1、,Hogan&HartsonL.L.P.Allrightsreserved.,ClicktoeditMastertitlestyle,ClicktoeditMastertextstyles,Secondlevel,Thirdlevel,Fourthlevel,Fifthlevel,*,LegalConsiderationsonOverseasInvestmentbyChineseEnterprises,中国企业海外投资有关法律问题,WeiJun,魏军,Co-ManagingPartner,联席执行合伙人,Hogan&HartsonL.L.P
2、,霍金,豪森律师事务所,BeijingandShanghaiOffices,北京,/,上海代表处,InvestmentMode,投资模式,Legal&TaxStructuring,法律,/,税收结构,CorporateGovernance,公司治理,LocalLegalExposure,当地法律风险,Risks&Prevention,风险与预防,MainIssuestoThinkAbout,主要,考虑的因素,2,GreenfieldInvestment,绿地投资,Cashinvestment,现金投资,Investmentwithacquiredassets,吞并投资
3、,InvestmentthroughM&A,并购投资,Acquireandcontrolanexistingcompany,吞并控制现存,公,公司,Buyintoanexistingcompanythroughsharepurchase,通过购入股票,买进现存公司,Otherinvestment,其他投资,Generaterevenuebyprovidingspecificservices,includingexplorationanddevelopment,equipmentlease,etc.,通过提供包括,勘,勘探和开发及,设,设备租借在内,的,的特殊服
4、务获,取,取利润,Investthroughspecificrisksharingarrangement,includingoil,gasandmineexplorationandexcavation,andproductsharingagreements,通过包括石油,、,、天然气及矿,物,物勘探和发掘,以,以及产品分摊,协,协议等特别风,险,险分摊协议进,行,行投资,InvestmentMode,投资模式,3,Importantissuestobeconsideredundereachmode,在每种投资模,式,式下需考虑的,重,重要因素,Creditorsr
5、ight,债权人的权利,Internalcorporategovernance,公司内部治理,Taximplicationandaccountingconsideration,税收问题和财,务,务上的考虑,Operationalissues,（,brandpromotion,etc.,）,经营因素（品,牌,牌推介等）,InvestmentMode,（,continued,）,投资模式,4,Greenfieldinvestment,绿地投资,Advantages:cleandebts,raiseoftaxbasisforassets,relativelylowrisks,优点
6、：债务清,空,空，通过资,产,产增加税收，,风,风险相对教小,Disadvantages:maybedifficultfortakeoverofexistingbusinessand/orgovernmentpermit,缺点：或许对,现,现存的企业并,够,够存在困难或,者,者难以得到政,府,府许可,InvestmentthroughM&A,通过并购进行,投,投资,Advantages:automatictakeoverofexistingbusinessand/orgovernmentpermit,优点：自动获,得,得包括政府在,内,内的对现存的,企,企业并购的许,
7、可,可,Disadvantages:undertakingofdebtsandemployees,relativelyhighrisks(duediligencenecessary),缺点：将会接,受,受原企业的债,务,务和员工，风,险,险相对较高（,需,需引起注意）,Otherinvestment,其他投资方式,Advantages:improvementofChineseenterprisesinternationalcompetitionstrength,higherreturn,优点：提高中,国,国企业的国际,竞,竞争力，高回,报,报,Disadvantages:rel
8、ativelyhigherrisks,缺点：风险相,对,对较高,InvestmentModel,（,continued,）,投资模式,5,Factorstobeconsideredforcorporatestructure,：,公司结构需考,虑,虑的因素,Establishbusinessentitiesbasedonbusinesstypesandparticularindustrialrisks,基于商业模式,和,和具体产业风,险,险,建立商业实体,Establishspecialpurposevehicleintaxheavencountries,在自
9、由港建立,有,有特殊目的的,媒,媒介,Optimisecorporatestructurebyconsideringboththeabovefactors,在考虑以上两,点,点的基础上,优化公司结构,Legal&TaxStructuring,法律,&,税收结构,6,Wholly(ormajority)ownedsubsidiaries,独资,(,或控股,),分支机构,Simplestructureforcorporategovernancepurpose,简化企业机构,以,以便实现公司,治,治理的目的,Subsidiariesnotundercontrol,非控股分支机
10、,构,构,StructureofBoardofDirectors,董事会结构,Deadlock-breakingmechanism,防死锁机制,Resolutionsonmaterialmatters,生产原料方面,的,的考虑,Exitmechanism,退出机制,Corporategovernance,公司治理,7,Localenvironmentprotectionpolicy,本地环境保护,政,政策,Understandandpreciselyevaluateenvironmentalrisksassociatedwiththerelevantindustry,
11、了解并高度重,视,视环境风险,Enterprisesstrict,retroactiveandjointliabilityonenvironmentprotectionissuesunderthelawsofsomecountries,一些国家的相,关,关法律对企业,在,在环境保护方,面,面有严格的规,定,定严格，对企,业,业在环境保护,方,方面有追究力,且,且要求企业承,担,担这方面的义,务,务,Agreeuponindemnificationandcompensationclausesonenvironmentissueswhenacquiringassetso
13、的本,地,地政策,Governmentapprovalsforparticularindustries(bank,insurance,energy,mining,telecom,etc.),政府对特殊行,业,业的审批（银,行,行、保险、能,源,源、矿产、电,信,信等）,Administrativerulesforparticularindustries,对特殊行业的,行,行政管理规定,Localpolicyconcerningforeigninvestment,当地的外资政,策,策,Coexistenceofpreferentialpoliciesandrestrictive
14、policiesforforeigninvestment,优惠和限制政,策,策兼有,Localforeignexchangecontrol,本地外汇交换,控,控制,Governmentcommitmenttoforeigninvestors,政府对外资的,承,承诺,Locallegalissues,(continued),当地法律,9,Maintypesofpoliticalrisks,政治风险的主,要,要类型,Nationalization(recentoilindustrynationalizationinVenezuela,）,国有化,(,最近委内瑞拉,发,发生
15、的石油行,业,业国有化,),Changeinlaw(mostlyarisingfromgovernmentalternation),法律变化,(,主要是由政府,换,换届引起的,),Politicalsituation,政治局势,Governmentguarantee,政府担保,Letterofguaranteeissuedbythecentralgovernment,theministryoffinanceorthecentralbank,由中央政府出,具,具的保证书,财政部或中央,银,银行,Waiverofsovereignimmunitybythegov
16、ernment,政府对自动免,疫,疫的回避,Letterofcomfort/supportissuedbygovernment,（,generallynotlegallybinding,butmoreformoralundertaking,）,政府签发的支,持,持信,(,没有法律效力,但能从道义上,给,给予支持,),Commercialrisks,商业危机,Resolution,解决办法,Carefulduediligence,soundlegalstructureandproperlegaldocumentation,良好的法律结,构,构和恰当的法,律,律文件,Overseasinvestmentriskinsurance,海外投资风险,担,担保,Risks&prevention,风险与预防,10,Baltimore,Beijing,Berlin,Boulder,Brussels,Budapest,Caracas,ColoradoSprings,Denver,Geneva,HongKong,London,LosAngeles,Miami,M