价格区间保护机制是国外并购实践中丰富多样的支付方式之一,近几年的使用频率越来越高。区间机制可以减轻并购双方的信息不对称状况,减少交易成本,限制逃离卖空行为,同时控制并购交易风险,从而为并购双方创造价值。区间机制的成功设计需要重点关注一些关键因素,它依赖于促进使用者的技巧经验和资本市场的成熟程度。
Collar is one of the variety payment methods in foreign M&A, and has been used more and more in recent years. Collar can mitigate information asymmetry between acquirer and target, reduce transaction costs and restrict the short selling behavior, manage the risk of M&A, so it can create value for both parties. A successful Collar design need to focus on some key factors, It depends on the user's experience and skill and the development of capital markets, and also can promote the healthy development of the M&A and capital markets.