从特斯拉收购案看整体公平审查中的评估问题  

Valuation in Entire Fairness Test from the Tesla Acquisition Case

作　　者：杨小强[1] 何烨盈 Yang Xiaoqiang;He Yeying(Sun Yat-sen University,School of Law,Guangzhou 510275)

机构地区：[1]中山大学法学院,广州510275

出　　处：《中国资产评估》2024年第4期52-60,共9页Appraisal Journal of China

摘　　要：本文聚焦于特斯拉收购案中整体公平审查所体现的评估问题。通过对该案的事实介绍与裁判分析,归纳总结出美国特拉华州最高法院就收购价格是否符合整体公平的判决要点,并根据判决提出以下三点启示:第一,评估收购价格的整体公平性应当兼顾程序与实体;第二,收购程序瑕疵并不当然影响收购价格公平;第三,收购价格公平需要考量影响股票价值的众多因素,包括现金流、协同价值和市场证据等。This article focuses on the valuation embodied in the entire fairness test in the Tesla acquisition case.It summarizes the key points of the U.S.Supreme Court of Delaware's decision on whether the acquisition complied with the entire fairness through the introduction of the facts and analysis of the decision,and puts forward the following three inspirations based on the decision:Firstly,the entire fairness of the acquisition price should be assessed by taking into account both the procedure and the entity.Secondly,the flaws in the acquisition procedure do not necessarily affect the fairness of the acquisition price.Thirdly,the fairness of the acquisition price requires consideration of numerous factors affecting the value of the stock,including cash flow,synergy value and market evidence.

关 键 词：收购 整体公平 公平交易 公平价格 

分 类 号：F224[经济管理—国民经济]