霍金豪森律师事务所演讲稿PPT

1、©Hogan&HartsonL.L.P.Allrightsreserved.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霍金·豪森律师事务所BeijingandShanghaiOffices北京/上海代表处©Hogan&HartsonL.L.P.Allrightsreserved.2•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©Hogan&HartsonL.L.P.Allrightsreserved.3•GreenfieldInvestment绿地投资Cashinvestment现金投资Investmentwithacqui。

2、redassets吞并投资•InvestmentthroughM&A并购投资Acquireandcontrolanexistingcompany吞并控制现存公司Buyintoanexistingcompanythroughsharepurchase通过购入股票,买进现存公司•Otherinvestment其他投资Generaterevenuebyprovidingspecificservices,includingexplorationanddevelopment,equipmentlease,etc.通过提供包括勘探和开发及设备租借在内的特殊服务获取利润Investthroughspecificrisksharingarrangement,includingoil,gasandmineexplorationandexcavation,andproductsharingagreements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InvestmentMode投资模式©Hogan&HartsonL.L.P.Allrightsreserved.4。

3、•Importantissuestobeconsideredundereachmode在每种投资模式下需考虑的重要因素Creditor’sright债权人的权利Internalcorporategovernance公司内部治理Taximplicationandaccountingconsideration税收问题和财务上的考虑Operationalissues（brandpromotion,etc.）经营因素（品牌推介等）InvestmentMode（continued）投资模式©Hogan&HartsonL.L.P.Allrightsreserved.5•Greenfieldinvestment绿地投资Advantages:cleandebts,raiseoftaxbasisforassets,relativelylowrisks优点：债务清空，通过资产增加税收，风险相对教小Disadvantages:maybedifficultfortakeoverofexistingbusinessand/orgovernmentpermit缺点：或许对现存的企业并够存在困难或者难以。

4、得到政府许可•InvestmentthroughM&A通过并购进行投资Advantages:automatictakeoverofexistingbusinessand/orgovernmentpermit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:undertakingofdebtsandemployees,relativelyhighrisks(duediligencenecessary)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）•Otherinvestment其他投资方式Advantages:improvementofChineseenterprises’internationalcompetitionstrength,higherreturn优点：提高中国企业的国际竞争力，高回报Disadvantages:relativelyhigherrisks缺点：风险相对较高InvestmentModel（continued）投资模式©Hogan&HartsonL.L.P.Allrightsreserved.6Factorsto。

5、beconsideredforcorporatestructure：公司结构需考虑的因素Establishbusinessentitiesbasedonbusinesstypesandparticularindustrialrisks基于商业模式和具体产业风险,建立商业实体Establishspecialpurposevehicleintaxheavencountries在自由港建立有特殊目的的媒介Optimisecorporatestructurebyconsideringboththeabovefactors在考虑以上两点的基础上,优化公司结构Legal&TaxStructuring法律&税收结构©Hogan&HartsonL.L.P.Allrightsreserved.7•Wholly(ormajority)ownedsubsidiaries独资(或控股)分支机构Simplestructureforcorporategovernancepurpose简化企业机构以便实现公司治理的目的•Subsidiariesnotundercontrol•非控股分支机构Structur。

6、eofBoardofDirectors董事会结构Deadlock-breakingmechanism防死锁机制Resolutionsonmaterialmatters生产原料方面的考虑Exitmechanism退出机制Corporategovernance公司治理©Hogan&HartsonL.L.P.Allrightsreserved.8•Localenvironmentprotectionpolicy•本地环境保护政策Understandandpreciselyevaluateenvironmentalrisksassociatedwiththerelevantindustry了解并高度重视环境风险Enterprise’sstrict,retroactiveandjointliabilityonenvironmentprotectionissuesunderthelawsofsomecountries一些国家的相关法律对企业在环境保护方面有严格的规定严格，对企业在环境保护方面有追究力且要求企业承担这方面的义务Agreeuponindemnificationandcomp。

7、ensationclausesonenvironmentissueswhenacquiringassetsorequity对企业资产或债权进行吞并时，有涉及环境的赔偿条款•Localemployment雇佣当地员工Employmentstrategybasedonlocalpolicy本地就业政策Understandrulesregardinglocallaborunionright,employeewelfare,layoff,etc.理解本地工会的相关雇佣、工资、失业等规定Locallegalissues(continued)当地法律©Hogan&HartsonL.L.P.Allrightsreserved.9•Localpolicyforparticularindustries特殊行业的本地政策Governmentapprovalsforparticularindustries(bank,insurance,energy,mining,telecom,etc.)政府对特殊行业的审批（银行、保险、能源、矿产、电信等）Administrativerulesforparticu。

8、larindustries对特殊行业的行政管理规定•Localpolicyconcerningforeigninvestment当地的外资政策Coexistenceofpreferentialpoliciesandrestrictivepoliciesforforeigninvestment优惠和限制政策兼有Localforeignexchangecontrol本地外汇交换控制Governmentcommitmenttoforeigninvestors政府对外资的承诺Locallegalissues(continued)当地法律©Hogan&HartsonL.L.P.Allrightsreserved.10•Maintypesofpoliticalrisks政治风险的主要类型Nationalization(recentoilindustrynationalizationinVenezuela）国有化(最近委内瑞拉发生的石油行业国有化)Changeinlaw(mostlyarisingfromgovernmentalternation)法律变化(主要是由政府换届引起的)Pol。

9、iticalsituation政治局势•Governmentguarantee政府担保Letterofguaranteeissuedbythecentralgovernment,theministryoffinanceorthecentralbank由中央政府出具的保证书,财政部或中央银行Waiverofsovereignimmunitybythegovernment政府对自动免疫的回避Letterofcomfort/supportissuedbygovernment（generallynotlegallybinding,butmoreformoralundertaking）政府签发的支持信(没有法律效力,但能从道义上给予支持)•Commercialrisks商业危机•Resolution解决办法Carefulduediligence,soundlegalstructureandproperlegaldocumentation良好的法律结构和恰当的法律文件Overseasinvestmentriskinsurance海外投资风险担保Risks&prevention风险与预防©。

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