial banks to the controlling subsidiaries of the merged party or the controlling subsidiaries of the M & A party. Such innovative financial instruments in the Chinese market provide an effective financing for the proposed M & A businesses