外文翻譯----在中國并購交易中的風險管理

1、<p><b>　　中文3758字</b></p><p>　　本科畢業(yè)論文外文翻譯</p><p>　　外文題目：Managing risks in Chinese M&A transactions </p><p>　　出處：h

2、ttp://www.mondaq.com/article.asp?articleid=54772 </p><p>　　作 者： Lefan Gong </p><p><b>　　原

3、 文：</b></p><p>　　China: Managing Risks In Chinese M&A Transactions</p><p>　　28 November 2007</p><p>　　Article by Lefan Gong</p><p>　　Against the backdrop of

4、China's accession to the WTO and the continuous lifting of restrictions on foreign investment in many industries, China is going through an extraordinary period of merger and acquisition activity. However, executing

5、M&A transactions in China is not for the faint of heart, and making successful investments and striking good deals require more than a gold-rush mentality. In particular, taking an overly cautious approach might resu

6、lt in missing out on great opportunities, wh</p><p>　　Matters that require careful attention in Chinese M&A transactions include regulatory restrictions on commercial enterprise, governmental approvals t

7、hat are required in connection with purchases and sales of businesses, confirmation of title to assets, assessment of potential liabilities, and structure of purchase price and other amounts potentially payable to the se

8、ller. Circumstances in China that tend to make these matters challenging include a legal and regulatory system that is in a state o</p><p>　　This Commentary identifies several key areas of risk associated wi

9、th M&A transactions in China, with the aim of helping dealmakers identify and address important issues at an early stage. </p><p>　　Assessing Regulatory Restrictions</p><p>　　An initial matt

10、er that a foreign investor needs to assess in setting its expectation is how the Chinese regulatory restrictions and the personal views of the applicable approval authorities may affect the structure and process of the d

11、eal. One of the first things that a buyer may want to look into is whether the target company, after being acquired by a foreign investor, can continue to conduct its business and operations in the same manner without be

12、coming subject to additional regulatory restr</p><p>　　There are still a number of business sectors in China that are not fully open to foreign investors and in which such investors cannot establish wholly f

13、oreign-owned enterprises ("WFOEs") or even joint ventures. A foreign investor should determine as early as possible whether there are percentage limitations on potential ownership in an enterprise in a given in

14、dustrial sector, as this will directly affect the deal structure. For example, if the target company is a conglomerate, some assets may ne</p><p>　　Through the State Development and Reform Commission and the

15、 Ministry of Commerce, China's central government sets the policy and pace of opening up the industrial sectors and publishes and updates the Foreign Investment Catalogue every few years. Prospective buyers should im

16、mediately familiarize themselves with this guidance. In addition to identifying prohibitions and restrictions on investment in certain sectors, the Catalogue lists those sectors where foreign investment is encouraged, wh

17、ich c</p><p>　　In addition to the restrictions imposed by the central government, attention should be paid to possible regulatory constraints at the local-government level. For instance, the Shanghai governm

18、ent requires licenses for handling public-security projects that cannot be issued to WFOEs. </p><p>　　Although it is reasonable to assume that a share acquisition transaction would allow the target company t

19、o keep its licenses and permits after the closing of the deal, the chance of surprises increases when different government agencies are involved in the process. Thus, it is critical to determine at an early stage whether

20、 the required licenses and permits can be renewed or exchanged for new ones after the target company converts to a foreign-invested enterprise. As a rule of thumb, the share p</p><p>　　In addition, prospecti

21、ve buyers should not be entirely surprised if due diligence indicates that the target company has been engaging in some of its business activities without proper licenses or permits. In this case, the buyer will need to

22、assess the risk exposure and decide whether it should forgo the transaction, insist that the seller cure the deficiencies prior to closing, or structure the transactions as an asset purchase and apply separately for the

23、required licenses. </p><p>　　Navigating Approval Processes</p><p>　　China's regulatory environment is still rated among the top concerns for U.S. companies, according to a recent survey by t

24、he US-China Business Council.1 Foreign companies investing in China have to deal with the ambiguity of the law and the contradictory views of different government agencies and officials. These conditions frequently resul

25、t from a combination of ever-changing laws and regulations and formal and informal "implementation rules."</p><p>　　For instance, a government official with approval authority may have his own inte

26、rpretation of the law and may assure an investor or its counsel that his approach is correct, while officials in another government agency suggested otherwise. Unanticipated "hidden" rules, which can be created

27、 by both governmental and quasi-governmental agencies, can also present challenges. For instance, a property registration center2 may employ local unpublicized procedures that require share purchase agreements</p>

28、<p>　　Avoiding these land mines doesn't take magic, just hard work and vigilance. Foreign investors must do substantial homework to develop keen judgment on legal compliance and risk assessment in China. Foreig

29、n investors not familiar with China should resist the urge to make "innocent" assumptions and should engage sophisticated counsel to detect and resolve issues as early in the process as possible. </p>&l

30、t;p>　　Confirming Title to Assets </p><p>　　In China, the verification of the ownership of assets can present substantial challenges. Publicly available information and government records, if they exist, m

31、ay be inadequate or unreliable. For private companies, internal documentation is usually not well kept and organized, and it may be insufficient to show what assets belong to whom. For state-owned enterprises, the situat

32、ion may not be significantly better, and requests for information often meet with reluctance and the "state-owned" cult</p><p>　　It is important to realize that a target company's assets may ha

33、ve been used in related-party transactions. For example, one company's assets might have been pledged for another's bank borrowings, and the same assets might have been used multiple times for making (registered)

34、 capital contributions in different companies. The buyer also needs to be extremely careful if substantial assets of a target company were bought from the bankruptcy auction of a state-owned enterprise. If the process wa

35、s no</p><p>　　Finally, prospective buyers must be vigilant and vigorous in title search and verification. Many state-owned enterprises, and sometimes even privately owned companies, may use or claim to "

36、;own" land officially labeled as "allocated land," which is provided by the government at nominal cost (or no cost at all) but cannot be sold, transferred, mortgaged, or otherwise disposed of. A marketable

37、 title, or "granted land-use right," must be obtained before such land can be sold or transferred, which co</p><p>　　Assessing Liabilities</p><p>　　Contingent and off-balance-sheet lia

38、bilities may present another serious area of risk for buyers of Chinese companies. Typical areas of potentially significant liability exposure include tax, employment, legacy problems, and environmental issues. </p>

39、;<p>　　Tax due diligence should be an integral part of any buyer's assessment of a Chinese company. Failure to capture irregular or illegal tax practices and quantify the associated hidden liabilities and down

40、side risks could lead to serious problems. In addition to overstated financial projections and an inflated purchase price, latent problems in this area may result in future tax audits, assessments for past-due taxes, and

41、 hefty penalties. </p><p>　　Despite the severe civil penalties and the possibility of criminal prosecution, it is not uncommon to discover tax evasion, aggressive and irregular accounting and tax practices,

42、and even tax fraud in a Chinese company. Some Chinese companies keep two or more sets of books in order to understate tax exposure. Related-party transactions are commonplace and sometimes are based on handshakes and ora

43、l arrangements, with the result that the transactions are neither documented nor reflected in the com</p><p>　　Employment issues frequently arise when the target is a state-owned enterprise with significant

44、labor redundancy. Major layoffs might trigger worker protests and other social unrest, thereby politicizing the transaction and attracting unwanted attention from the local government authorities. Another frequently enco

45、untered issue is how much of the workforce the target company may reduce after the acquisition. This is often a heavily negotiated issue, and the seller may even bring it up again at t</p><p>　　Finally, one

46、of the most difficult headaches for potential buyers of Chinese companies is the legacy issue inherited from former state-owned enterprises or created during the "reform and restructuring" (i.e., privatization)

47、 process. Buyers of privately owned companies that were restructured or converted from former state-owned enterprises should be alert to possible violations and liabilities associated with the prior "restructurings&

48、quot; or management buyouts. </p><p>　　A normal due-diligence investigation frequently will not reveal much in terms of such legacy problems, because any problematic elements of the company's history are

49、 likely to be kept secret until a corruption scandal erupts—usually when a local official loses his job or gets investigated. In such cases, it frequently turns out that the seller does not have clean hands. To understan

50、d the company and assess the risks, the buyer should fully engage its local teams (including private investigators, </p><p>　　Purchase Price and Closing Matters</p><p>　　To deal with uncertainti

51、es over valuation and mitigate the risks associated with the acquired company, acquirers should carefully craft a purchase agreement with an acceptable payment arrangement (for the purchase price) that is workable under

52、PRC law. </p><p>　　Unlike M&A transactions in the U.S., the options of escrow accounts and holdbacks in China are quite limited and unsatisfactory due to regulatory constraints and an underdeveloped bank

53、ing-services market. PRC law requires a foreign investor to make payment within three months of the issuance of the new business license of the acquired target. The deadline may be extended, subject to government approva

54、l, but no less than 60 percent of the payment must be made within six months of the issuance of </p><p>　　A creative earn-out arrangement can also serve as a mechanism to help the buyer mitigate potential ri

55、sk exposure arising from contingent liabilities. (It can also be used to bridge differences between a seller and buyer over valuation of the company.) For instance, a buyer could agree to make an additional payment sever

56、al years after the closing if the venture achieves a specified earning target and there has been no material breach of representations and warranties by the seller. </p><p>　　In addition to careful drafting

57、to minimize the risk of gamesmanship in defining the financial targets and calculations of earn-out payments, special consideration needs to be given to creating a mechanism that is enforceable and practical under PRC la

58、w. If an earn-out is treated as part of the purchase consideration, then it will be subject to the same payment deadline applicable to the purchase price, which is within a year following the issuance of the new business

59、 license of the target. Cons</p><p>　　Another option is a buyback arrangement, where the buyer can request that the seller repurchase the equity interests originally sold to the buyer at a fixed price upon t

60、he occurrence of specified events, such as the company's failure to meet certain milestones or material breaches of representations and warranties by the seller. But the enforceability of such clauses remains to be t

61、ested, and they may be subject to regulatory obstacles. First, such a buyback will be subject to approval again whe</p><p>　　Conclusion</p><p>　　Foreign investors may face many potential pitfall

62、s when doing deals in China. However, with China's robust economy continuing to attract capital, there will be more deals and more competition in a changing legal and regulatory environment. As a result, investors wi

63、ll need to deal with these challenges in an informed, flexible, and practical manner. Winning the game will require a deep understanding of the peculiarities of the Chinese political, regulatory, and business environment

64、, coupled with </p><p><b>　　Footnotes</b></p><p>　　1. See Results of the 2006 USCBC Member Priorities Survey, August 30, 2006, available at http://www.uschina.org/public/documents/20

65、06/08/member-priorities-survey.pdf.</p><p>　　2. This is a quasi-governmental agency that is responsible for the registration of leases and real-property title, sale, and purchase transactions, as well as mon

66、itoring the process of sale or auction of state-owned enterprises. </p><p>　　3. Depending on how the earn-out payment is treated for tax purposes (e.g., capital gains, salary income, or "other labor inc

67、ome"), different tax rates may apply. </p><p><b>　　譯 文：</b></p><p>　　在中國并購交易中的風險管理</p><p><b>　　一、評估監(jiān)管限制</b></p><p>　　外國投資者需要對中國的監(jiān)管限制和審批機

68、關的個人意見做一個評估并設置一個預期值，這個問題可能影響交易的結構和處理過程。第一件事情就是，買方可能想要看看目標公司是否在被外國投資者收購后，可以繼續(xù)以同樣的方式而不是受到越來越多的監(jiān)管限制的情況下執(zhí)行其業(yè)務操作和運行。 </p><p>　　還有一些不完全向外國投資者開放的在中國的業(yè)務部門，這些投資者在其中不能建立外商獨資企業(yè)（“外商獨資企業(yè)”），甚至一些合資企業(yè)。外國投資者應盡早確定在一個企業(yè)工業(yè)部門存在潛

69、在的所有權比例限制，因為這將直接影響到交易結構。例如，如果目標公司是一家綜合企業(yè)，部分資產可能需要留存出來，以確保目標公司將避開認為是“禁止”或“限制”外商投資領域。 </p><p>　　通過國家發(fā)展和改革委員會和商務部，中國的中央政府設置了下發(fā)了開放工業(yè)部門政策及每隔數(shù)年就更新出版外商投資產業(yè)指導目錄。有意購買者應立即讓自己熟悉這個指引。除了確定在某些部門的投資禁止和限制外，目錄還列出那些鼓勵外商投資的領域，

70、這可能意味著免稅和對外國投資者的優(yōu)惠待遇。如果交易雙方能夠相當從優(yōu)的解釋工業(yè)方面的管理，并且審批機關同意這樣的解釋，這種努力在該公司申報納稅文件時可能會產生顯著的好處。</p><p>　　除了中央政府的限制，應注意在當?shù)卣畬用婵赡艿谋O(jiān)管約束。例如，上海政府要求處理公眾安全，不能發(fā)給外商獨資企業(yè)項目許可證。 </p><p>　　雖然股份收購交易將使目標公司后保留其許可證和執(zhí)照在交易結束

71、后這是一個合理的假設，但在不同的政府機構參與這一進程將會是不同的效果。因此，關鍵是要在早期階段確定是否所需的執(zhí)照及許可證，可續(xù)簽或在目標公司轉換為外商投資企業(yè)后換一個新的。作為一個經驗法則，股份購買（或股權轉讓）協(xié)議通常在取得所有必要的批準，新的營業(yè)執(zhí)照，許可證后截止時間的兩天內簽訂（假設所有其他交易條件已得到滿足） 。 </p><p>　　此外，有意購買者不應該感到非常驚訝，如果完全盡職調查表明，目標公司沒有

72、在有適當?shù)膱?zhí)照或許可證的情況下從事生產經營活動的。在這種情況下，買方將需要評估風險，并決定是否應放棄交易，由賣方彌補交割前的不足之處，或以結構作為資產進行購買交易，并分開申請所需的牌照。</p><p>　　二、確認資產的所有權</p><p>　　在中國，對資產的所有權驗證可以提出重大挑戰(zhàn)。公開資料和政府的記錄，如果存在的話，可能不足，或者不可靠的。對于私營公司，通常是內部文件，沒有得到

73、很好的保存和組織，它可能不足以顯示哪些資產屬于誰。對于國有企業(yè)的情況也可能不會明顯提高，對信息的要求經常遇到不情愿和“國有”保密文化的狀況。 </p><p>　　重要的是要認識到目標公司的資產可能已經在關聯(lián)方交易中使用。例如，一家公司的資產可能已經承諾為他人的銀行借貸，而同樣的資產可能被不同的公司用于（注冊）出資多次。買方還需要非常小心，目標公司的重大資產是否是從一個破產被拍賣的國有企業(yè)中被收購。如果法院沒有適

74、當?shù)谋O(jiān)督這個過程，那這個案件就不能有效地結束，出售可能存在被推翻的風險，因為這是一個有缺陷的拍賣過程。 </p><p>　　最后，準買家必須警惕和所有權的驗證。許多國有企業(yè)，有時甚至是私人擁有的公司，可能會使用或聲稱標記“自己”的土地是“劃撥土地”，而這些土地是由政府提供額定成本（或不花錢的），但不能出售，轉讓，抵押或者以其他方式處置的標記。一個適銷對路的標題，或“出讓土地使用權，”的取得必須是在這些土地可以出

75、售或轉讓的前提下，這可能需要支付地價作為國土局的保費。 </p><p><b>　　三、評估的責任性</b></p><p>　　隨附的資產負債表的負債可能反應出另一些購買中國公司的購買者所存在的風險。潛在的重大責任風險的典型領域包括稅收，就業(yè)，遺留問題和環(huán)境問題。 稅務盡職調查應該是任何一個買方對于一個中國公司評估的不可分割部分。未能捕捉到不規(guī)則或非法稅收的做法和

76、相關的量化相關隱性負債和下行風險可能會導致嚴重的問題。另外夸大財務預測和一個不切實際的購買價格，在這方面的潛在問題可能會導致未來的稅務審計和過去稅收及高額罰款的評估。 </p><p>　　盡管受到嚴厲的民事處罰和刑事起訴的可能性，在中國公司偷稅漏稅，和不適當?shù)臅嫾岸悇杖匀缓艹Ｒ?。一些中國公司保留兩個或多個帳套，以輕描淡寫稅務風險。關聯(lián)方交易是很常見的，有時是在握手和口頭安排的基礎上，該交易沒有文檔記錄，也不在

77、該公司的賬簿反映結果。通過這些交易，利潤可能會轉移到一個正處于虧損狀態(tài)的境內機構，如在香港的離岸實體。如果確定是違反中華人民共和國交易轉讓定價的法律，該公司可能要支付稅款和罰款。買方也應該牢記的另一個重要的方面中國稅收法律一般不存在對稅務負債時效限制。這種情況的意識可能特別重要，當稅務風險和分配計入有關賠償或其他安排。 </p><p>　　就業(yè)問題經常出現(xiàn)在一個具有顯著的勞動力冗余國有企業(yè)。大規(guī)模裁員可能引發(fā)工

78、人抗議活動和其他社會動蕩，從而政治化交易，吸引了當?shù)卣块T不必要的注意。另一個經常遇到的問題是目標公司在收購后可能會裁減多少勞動力。這通常是一個嚴重的談判問題，賣主甚至可能再次在最后一分鐘希望買方將妥協(xié)。由于就業(yè)方面的政治并發(fā)癥，買方必須謹慎地采取有關的談判立場，無情的談判前期，抗拒誘惑，為未來這個問題留下“友好的討論”前景。否則一旦交易減少，對削減勞動力的討論很可能是既不舒適也不友好。 </p><p>　　

79、最后，對中國公司的潛在買家的最困難的頑疾之一是遺留問題，是繼承原國有企業(yè)，還是創(chuàng)造“改革和結構調整”（即私有化）的過程。私人擁有的公司進行了重組或從原國有企業(yè)轉為買方應警惕可能出現(xiàn)的侵犯，并負起先前的“重組”或管理收購相關責任。一個正常的盡職調查通常不會顯示這種遺留問題方面，因為該公司的歷史上任何有問題的內容很可能是一直秘而不宣，直到貪污丑聞爆發(fā)，通常當一個地方官員失去了工作或獲取調查的資格。在這種情況下，它通常證明了，賣方的不干凈的交

80、易。了解公司及評估風險，買方應充分參與當?shù)貓F隊（包括私人調查員，如果需要的話）盡最大可能收集當?shù)厍閳蠛托岢鲭[藏的問題。如果“懷疑的陰影”不能消除，則可能需要考慮的行動方向。 </p><p>　　四、購買價格和交割事宜</p><p>　　要處理超過估價的不確定性和降低與被收購公司有關的風險，收購者應根據(jù)中華人民共和國法律可行的購買協(xié)議認真起草一份可以接受的付款安排（用于購買價格）。 &l

81、t;/p><p>　　不像在美國的并購交易，提存賬戶和中國可贖回的選項是非常有限的，不能令人滿意，由于監(jiān)管約束和欠發(fā)達的金融服務市場。中華人民共和國法律規(guī)定，外國投資者必須對被收購目標的新營業(yè)執(zhí)照簽發(fā)的3個月內付款。該期限可以延長，須經政府批準，但不低于百分之六十的款項必須在新的營業(yè)執(zhí)照簽發(fā)6個月內支付，余額必須在一年內支付。這實際上意味著，可贖回協(xié)議，如果有的話，也不能延長超過一年，這可能不算長，但足夠時間方便買方

82、發(fā)現(xiàn)或有負債或更多隱藏負債。由于托管是一個相當新的概念，在中國很多銀行，他們也不愿意卷進這種情況因為它們可能引起潛在的糾紛。雖然在某些特殊情況下，銀行愿意以配合交易雙方，這樣的情況很可能涉及到高額費用的評估。如果該交易是部分結構性的離岸交易，那可由中國境外的銀行賬戶支付部分的費用，可贖回和代管的購買價格可能更容易安排，因為它們不再受中國的監(jiān)管限制。 </p><p>　　一個富有創(chuàng)造性的獲利能力方式也可以作為一種

83、機制，以幫助緩解潛在的買方或有負債風險的。（它也可以用來彌補買方和賣方之間的分歧，該公司的估值。）例如，買方可以同意在公司倒閉數(shù)年后作出額外付款，如果收入達到指定的目標，且沒有出現(xiàn)嚴重違反賣方陳述及保證的狀況。</p><p>　　除了精心起草，以盡量減少在確定財政目標和獲利能力付款的小動作計算的風險，特別需要給予考慮創(chuàng)建一種機制，是強制執(zhí)行的，根據(jù)中華人民共和國法律。如果獲利能力作為收購代價的一部分對待，那么它

84、會受到適用于購買價格相同的付款期限的限制，即在之后的新的營業(yè)執(zhí)照簽發(fā)的一年內。因此，必須要設計巧妙的獲利能力的語言，以確保在監(jiān)管部門，法官，仲裁員的眼皮底下，任何額外的支付款項并不構成對購買價格的一部分付款。例如，買方可以改為同意支付給賣方的咨詢費用，如果確定的負債在公司倒閉后的兩年內沒有觸發(fā)。但是，賣方可能就要警惕這種安排的稅務影響。 </p><p>　　另一種選擇是一個回購的安排，買方可以要求賣方回購被賣給

85、買方的最初的股本權益在特定事件發(fā)生和約定好評固定價格的情況下，如公司的失敗，出現(xiàn)賣方違反申訴材料和保證的情況。但這些條款的可執(zhí)行性仍有待檢驗，他們可能受到監(jiān)管障礙。首先，這樣的回購須經再次批準，當股東需要改變影響，也不能保證審批機關批準再次回購，尤其是在中華人民共和國法律沒有明確對這樣的情況進行如何處理的指導的情況下。其二，中華人民共和國中外合資經營企業(yè)法規(guī)定，如兼并，收購和公司章程的規(guī)定變更事項需要董事會的一致批準。因此，在合營企業(yè)的

86、情況下，如果由“賣方市場”委任的董事拒絕批準購回，外國投資者是否可以在中華人民共和國法院執(zhí)行這樣的條款獲得董事會的批準這是一個開放的問題。 </p><p><b>　　五、結論</b></p><p>　　外國投資者在中國做交易時可能會面臨許多潛在的陷阱。然而，隨著中國強勁的經濟發(fā)展趨勢持續(xù)吸引資金，在不斷改變的法律和監(jiān)管環(huán)境下將有更多的交易和競爭。因此，投資者將需