送彩金500的网站大白菜

当前位置: 送彩金500的网站大白菜 > 政策解读 > 专题专栏 > 世界律师大会 > 分论坛议题 > 跨境投资与并购
跨境投资与并购
跨境投资与并购的风险和规避
Cross Border Investment and M&A Risks & Avoidance
发布时间: 2019-12-12 16:05      来源: 送彩金500的网站大白菜
【字号:
打印

中国北京竞天公诚律师事务所 张宏久

非常高兴与参加《跨境投资与并购》分论坛的各位一道研讨跨境投资与并购的风险和规避。 

Pleased to share views with everyone here re cross border investment and M&A, particularly the linked risks and measures to avoid such risks.

企业家、投资人和基金经理们重点关注的是交易扩张和如何获取更大的利润,而律师作为企业的顾问特别关注的应该是商业活动的合规和风险,就此谈谈五点感受:

Entrepreneres, investors and fund managers are more concerned of expansion and profits of the business operation, while our lawyers pay more attention on compliance and risks of our clients and their projects, particularly how to prevent risks to really occur.Today we discuss 5 points:

1.中国活跃参与跨境投资与并购活动。

China supports and is active in cross border investment and M&A.

在引进来方面,中国国务院2019年11月7日发布《关于进一步做好利用外资工作的意见》,扩大开放全面加速落地。《意见》提出,支撑外商投资新开放领域、加快金融业开放进程、优化汽车领域外资政策、着力营造公平经营环境等深化对外开放方面措施。《意见》涵盖深化对外开放、加大投资促进力度、深化投资便利化改革以及保护外商投资合法权益四大方面20条举措,并明确了各项举措的具体牵头和分工负责部门。 

China welcomes foreign investors. The State Council of PRC issued Opinion of Further Well Utilizing Foreign Investment on November 7, 2019, call for further opening for foreign investment and quicken the implementation of open policy. The Opinion states that, support new areas open for foreign investment, speed up financial sector open for foreign investment, better policies in automobile sector with foreign investment, create a fair operation environment for foreign investment.  

在走出去方面,中国提倡构建开放的全球经济、维护多边主义、走共商、共建、共享的共同富裕道路。

China promotes the building of an open global economy, maintain multilateralism, go along the way of peoples in the world consult together, construct together and get rich all together.

中国倡导的“一带一路”应该理解为全球化的大概念,旨在通过加强国际合作,对接彼此发展战略,实现优势互补,促进共同发展,以“五通”为主线,即政策沟通、设施联通、贸易畅通、资金融通、民心相通为主线的经贸合作。

"One Belt & One road" policy as China initiated, not only cover 65 countries and regions along with the belt and road region, it is a concept of globalization. OBOR policy adheres to 5 linkages, which are, policy link, infrastructure link, trade link, fund link and peoples’ hearts link.

2.律师实务中跨境投资与并购的主要风险。

Major risks lawyers advice our clients in cross border investment and M&A.

(1)政治法律风险。 

Political and legal risks.

中国企业走出国门,对所在国法律环境了解程度不足往往成为跨境投资与并购的重大风险。

The Chinese commercial legal system so far is well established to guide the PRC domestic commercial transactions, however, when the Chinese enterprises go abroad, the biggest risk is lacks of well understanding on the legal environment in the targetd countries where the investment and M&A to go to.

跨境投资与并购不仅仅是市场或企业行为,还要受到并购双方国家政治和相关法律法规的制约。特别是对于可能涉及到东道国国家安全或核心技术的外资并购,更容易遭受东道国的政治审查和法规禁止,存在着较大政治与法律风险。

Cross border investment and M&A is not only the issue of market and the action of the enterprises, but also need to follow the laws, regulations of both the home country of the investor and the country the investment targets locate. High attention must be paid on the review and prohibition of the countries where the target locates regarding country security issues or high tech linked projects. There exist serious political and legal risks.

(2)正确制订投资并购战略和决策的风险。

Strategy and decision making risks. 

不同的客户具有不同的战略,战略不同则相应的决策不同。作为产业投资人的跨境投资和并购的战略应该是保持企业可持续性发展,财务投资人或投资基金等的跨境投资和并购战略相对较短,因为基金往往在设立的时候就有存续期限的要求。

Different investors may have different strategies, and the investment decisions are different accordingly. Industrial investors normally view the cross border investment and M&A should follow the strategy of sustainable development, while financial investors or the investment funds normally expect to have shorter period of investment due to the investment fund itself has the duration requirement at the time of its establishment.

(3)外汇汇兑风险。

Foreign exchange risks.

在跨境投资与并购项目中,出现过投资标的国家的担保人向中方金融机构提供的还款担保,只能以该国家的法定货币担保还款来源,而不能提供类似美金或欧元进行还款的担保,这种情况下,发生货币汇兑风险,需要谨慎应对。

Forex issue is a very headache topic we lawyers doing cross border transaction normally face. For instance, the guarantor agrees to provide guarantee for repayment of loan, pay interest and fees, however, can only guarantee the local currency repayment or payment, instead of providing the repayment or payment in hard currencies.

(4)目标企业资产评估和定价风险。

Asset appraisal and pricing risks.

并购谈判过程中最敏感的问题就是并购价格,对目标企业价值的评估成为投资与并购的核心,价值评估的质量直接影响到投资与并购的成败,这个过程中律师的作用非常关键,包括尽职调查和结构设计。

Asset appraisal and pricing are the fundermental issues in cross border investment and M&A projects, directly relavant to the success or failure of the projects, which are the most concerned and sensitive topics during the business negotiation.the value of the assets highly depends on how our lawyers conduct the legal due diligence among many other vavulation pre actions,as well as the project structure which must be legally correct.

(5)跨境投资与并购后的整合风险。

Risks after the closing of cross border investment and M&A transactions.

调查显示投资与并购项目中只有40%多是成功的,而近60%的企业并购活动最终以失败告终,而多数败笔是源于投资与并购后的整合失败。

Statistics shows roughly 40% M&A transactions are successful and almost 60% M&A transactions are in failure, most of such failures are due to after-M&A integration.

并购后的主要风险有:经营整合风险、企业学问整合风险、人力资源整合风险、税务合规风险、适用法律风险、涉及产品销售的风险、涉及当地民众补偿的风险、劳工福利的风险、反垄断审查的法律风险、环境保护法律规定的风险、常识产权保护的法律风险、针对反腐败法律适用风险。

After project closing integration risks mainly include: management integration risks, culture integration risks, human resources integration risks, taxation compliance risks, applicable law compliance risks, product sales compliance risks, local residents compensation compliance risks, employment warefare compliance risk, anti-monopoly investigation risks, environment protection compliance risks, IP protection risks、anti-corruption rule compliance risks.All need lawyers intensive input.

3.如何妥善规避跨境投资与并购中的种种风险。

How to avoid various risks in cross border investment and M&A.

(1)中国需要加强法律域外适用的法治人才的培养。

China need more lawyers experienced in cross border practice. 

中国国家主席习大大指出:“参与全球治理需要一大批熟悉党和国家方针政策、了解我国国情、具有全球视野、熟练运用外语、通晓国际规则、精通国际谈判的专业人才”。中国法域外影响力的提升需要加强涉外法治人才的建设。

Xi Jinping, the president of China said, participating in the global governance we need a lot of professionals who are familiar with the PRC government policies, understand our country’s national conditions, with global vision, well use foreign languages, familiar with the international rulings, and with experience of cross border negotiation. In order to promote the influence of China overseas, China need to have a big team of talented professionals in the area of cross border business transaction legal practice.

(2)涉外律师领军人才培养计划。

Training program for Chinese cross border legal professionals.

早在2012年,中国司法部和中华全国律师协会共同制订了“涉外律师领军人才”培养计划,着力培养精通国际规则、具有全球视野、具有跨语言、跨学问运用能力的懂法律、懂经济、懂外语的复合型、高素质律师领军人才,积极打造起中国法治人才的域外影响力。到目前为止,涉外律师领军人才培训计划已经成功实施了七期,受益律师达到千人以上。

Among variety of methods Chinese lawyers upgrade the legal service abilities and capacities, Training Program for Chinese Cross Corder Legal Professionals began in 2012, this program has been arranged and consistently has been supported by PRC Ministry of Justice (MOJ) and All China Lawyers Association (ACLA), with the intention of training legal professionals to be familiar with the cross border transaction rules, with global vision, understand law, economy, foreign languages so as to promote Chinese legal professionals in the global markets. Up to the present, the Program has trained over 1000 Chinese lawyers, the training courses are conducted in China, Germany, UK, US, Spain, and other commercially most active locations.

(3)针对政治法律风险的对策。 

Measures facing political and legal risks.

跨境投资与并购中存在着的最大的风险就是政治风险,其中包括战争、暴乱、国家强制征收、对资金汇到境外。

A significant risk inherent in making cross border investment and M&A is political risk which includes the risks of war, civil unrest, and expropriation of assets by the host government, and restrictions on the transfer of funds out of the host country.

1)签署双边投资保护协定和购买政治保险可规避政治风险。

Two ways of mitigating or managing political risks are: 1. Through the use of Bi-lateral Investment Treaties, and 2. purchase of Political Risk Insurance. 

中国已经与100多个国家签署了双边投资保护协定,双边投资保护协定可以保护投资方免于受到目标企业所在国的国有化风险和歧视性待遇的风险。

China has signed more than 100 BITs. There are lawyers who specialize on bilateral investment treaties (BITs) entered into between the host country and other countries, and will suggest incorporating the SPV in the country that has the most preferential BIT with the host country. However, some BITs entered into between the host country and another country may contain terms that are more preferential than the BIT signed by the host country with the PRC. Hence, to mitigate political risks, the PRC investor can be advised to set up the SPV (for making the investment) in the country that has the best BIT with the host country. BIT will protect the foreign investor or SPV incorporated in the treaty country from expropriation risk and risk of the host government imposing discriminatory practices on the foreign investor.

2)投保政治险可以规避投资目标所在的国家的国家征收资产风险、政治暴乱风险、货币汇出境外风险。政治险可以根据具体情况考虑在世界银行集团内的多边投资担保机构(MIGA)购买,或在中国出口信用保险企业(中国信保)购买。

Political risks insurance can be purchased from public and private insurance companies to cover risks of expropriation of project assets by the host government, political violence, and risk of restrictions imposes on currency transfers outside the host country. Political risk insurance can be purchased from public bodies like the Multilateral Investment Guarantee Agency (MIGA) or China Export & Import Insurance Corporation (Sinosure).

3)项目采用什么融资模式,如在基础设施建设方面采用项目融资或BOT的模式,对这些融资模式的熟悉程度是从事跨境投资与并购律师的基本功,同时还需要根据实际情势变迁能够灵活变通。

Different projects adopt different suitable and worldwide recognized financial models for cross border investment and M&A, for instance, infrastructure projects such as power plants,highway,subway, etc., normally project financing or BOT are the typical financing models, we lawyers need to really understand the structure of such models, however,following such models does not mean there is no flexibilities, for instance, Chinese investors may consider a way of sustainable practice, in other words, when the project construction is completed, the investors may manage or operate the facilities if operating such facilities is more profitable based on our lawyers advice that the local country government has issued more preferential treatment if the foreign investors remain operation in their country. 

4.最后,不要忘记咱们律师执业自身的法律风险。

The last issue is that never forget our own lawyers’practice law risks.

(1)律师受客户委托为特定项目提供法律顾问服务。在跨境投资与并购交易中,律师需要非常清楚咱们只是提供法律方面的服务,提供相关意见的责任仅限于法律意见,而不包括类似财务、会计等领域的专业顾问服务。

Lawyers as retained by clients to provide legal advice for their specific cross border investment and M&A transactions.

Lawyers are the practitioners on law only but not on any other areas such as financial, accounting or specific industry areas, our liabilities are only limited to legal issues we opion.

(2)律师在提供法律服务过程中,需要与参与项目的各方顾问友好合作,重点在各司其职。

In the process of advicing clients on legal issues,  lawyers need to work harmoniously with other advices like financial advisors, accounting firms, tax advisers, assets appraisals, specialists in particular industries, commercial banks, fund managers,etc..most importantly, our lawyers are only formally touch legal issues.

(3)律师提供法律服务的司法区域范围仅限于取得了执业资格的区域,其他司法区域的法律意见应该由取得该司法区域执业资格的律师提供。

The jurisdiction limitation for lawyers practice is strictly within the jurisdiction where the lawyers are licensed to practice, legal advice or opinion must be given by the proper lawyers licensed in their particular jurisdiction.

(会议提交材料,非现场稿,稿件未经编辑本人允许不得转载或做商业使用。)

责任编辑: 朱剑
分享到   QQ空间   新浪微博   人人网   Tencent微博   豆瓣   0
XML 地图 | Sitemap 地图
Baidu
sogou