霍金豪森律師事務(wù)所演講稿PPT

LegalConsiderationsonOverseasInvestmentbyChineseEnterprises

中國企業(yè)海外投資有關(guān)法律問題WeiJunCo-ManagingPartner聯(lián)席執(zhí)行合伙人Hogan&HartsonL.L.P·豪森律師事務(wù)所

BeijingandShanghaiOffices北京/上海代表處

InvestmentMode

投資模式

Legal&TaxStructuring法律/稅收結(jié)構(gòu)

CorporateGovernance公司治理

LocalLegalExposure當?shù)胤娠L(fēng)險

Risks&Prevention

風(fēng)險與預(yù)防

MainIssuestoThinkAbout

主要考慮的因素2GreenfieldInvestment綠地投資Cashinvestment現(xiàn)金投資Investmentwithacquiredassets吞并投資InvestmentthroughM&A并購?fù)顿YAcquireandcontrolanexistingcompany吞并控制現(xiàn)存公司Buyintoanexistingcompanythroughsharepurchase通過購入股票,買進現(xiàn)存公司Otherinvestment其他投資Generaterevenuebyprovidingspecificservices,includingexplorationanddevelopment,equipmentlease,etc.通過提供包括勘探和開發(fā)及設(shè)備租借在內(nèi)的特殊服務(wù)獲取利潤Investthroughspecificrisksharingarrangement,includingoil,gasandmineexplorationandexcavation,andproductsharingagreements通過包括石油、天然氣及礦物勘探和發(fā)掘以及產(chǎn)品分攤協(xié)議等特別風(fēng)險分攤協(xié)議進行投資

InvestmentMode投資模式3Importantissuestobeconsideredundereachmode在每種投資模式下需考慮的重要因素Creditor’sright債權(quán)人的權(quán)利Internalcorporategovernance公司內(nèi)部治理Taximplicationandaccountingconsideration

稅收問題和財務(wù)上的考慮Operationalissues（brandpromotion,etc.）經(jīng)營因素（品牌推介等）

InvestmentMode（continued）投資模式4Greenfieldinvestment綠地投資Advantages:cleandebts,raiseoftaxbasisforassets,relativelylowrisks優(yōu)點：債務(wù)清空，通過資產(chǎn)增加稅收，風(fēng)險相對教小Disadvantages:maybedifficultfortakeoverofexistingbusinessand/orgovernmentpermit

缺點：或許對現(xiàn)存的企業(yè)并夠存在困難或者難以得到政府許可InvestmentthroughM&A通過并購進行投資Advantages:automatictakeoverofexistingbusinessand/orgovernmentpermit優(yōu)點：自動獲得包括政府在內(nèi)的對現(xiàn)存的企業(yè)并購的許可Disadvantages:undertakingofdebtsandemployees,relativelyhighrisks(duediligencenecessary)缺點：將會接受原企業(yè)的債務(wù)和員工，風(fēng)險相對較高（需引起注意）Otherinvestment其他投資方式Advantages:improvementofChineseenterprises’internationalcompetitionstrength,higherreturn優(yōu)點：提高中國企業(yè)的國際競爭力，高回報Disadvantages:relativelyhigherrisks缺點：風(fēng)險相對較高

InvestmentModel（continued）投資模式5Factorstobeconsideredforcorporatestructure：公司結(jié)構(gòu)需考慮的因素Establishbusinessentitiesbasedonbusinesstypesandparticularindustrialrisks

基于商業(yè)模式和具體產(chǎn)業(yè)風(fēng)險,建立商業(yè)實體Establishspecialpurposevehicleintaxheavencountries

在自由港建立有特殊目的的媒介Optimisecorporatestructurebyconsideringboththeabovefactors

在考慮以上兩點的基礎(chǔ)上,優(yōu)化公司結(jié)構(gòu)

Legal&TaxStructuring法律&稅收結(jié)構(gòu)6Wholly(ormajority)ownedsubsidiaries

獨資(或控股)分支機構(gòu)Simplestructureforcorporategovernancepurpose

簡化企業(yè)機構(gòu)以便實現(xiàn)公司治理的目的Subsidiariesnotundercontrol非控股分支機構(gòu)StructureofBoardofDirectors董事會結(jié)構(gòu)Deadlock-breakingmechanism防死鎖機制Resolutionsonmaterialmatters生產(chǎn)原料方面的考慮Exitmechanism退出機制

Corporategovernance

公司治理7Localenvironmentprotectionpolicy

本地環(huán)境保護政策Understandandpreciselyevaluateenvironmentalrisksassociatedwiththerelevantindustry

了解并高度重視環(huán)境風(fēng)險Enterprise’sstrict,retroactiveandjointliabilityonenvironmentprotectionissuesunderthelawsofsomecountries

一些國家的相關(guān)法律對企業(yè)在環(huán)境保護方面有嚴格的規(guī)定嚴格，對企業(yè)在環(huán)境保護方面有追究力且要求企業(yè)承擔這方面的義務(wù)Agreeuponindemnificationandcompensationclausesonenvironmentissueswhenacquiringassetsorequity對企業(yè)資產(chǎn)或債權(quán)進行吞并時，有涉及環(huán)境的賠償條款Localemployment雇傭當?shù)貑T工Employmentstrategybasedonlocalpolicy本地就業(yè)政策Understandrulesregardinglocallaborunionright,employeewelfare,layoff,etc.理解本地工會的相關(guān)雇傭、工資、失業(yè)等規(guī)定

Locallegalissues(continued)當?shù)胤?Localpolicyforparticularindustries特殊行業(yè)的本地政策Governmentapprovalsforparticularindustries(bank,insurance,energy,mining,telecom,etc.)

政府對特殊行業(yè)的審批（銀行、保險、能源、礦產(chǎn)、電信等）Administrativerulesforparticularindustries

對特殊行業(yè)的行政管理規(guī)定Localpolicyconcerningforeigninvestment當?shù)氐耐赓Y政策Coexistenceofpreferentialpoliciesandrestrictivepoliciesforforeigninvestment優(yōu)惠和限制政策兼有Localforeignexchangecontrol本地外匯交換控制Governmentcommitmenttoforeigninvestors政府對外資的承諾

Locallegalissues(continued)

當?shù)胤?Maintypesofpoliticalrisks政治風(fēng)險的主要類型Nationalization(recentoilindustrynationalizationinVenezuela）國有化(最近委內(nèi)瑞拉發(fā)生的石油行業(yè)國有化)Changeinlaw(mostlyarisingfromgovernmentalternation)

法律變化(主要是由政府換屆引起的)Politicalsituation政治局勢Governmentguarantee政府擔保Letterofguaranteeissuedbythecentralgovernment,theministryoffinanceorthecentralbank由中央政府出具的保證書,財政部或中央銀行Waiverofsovereignimmunitybythegovernment政府對自動免疫的回避Letterofcomfort/supportissuedbygovernment（generallynotlegallybinding,butmoreformoralundertaking）政府簽發(fā)的支持信(沒有法律效力,但能從道義上給予支持)Commercialrisks商業(yè)危機Resolution解決辦法Carefulduediligence,soundlegalstructureandproperlegaldocumentation良好的法律結(jié)構(gòu)和恰當?shù)姆晌募﨩verseasinvestmentriskinsurance海外投資風(fēng)險擔保

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