济南有哪些保安公司
新闻中心
News
公司新闻
行业资讯
常见问题
公司公告
安保公司海外并购和融资主要法律风险
来源:http://www.zhongtebao.net  点击次数:624    发布时间:2018-02-21
保安服务公司为了在拓展境外业务或引进国外保安资本或品牌,通过“走出去”或“请进来”的方式,采取投资、收购、并购、融资、合资(合作)、股份制改造(IPO)等途径成立一些境外保安公司或者境内合资保安服务公司(主要是中资企业集中的高风险地区国家HRA)。下文在总结了中国企业海外收购、融资中的主要法律风险的基础上,提出了应对风险管理措施,谨供参考,不构成投资建议。
The security service company for overseas business expansion or the introduction of foreign capital or brand security, through the "go out" or "please come in" approach, take investment, acquisitions, mergers and acquisitions, financing, joint venture (cooperation), joint-stock transformation (IPO) and other ways to set up some security companies overseas or domestic joint venture security service company (mainly is the Chinese enterprises to focus on the national high risk area HRA). On the basis of summarizing the main legal risks of overseas acquisitions and financing of Chinese enterprises, the paper puts forward countermeasures for risk management, for reference, and does not constitute investment advice.
1.交易锁定/确定性的风险
1. transaction locking / certainty risk
风险分析:除了某些比较特殊的情况(比如卖方因为某种原因,例如破产,必须在短时间内出售相关资产),卖方一般在国际并购交易中占据相对主导的地位。对中国安保投资人而言,一个常见的风险是在投入不小的人力、时间和费用以后,卖方决定同其他投资人签订协议,从而造成中国投资人最终失去投资机会,并且产生了前期投入的浪费和消耗。
Risk analysis: in addition to some special cases (such as sellers for some reason, for example, bankruptcy, they must sell related assets in a short time), sellers generally occupy a relatively dominant position in international M & A transactions. To China security investors, a common risk in the future is not a small investment of manpower, time and cost, the seller signed an agreement with other investors, resulting Chinese investors eventually lose investment opportunities, and the initial investment and consumption waste.
应对措施:
Countermeasures:
(1)中国投资人需要从项目的最开始持续判断卖方的出售意向以及变化。一个比较简单的依据是对方采取的交易方式:究竟卖方采用的是“一对一”的谈判,还是竞标形式。相对于竞标形式,一对一的方式中卖方被买方锁定的确定性更大。卖方对于沟通流程的节奏把握也是判断卖方意向的重要来源,比如卖方是否同意排他性地同中国投资人开始谈判。此外,中国投资人应当考虑从各类正式或非正式渠道获得相关信息,协助对卖方的出售意向进行判断。

(1) Chinese investors need to continue to judge the seller's selling intentions and changes from the beginning of the project. A relatively simple basis is the way the other party deals with: whether the seller uses "one to one" negotiations or the form of bidding. Relative to the form of bidding, the seller is more determinable by the buyer in a one to one way. The seller's grasp of the rhythm of the communication process is also an important source to judge the seller's intentions, such as whether the Seller agrees to start negotiations with Chinese investors exclusivity. In addition, Chinese investors should consider obtaining relevant information from various formal or informal channels to assist the seller to judge the sale intention.

(2)从沟通策略上而言,中国投资人可以考虑在项目的较早阶段就开始同卖方商讨关键商业点,以尽快确定双方是否有可能达成交易,从而降低前期投入的浪费。如果中国投资人确定了希望进行交易的意图,那么应当尽量在项目前期就向卖方表明完成交易的意愿,并且有说服力地证明中国投资人确实有能力和经验同卖方在短时间内完成交易,从而引导卖方终止和其他投资人的沟通,逐步增加交易的确定程度。
(2) from the perspective of communication strategy, Chinese investors can consider discussing the key business points with the sellers at the earlier stage of the project, so as to ascertain whether the two sides are likely to conclude the transaction as soon as possible, so as to reduce the waste of initial investment. If investors China determined intention to carry out transactions, then it should be as far as possible in the project to the seller that will complete the transaction, and convincing evidence that the China investors really have the ability and experience to complete the transaction with the seller in a short period of time, so as to guide the seller termination and other investors to communicate, gradually increase the degree of uncertainty of transaction the.
(3)无论是一对一方式的谈判还是竞标形式,中国投资人都应当考虑在合适的时点(尤其是判断出中国投资人相对于其他潜在投资人而言,已经处于非常明显的领先优势的情况下),要求同卖方签署具有法律约束力的排他性协议,将交易锁定在一定的排他期内。
(3) whether it is a way of negotiation or bid form, China investors should consider at the right time (especially the judge China investors relative to other potential investors, has been in the lead is very obvious in the case of requirements), signed an exclusive agreement legally binding with the seller, the transaction will be locked in a certain period of exclusion.
2.交易架构的风险
The risk of 2. trading architecture
风险分析:在海外并购交易,如果架构设计不当,一个重要的风险是可能对投资人会产生不利的税务影响,比如投资人的股息分红可能会被征收更高的税负。
Risk analysis: in overseas M & A transactions, if the architecture is not properly designed, an important risk is that it may have an adverse tax impact on investors, for example, investors' dividend payments may be subject to higher taxes.
此外,不当的交易架构也可能会妨碍投资人实现其投资目的。一个比较常见的情形是中国投资人在收购欧洲的家族企业后,可能仍然希望借助卖方(可能既是股东又是管理层)继续管理被收购的业务。如果中国投资人全部买断卖方的股份,那么卖方在其股份完全退出的情况下,可能没有较强的动力继续作为管理层投入精力对所出售的目标企业进行管理。
In addition, the improper trading structure may also prevent investors from achieving their investment purposes. A more common case is that Chinese investors may still want to continue to manage the acquired business with the help of the seller (maybe shareholders and management) after buying family businesses in Europe. If Chinese investors buy all the sellers' shares, the sellers may not have strong motivation when their shares are completely withdrawn. They will continue to devote energy to management of the target business as a management.
本文由济南市保安服务公司友情奉献,更多有关的知识请点击:www.zhongtebao.net我们将用最先进的技术,最真诚的态度,为您提供最为全面的服务。我们将会陆续向大家奉献,敬请期待。
This article is sponsored by Ji'nan security service  for rent, friendship and dedication. For more information, please click: www.zhongtebao.net, we will provide you with the most advanced technology and the most sincere attitude to provide you with the most comprehensive service. We will continue to contribute to you and look forward to it.

中特保国际安保股份有限公司版权所有    全国统一服务热线:400-160-6677