中国企业海外投资有关法律问题.ppt

Presentation to McCormick Company, Inc. ? 2006 Hogan Hartson Investment Mode 投资模式 Legal Tax Structuring 法律/税收结构 Corporate Governance 公司治理 Local Legal Exposure 当地法律风险 Risks Prevention 风险与预防 Greenfield Investment 绿地投资 Cash investment 现金投资 Investment with acquired assets 吞并投资 Investment through MA 并购投资 Acquire and control an existing company 吞并控制现存公司 Buy into an existing company through share purchase 通过购入股票,买进现存公司 Other investment 其他投资 Generate revenue by providing specific services, including exploration and development, equipment lease, etc. 通过提供包括勘探和开发及设备租借在内的特殊服务获取利润 Invest through specific risk sharing arrangement, including oil, gas and mine exploration and excavation, and product sharing agreements 通过包括石油、天然气及矿物勘探和发掘以及产品分摊协议等特别风险分摊协议进行投资 Important issues to be considered under each mode 在每种投资模式下需考虑的重要因素 Creditor’s right 债权人的权利 Internal corporate governance 公司内部治理 Tax implication and accounting consideration 税收问题和财务上的考虑 Operational issues（brand promotion, etc.） 经营因素（品牌推介等） Greenfield investment 绿地投资 Advantages: clean debts, raise of tax basis for assets, relatively low risks 优点：债务清空， 通过资产增加税收，风险相对教小 Disadvantages: maybe difficult for takeover of existing business and/or government permit 缺点：或许对现存的企业并够存在困难或者难以得到政府许可 Investment through MA 通过并购进行投资 Advantages: automatic takeover of existing business and/or government permit 优点：自动获得包括政府在内的对现存的企业并购的许可 Disadvantages: undertaking of debts and employees, relatively high risks (due diligence necessary) 缺点：将会接受原企业的债务和员工，风险相对较高（需引起注意） Other investment 其他投资方式 Advantages: improvement of Chinese enterprises’ international competition strength, higher return 优点：提高中国企业的国际竞争力，高回报 Disadvantages: relatively higher risks 缺点：风险相对较高 Factors to be considered for corporate structure： 公司结构需考虑的因素 Establish business entities based on business types and particular industrial risks 基于商业模式和具体产业风险,建立商业实体 Esta