跨国并购-中国国际电子商务网

1、SET history 沿革,Introduction 简介 Europe, especially the expanded European Community, is a vast area of business opportunities, particularly for Chinese companies, who traditionally are OEM (Original Equipment Manufacturer) and now have realized the importance of developing their own products with thei

2、r own brands and expanding their markets overseas. Now, it is the right time for Chinese companies to go global. 欧洲，特别是扩展中的欧洲共同体，充满商机，对于传统上从事代工产业(OEM, Original Equipment Manufacturer)的中国公司而言,他们今日已经深知打造自己的产品和品牌的重要性，而且急需在国际市场建立品牌。中国公司“走出去”，现在正是时候。 Although filled with tremendous opportunities, investi

3、ng in Europe is not easy. The systems used are different, the ways Europeans do business are different, and of course the culture, language and business evaluation methods are also different. More than ever, multinationals are realizing the importance of having a core team of dedicated advisors that

4、 can help them succeed, no matter where they want to invest in the world. 尽管到处是机会，然而投资欧洲并不容易。欧洲的社会体制、欧洲人做生意的方式、包括文化、语言、以及商业评估标准，和您了解的可能都大不相同。在经济全球化和跨国公司的挑战下您会明白拥有一个精英小组的重要性，优秀的咨询团队能够为您的国际化战略保驾护航，不管您是要到哪个国家投资。,January 20th 2007,SET history 沿革,Sino-European Team 团队 The Sino-European Team (SET) is such

5、 a team that can help Chinese companies to achieve just that. A combination of experts from YORK International | Lawyers (Legal), Deloitte (Tax) and Fortis (Banking), SET can literally take the Chinese companies wherever they want to go. SET就是一个帮助中国公司成功投资欧洲的3人精英团队。一位是约克国际法律事务所的法律专家、一位是德勤会计事务所的税务专家、以

6、及富通银行的一位金融专家，这样的完美组合将逐步引导中国公司投资任何一个他们感兴趣的欧洲国家。 SET was initiated with the vision of three professionals, in their respective fields of legal, tax, and banking. The three founders (Alice H. Hsu, Willem Blom, and Stefaan Blondeel) have been entrenched in doing business in China for the past decade. Wi

7、th their experience in dealing with China matters and helping Chinese companies, they realized that Chinese companies can benefit the most by having a true one-stop shop. In the current competitive global market, Chinese companies need to capitalize on the value of having one team, instead of severa

8、l differing opinions. SET开始于这样一个愿景：三位分别专精于法律、税务、以及金融的专家(许薰方, Willem Blom, 和 薄熹峰)凭借他们长久以来处理中国事务和与中国公司接触的丰富经验，为中国公司打造一个真正的咨询 ”百货商场”。面对竞争激烈而且瞬息万变的全球市场，中国公司需要听到的不是许多不同的意见，而是一个精英组合为您量身定制的跨国经营的最佳规划和实践经验。,January 20th 2007,SET history 沿革,Our Goal 目标 We have set our goal to deliver just that: give the Chine

9、se companies a core team of advisors, whereby long lasting business relationships on a personal level can be established. With SET, Chinese companies can finally rest assured that they can reach anyone of their legal, tax, and/or financial advisors anytime, anywhere and be confident that this team o

10、f trusted advisors is dedicated and has the resources to solve their business needs throughout Europe. Given the depth and breadth of the talents and skill sets that is within the team, SET can truly provide the necessary services to Chinese companies who want to enter Europe successfully. 以下是我们服务的目

11、标：我们作为中国公司一个核心的咨询团队，透过这个团队的人际网络，中国公司可以与我们的全球商业合作伙伴建立长久的业务往来。拥有SET,中国公司可以随时随地与小组中的法务、税务以及金融专家接触并共享我们的资源，这个值得您信任的小组将殚精竭虑满足您的需求。我们能为想要成功进军欧洲的中国公司提供所有的必要服务。,January 20th 2007,Introduction of SET principals 小组成员简介,Alice H. Hsu, Esq. YORK International Lawyers 许薰方律师约克国际法律事务所 Alice is a lawyer partner at Y

12、ORK International | Lawyers, in charge of all international affairs. She specializes in international commercial/corporate matters with a particular focus on cross-border investments, mergers and acquisitions, private equity, venture capital, and complex commercial litigation. She has substantial ex

13、perience in representing multi-national clients, especially from Asia. Additionally, she is legal consultant to several large PRC companies advising on corporate governance matters relating to Europe and USA. Alice is a US practicing attorney and is fluent in English, Chinese Mandarin, Taiwanese, Fr

14、ench and learning Dutch. 许薰方律师是约克国际法律事务所的合伙律师,主管所有国际事务。许律师精通国际商务以及公司法律事务，特别是跨国投资、并购、私人资本投资、创业投资以及商务诉讼。她在代表跨国客户从事非讼和诉讼事务，尤其是亚洲客户，拥有丰富的经验。除此之外，她也是数家大型中国公司的法律顾问，尤其是关于欧洲和美国的公司管理事项。许律师是美国执业律师，精通英文、中文普通话、闽南话、法文并且正在学习荷兰文。,January 20th 2007,Introduction of SET principals 小组成员简介,Willem Blom Deloitte Willem B

15、lom-德勤会计事务所 Willem is an International Tax advisor at Deloitte. He is well-versed in all aspects of tax planning relating to Europe. His expertise comprises of international structural reorganizations, (hybrid) financing and mergers and acquisitions and he serves as tax advisor to several Fortune 50

16、0 companies. Willem heads the Deloitte Chinese Services Group in the Netherlands. Willem Blom先生是德勤的国际税务高级经理。Willem Blom先生能够帮助您全方面了解关于投资欧洲税务方面的问题。 Willem的专长包括国际企业结构调整、以及金融咨询和公司并购。Willem为许多家财富500强企业提供税务咨询，并且领导德勤位于荷兰的中国服务部(Deloitte Chinese Services Group)。,January 20th 2007,Introduction of SET principa

17、ls 小组成员简介,Stefaan Blondeel Fortis 薄熹峰-富通银行 Stefaan is a Relationship Manager with the Asia Desk at Fortis. Within the Asia Desk his initial focus was assisting European companies, including several stock-listed companies,to invest in Greater China. Given his background of having studied in Guangzhou

18、and worked inShanghai hegradually broadened the scope to includeassistingAsian companies to invest and search for business opportunities in Europe. Being associated with one of the largest financial institutions in Europe, Stefaan can direct the Chinese companies to suitable financing structures and

19、 trust services. 薄熹峰先生是富通银行亚洲部门的公关经理。在亚洲部门，他从协助欧洲公司开始，处理许多上市公司在中国的投资问题。基于在广州求学以及在上海工作的经验，他逐步将业务范围扩大到协助亚洲公司在欧洲的投资。身为欧洲最大金融机构之一的一份子，薄熹峰先生能够引导中国公司，为这些公司提供适合的金融支持以及信托服务等投资建议。,January 20th 2007,Agenda 论坛议程,Case study of SET services :我们的服务：案例研究 Starters : How to set up a business in Europe? 针对起步者：如何在欧洲创立

20、您的企业？ Financing : How to obtain financing in Europe?财务金融规划：如何解决您在欧洲的融资问题？ Logistics : How to structure and optimize your logistics structure?物流支持：如何组织并且最有效率的进行您的物流计划？ M你潜在商业伙伴的商誉和财务稳定程度。 Capability/compatibility of top managers;高层经营管理阶层的能力和协调性。 Quality of assets/liabilities contributed to the joint

21、venture and working capital;有益于合资企业和流动资本的资产/负债质量 Revenue and earning capacity and cost drivers;营收、收益能力以及成本动因 Organizational structure;组织结构 Customer analysis and market assessment strategy; and消费者分析和市场评估策略，以及 Tax and accounting implications所关涉的税务和会计事项,January 20th 2007,8. Case study : Mergers and Acq

22、uisitions案例研究：跨国并购,How to merge with or acquire a company in Europe?如何并购或者与另外一家欧洲公司合并？ But the question is how do you create value?问题是你如何产生价值？ Efficient acquisition structure最有效率的并购结构,Benefit益处 Interest expense deductible in fiscal unity, without corresponding pick-up in the country of the parent 利息

23、的支出在会计项目上是可以扣抵税额的，毋须与母公司所在国一致。 Analysis分析 Interest on loan is deductible in fiscal unity (if structured correctly) Parent treat Acquisition vehicle as transparent. Interest in acquisition vehicle, therefore, also deductible at parent level 贷款利息在会计项目上是可以扣抵税额的(如果该项目被正确的纳入的话)如果母公司视并购媒介为透明，则并购媒介的利息在母公司的

24、层次上也可以扣抵税额。 Numerical数值分析 Interest on loan is 100 如果贷款利息为100 Taxable income parent is 300 before interest deduction 扣抵税额前，母公司的应税所得为300 Taxable income Target is 500 before interest deduction扣抵税额前，目标公司的应税所得为500 Corporate income tax rate is 35% in both countries 母公司所在国与目标公司所在国的企业所得税率均为35% Tax on 100 at

25、 is 5 (assumption)假设在集团总公司中，对100所课税额为5 Benefit is 100+100*35%=70 minus 5 = 65则所得利益为100+100*35%=70 minus 5 = 65,Parent 母公司,Acquisition vehicle并购引擎,Target目标公司,Group loan to low taxed company Rate 5%集团总公司贷款，5%的公司低税率,January 20th 2007,8. Case study : Mergers and Acquisitions案例研究：跨国并购,How to merge with o

26、r acquire a company in Europe?如何并购或者与另外一家欧洲公司合并？ In addition to the financial evaluation of your potential joint venture partner, it is also important to look at the non-financial factors, which are very often overlooked.除了对于您将来的合资企业进行财务评估，对于非财务方面的观察也是非常重要的，常见问题如下： What is the management philosophy

27、of your joint venture partner?您将来合资企业的管理原则是什么？ Do you have shared or different management philosophy? or can you work toward a common management philosophy?您自己的公司拥有不同的管理原则吗？或者你们可以找出共同的管理原则？ What is the management decision making process of your joint venture partner and does such a decision making p

28、rocess match the ones of your organization?您将来合资企业的决策模式是什么？这样的决策模式是否跟您自身的决策模式能够相配合？ Do you have shared goals in this joint venture?在这个合资企业中，你们拥有共同的企业目标吗？ What about the differences in organizational cultures? In this case national cultures? The way people discuss and work toward a common goal?组织文化上有

29、何差异？这是因为国情不同吗？还是因为对于共同目标的讨论和工作态度的差异？ Are you able to set a clear and shared purpose with your joint venture partner?您与您未来的合资企业可以共同设立一个清晰共享的发展目的吗？,January 20th 2007,8. Case study : Mergers and Acquisitions案例研究：跨国并购,How to merge with or acquire a company in Europe?如何并购或者与另外一家欧洲公司合并？ Multinational comp

30、any A decides to acquire target company B after the due diligence在审核评估后，跨国公司A决定要并购目标公司B But然而， What acquisition types are possible? 可能进行的并购型态有哪些？ Asset deal 资产交易 Business merger 商业合并 Share for share merger股权分置 What are important tax issues to consider?有哪些重要税务问题 需要考虑？ Tax indemnifications in SPA for

31、corporate and individual tax, VAT, Customs, Real Estate Transfer Tax following the outcome of a due diligence 在SPA中，随着审核评估的结果，对于企业、个人税、增值税、关税、不动产交易税等等的税负补偿 Tax efficient acquisition structure (interest deduction acquisition loan, acquisition vehicle) 有效率的税务并购结构(对于并购贷款以及并购媒介的利息扣抵税额) What are the lega

32、l issues to consider for the selected operation?在选择不同的操作方式前，有哪些法律问题需要考虑？,January 20th 2007,8. Case study : Mergers and Acquisitions案例研究：跨国并购,How to merge with or acquire a company in Europe?如何并购或者与另外一家欧洲公司合并？ Multinational company A decides NOT to buy target company B after the due diligence but pro

33、poses to incorporate a joint-venture.在审查评估后，跨国公司A决定并购目标公司B但是提议组成一家合资企业 But然而 What type of joint-ventures are possible?可能组成哪些型态的合资企业？ Share for share 股份合资 Business merger商业合并 Legal split 法律上拆细 Can the joint-venture use the trademark of company B and how?该合资企业可以使用B公司的商标吗？要如何使用？ What are the tax conseq

34、uences to consider?需要考虑哪些租税后果？This highly depends on the specifics of the case but through tax planning your company can largely benefit from possibilities in Europe (EU merger Directive).虽然通常必须根据实际情况而定，但是如果您有一个好的租税规划，根据欧盟并构指令，您的公司大有可能在欧洲获得巨大的租税利益。It will in any case be important to rationalise the

35、new group structure as a lot of functions and entities can be liquidated to lower your yearly compliance costs.不管何种情况，合理安排新的集团组织都是很重要的，分配公司内部众多的组织结构能为您大大降低您每年企业成本。 What are the legal issues to consider for the selected operation?对于所选择的操作方式下，需要考虑哪些法律问题？ Which financial matters and possibilities are i

36、n play?有哪些相关的金融问题？有哪些可能性？,January 20th 2007,8. Case study : Mergers and Acquisitions案例研究：跨国并购,How can SET assist in these matters?在这个阶段 SET能够提供哪些协助？ In the M&A package SET offers : 在跨国并购的套装咨询计划中，我们提供您： Assessment of the business objectives to define whether entering an M&A deal is feasible or not.对您

37、的企业营运目标进行了解：帮助您判断进行并购计划是否可行。 A general overview of the target companys corporate and financial information.提供关于目标公司组织型态以及财务金融信息的一般概述。 Guidance through a sample due diligence checklist to further explain the next steps in the M&A transaction.透过一个简单的审查评估表进一步解释在跨国并购过程中的下一步。 Description of the legal, ta

38、x and financial issues to be considered and an outline of the related processes.为您概述您需要了解的法律、税务以及财务金融问题以及相关程序的概要。 Introduction to suitable acquisition finance team.介绍合适的并购财务团队。,January 20th 2007,Joint Venture, delete slide but add some of the bullets to create value.,Sample Checklist for Joint Ventu

39、re What state (province/city) will the joint venture be formed under? What will be the name of the joint venture? Does the proposed name conflict with a name of another business or constitute a trademark infringement? Where will the principal place of business be? What is the term of the joint ventu

40、re? What will be the “purpose” of the joint venture? What will be the initial capital contributions of the partners/shareholders? If the joint venture needs additional capital, will the partners/shareholders be obligated to contribute it? In what proportion? Subject to a cap? Will there be partners/

41、shareholders contributing services to the joint venture? What are the specific services and time commitments? Will there be interest paid on capital contributions?,January 20th 2007,Joint Venture same same,11. Under what circumstances can capital contributions be withdrawn from the joint venture? 12

42、. Will there be loans made by the partners/shareholders to the joint venture? What are the terms and interest rate? 13. How are profits and losses allocated among the partners/shareholders? 14. When are distributions of profits to be made? Who decides? Me there profits that will be retained in the b

43、usiness and not distributed? 15. How will the business be managed? Will there be a Managing Partner? 16. What acts will require the majority consent of the partners/shareholders? 17. What acts will require the unanimous consent of the partner/shareholders? 18. What outside or competitive activities

44、of the partners/shareholders are restricted? 19. Is any partner entitled to a salary? 20. How can new partners/shareholders be added? 21. How can existing partners/shareholders withdraw?,January 20th 2007,Initial Public Offering 股票首次公开发行上市,January 20th 2007,9. Case study : Initial Public Offering股票首

45、次公开发行上市,Is IPO right for you and are you willing to make the necessary investments to do so? IPO对您来说是最适当的选择吗？您愿意为IPO做出必要的投资吗？ Chinese company A went public in China in 2000. This was a tough but suitable solution for the Asian expansion.中国公司A在中国于2000年公开上市。对A公司在亚洲的扩展而言，这是一个虽费劲但是适当的选项。 After 8 years o

46、f successful business the local management is still very ambitious. In order to further boost the European expansion company A looks into the possibilities of raising additional capital in Europe. By the end of this year they want to have a whole chain of electro-stores opened all over Europe. The c

47、ompany at this stage is well-known in the European market.在八年成功的营运之后，中国营运团队仍然非常具有企图心。为了其业务在欧洲进一步的迅速成长，A公司欲调查在欧洲增资的可能性。再今年底之前他们想要在全欧洲各地开设全系列的电器销售点。迄今为止，A公司在欧洲市场已经声誉卓著。 Probably a good option is a listing at one of the European stock-markets. It seems to be very hard but they heard Euronext is quite w

48、ell-known and has merger plans with NYSE(?).也许一个好的选择是列名于欧洲股票市场中。也许这是相当困难的，但是他们听说欧洲证券市场不但相当有名而且正在计划与美国纽约证券交易所合并。 Cross-border enterprise with an existing network of more than 20 companies in Europe, Asia and US,January 20th 2007,9. Case study : Initial Public Offering股票首次公开发行上市,Is IPO right for you a

49、nd are you willing to make the necessary investments to do so? IPO对您来说是最适当的选择吗？您愿意为IPO做出必要的投资吗？ But 然而， What are the decisive factors for an IPO vis-vis venture capitalism or debt financing? 什么是IPO程序，尤其是风险性投资基金和债务融资的决定性因素？ What are the differences between listing in Europe and China?在欧洲上市与在中国上市有何区别？

50、 What is the general process for an IPO in Europe?欧洲股票上市的一般过程为何？ Which stock market is suitable for company A?何种股票交易市场较适合A公司？ Which tax, legal and financial issues are to be considered?需要考虑哪些税务、法律和财务问题？ Tax paragraph in the prospectus募股公开说明书中关于税务的部份 Professional internal tax department or dedicated

51、external tax function necessary要设立内部专责租税部门或是向外寻求专业租税谘商师？,January 20th 2007,January 20th 2007 Beijing, China,9. Case study : Initial Public Offering股票首次公开发行上市,Is IPO right for you and are you willing to make the necessary investments to do so? IPO对您来说是最适当的选择吗？您愿意为IPO做出必要的投资吗？ Advantages of an IPO 优点

52、Permanent liquidity of shares股票的恒久流动性 Transparency and Credibility - effected by reporting obligations透明度与稳定性-公司有公开报告的义务 Future source of capital - new shares can be issued to raise new capital未来资本的来源-新的股份能被核准以增加新的资本 Control - Dispersed share holding gives management strong mandate to exercise influ

53、ence-控制性-分散的控股给予经营者强力的指令以行使其影响力 Incentivisation - Giving management / employees shares will give incentive to optimal performance激励性-给予管理阶层/员工的股份能刺激他们做出最佳表现,January 20th 2007 Beijing, China,9. Case study : Initial Public Offering股票首次公开发行上市,Is IPO right for you and are you willing to make the necessa

54、ry investments to do so? IPO对您来说是最适当的选择吗？您愿意为IPO做出必要的投资吗？ Disadvantages of an IPO Disadvantages of an IPO缺点 IPO costs - listing fees, underwriting commissions高成本-上市费用，股票承销的手续费 Running expenses - monitoring compliance, management time for investor relations高运作支出-监督工作，投资者关系管理的时间成本 Reporting Requirements and Internal Control - Sarbanes Oxley公开财务报告的要求和内部控管-萨班斯-奥克斯利法案 Shareholders require consi