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兼并收购篇

Merger & Acquisition

并购领域常见词汇:兼并、收购、合并、资产并购、股权并购、横向并购、纵向并购、混合并购、经营协同效应、财务协同效应、特殊性税务处理、税务筹划、方案设计、跨国并购、跨国交易架构设计、金融杠杆、过桥贷款、对赌协议、强买权、强卖权、跟随权、并购合同、保密协议、合作意向书、商标转让/许可协议、技术转让/许可协议、公司章程、股权转让协议、增资协议、董事议事规则、投资路径、竞业限制协议、框架协议、会议记录、反垄断审查、安全审查、核准审批、敌意收购、强制要约、全面要约、协议收购、要约收购、权益性融资、借贷性融资

 

Commonly Used Terms in Merger and Acquisition: merger, acquisition, equity acquisition, asset acquisition, financial synergy, operating synergy, special tax treatment, tax plan, structure design, international acquisition, deal structure design, financial leverage, bridge loans, value adjustment mechanism, tag-along right, drag-along right, Acquisition Contract, Confidentiality Agreement, Memorandum of Understanding, Term Sheet, Trademark Transfer/License Agreement, Technology Transfer/License Agreement, Articles of Association, Share Transfer Agreement, Capital Increase Agreement, Board of Directors, investment roadmap, Non-compete Agreement, Meeting Minutes, anti-monoply check, security check, examination and approval, hostile takeover, mandatory offer, takeover offer, acquisition by agreement, acquisition by offer, equity financing, loan financing

中国并购基础法律法规 China M&A Basic Laws

Access to new markets

Growth in market share

Access to new brands

Access to new products

Access to new technologies

Access to distribution channels

Increase market power

Overcome barriers to entry

Access to management or technical talent

Enhanced reputation

Increased speed to market

Reduce operating expenses

Reduce number of competitors

Reduce cost and risk of new product development

Diversification

......




打入新市场

拓展市场份额

纳入新品牌

纳入新产品

纳入新技术

拓展分销渠道

增大市场势力

扫清发展障碍

纳入管理和技术人才

提升影响力

加快拓展速度

降低营运成本

减少竞争对手

降低新产品开发的成本和风险

多样化

......




WHY M&A

并购

目的







接管整合

Implementation

&Integration

  尽职调查

Due

 Diligence

谈判签约

Contract

Negotiation

前期调研

Preliminary

 Analysis

方案设计

Transaction

Structuring

  综合评估

Comprehensive

Valuation

并购一般步骤

Basic Steps of M&A Transactions

  • Pricing of the asset and equity transfer
  • Business Preparation



  • Legal & financial preparation
  • Preparation of pro-forma P&L and B/S
  • Business preparation


注意事项:不要忘记在项目启动前尽早签订保密协议。


Remark: Don't forget to sign confidentiality agreements from the very beginning.

  • Identifying business needs
  • Conducting market research
  • Signing Confidentiality Agreements



  • Implement the business plan

  • Integration of the businesses



  • Structuring the transaction

  • Liaison with project approval authority



  • Contract drafting (JV Contract, SPAs, Ancillary Agreements)
  • Government/regulatory approvals
  • Completion




跨国投资常见交易架构示例

Common Investment Structure of Internataional Companies

美国公司投资亚洲等国家示例图

Illustration of American Investment in Asia and Other Countries 


中国公司投资北美示例图

Illustration of China Investment in North America


中国公司投资欧洲示例图

Illustration of China Investment in Europe


国美集团重组交易架构设计实例

Gome Group Reconstruction Illustration


资产转让变资本转让:

将国美电器65%主要资产的控制权伴随65%国美电器的股权转移至中国鹏润名下。

其他节税方式:

设立鹏润亿福作为中间控股公司;
设立Ocean Town作为 BVI
本网推荐律师

并购协议常用术语示例 

Most Commonly Used Terms in M&A Agreements

Merger and acquisition agreements often adopt some international terms which are not expressly defined by China law. Though they might sound unfamilar to some Chinese investors, they have been widely employed in agreements with foreign element, and more and more adopted by Chinese investors. For further information, please contact us at 18930220709 or E-mail us at info@bilawyers.com.

并购协议常常引用一些国际术语。这些术语并不是中国法律体系内明确规定的概念,可能对部分不大接触涉外的中国投资者来说,会感觉比较陌生。但随着中外合资合作的增多以及国内对国外先进理念的引入,这些术语除用于涉外协议外,也越来越多的被用于无涉外因素的协议中。了解更多的术语,欢迎拨打本中心咨询热线18930220709,或发送邮件至info@bilawyers.com。

对赌协议

Value Adjustment

Mechanism

强卖权

Tag-Along Right

金手铐

Golden Handcuff

金降落伞

Golden Parachute

跟随权

Drag-Along Right

对赌协议定义

 

对赌协议来自于英文的Valuation Adjustment Mechanism,直译过来就是“估值调整机制”,常见于私募股权投资领域以及并购领域。

 

对赌协议一般由投资人与被投资企业的实际控制人在达成投资协议时签订,对未来被投资企业财务状况变化的一种约定。双方以被投资企业当前业绩为议价基础确定投资条件,根据双方认可的业绩增长情况,以具体业绩指标作为协议条件,如果约定的条件出现,投资人可以行使一种估值调整权利的协议。对赌标的通常被为企业股权,也有的设置为直接支付现金及利息。

 

在对赌的条件上,中国的投资人通常只采用财务绩效条款,且大都以单一的净利润为条件,以股权调整或现金补偿为筹码。另外,对赌还可以涉及非财务绩效、企业行为、企业股价、股票发行和管理层去向等方面。 

 

实际应用中,除投资人和被投资企业的实际控制人之外,还有投资人和企业管理层之间的对赌,投资人和企业原股东之间的对赌,企业现有大股东和小股东之间的对赌等等。

 

Definition of Valuation Adjustment Mechanism

 

A Valuation Adjustment Mechanism ("VAM") Agreement, also known as "Bet-on Agreement", is commonly employed in private equity investment activities, and merger and aquisition activities .

 

It is generally concluded between investors and the actual controller of an invested company on future changes to the financial position of the invested company. Both sides bargain on the basis of the current performance of the proposed invested company to fix investment conditions, that is, specific performance indicators shall be deemed as the terms of the agreement based on the performance growth recognized by both sides. If the conditions stipulated in the agreemnt are satisfied, the investors may exercise the right to adjust the valuation. The subject of a VAM is usually equities of the company concerned, sometimes it can also be set as direct payment of cash and interest. 

 

In practice, VAM agreements are also used between investors and management team of the invested company, between investors and original shareholders of the invested company, between majority shareholders and minority shareholders.


对赌协议

Value Adjustment

Mechanism

Typical Case

 

Gansu Shiheng Non-Ferrous Recycling Co., Ltd. and Hong Kong Diya Limited vs. Haifu Investment Co., Ltd. and LuBo regarding captial increase disputes


According to the judgment,

 

1) For the VAM Agreement between the Investor and the invested company, if it enables the Investor to obtain fixed profits of not connecting to the performance of the invested company, and damages the interest of the invested company and its creditors, then such agreement shall be deemed invalid.

 

t2) For the VAM Agreement between the original shareholder and the investor, if the compensation commitment made for the benefit of the iInvestor does not impair the interest of the invested company or its creditors, then such agreement shall be deemed as vailid.


典型案例 

 

甘肃世恒有色资源再利用有限公司、香港迪亚有限公司为与被申请人苏州工业园区海富投资有限公司、陆波增资纠纷案

 

根据该案件的判决,

 

1) 股东与公司之间的对赌协议,如果使股东无论在公司盈亏情形下都能够取得固定的利益,脱离公司的经营业绩,损害公司及公司债权人利益,那么该对赌协议的效力法院不予认可。

 

2) 原股东与投资方之间的对赌条款,如果其对投资方的补偿承诺不损害公司及公司债权人的利益,不违反法律法规的禁止性规定,是当事人的真实意思表示,那么该对赌协议的效力法院认可其合法有效性。


强卖权,也译成强制随售权,是国外公司法中的一个法定术语。强卖权确保大股东销售其股份的时候,小股东也被强迫加入交易。该权利旨在保护大股东的权利。强卖权给予投资股东在退出时强迫其他股东也同时退出的权利,一般情形下,交易的价款和条件是同等的。强卖权是股权买卖协议中相对标准的条款。强卖权通常在首发上市前终止。

 

强卖权在中国公司法体系中没有明确规定说明,但基于契约自由的原则以及其先进的理念,已被国内很多投资者采用。

 

Drag-Along Right is a legal concept in corporate law of foreign countries. The right assures that if the majority shareholder sells his stake, minority holders are forced to join the deal. This right protects majority shareholders.

 

A Drag Along right gives the investing shareholder the right to force the other investor(s) to exit should the investing shareholder exit, once again, usually on the same price and terms. Drag-along rights are fairly standard terms in a stock purchase agreement. Drag-along rights typically terminate upon an initial public offering.

 

强卖权

Tag Along

Right


追随权,也是国外公司法中的一个法定术语。追随权确保大股东在销售其股份时,小股东有权利追随大股东一起卖,且适用大股东销售股份的交易条款和条件。追随权旨在保护小股东的利益。追随权是股东协议相对标准的条款。

 

追随权也越来越多的被国内投资者采用。

A tag-along right is a legal concept in corporate law of foreign countries. The right assures that if the majority shareholder sells his stake, minority holders have the right to join the deal and sell their stake at the same terms and conditions as would apply to the majority shareholder. This right protects minority shareholders. Tag-along rights are fairly standard terms in shareholders agreements.

 

跟随权

Drag Along

Right

金手铐是一种旨在限制员工离职的财务激励手段。采取的方式包括员工股票期权激励方式,可能要在员工任职几年之后才授予。一般公司会与员工签订限制性协议,规定在员工跳槽的情形下,应退还这类奖金或其他补偿。

 

一些行业里特定的职位员工待遇丰厚,却跳槽现象频出,这些行业的公司为了应对跳槽,经常是在公司认为公司为员工本人的投资未收回回报的情形下,通常会采用金手铐的机制。

 

Golden handcuffs are a system of financial incentives designed to keep an employee from leaving the company. These can include employee stock options that will not vest for several years, but are more often contractual obligations to give back lucrative bonuses or other compensation if the employee leaves for another company.

 

Golden handcuffs are a response by the companies in industries where it is common for highly compensated employees to frequently move from one firm to another, often before the company feels that it has earned a return on the investment in the employee.


 


金手铐

Golden Handcuff


金降落伞是公司和员工(通常是公司高管)协议中对公司解除劳动合同时员工享有特定的高额赔偿的约束性条款。通常金降落伞的触发情形是公司被兼并或收购时,因此也常被叫做”控制权变更权益“。近年来,在该术语更多的用于企业认为冗余的首席执行官(以及其他高管)的离职补偿,并不一定和控制权变更挂钩,该等情形下的机制也叫做”金握手“。这些高额补偿可能包括遣散费、现金津贴、股票期权或其他权益。

 

A golden parachute is an agreement between a company and an employee (usually upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. Most definitions specify the employment termination is as a result of a merger or takeover, also known as "Change-in-control benefits", but more recently the term has been used to describe perceived excessive CEO (and other executives) severance packages unrelated to change in ownership (also known as a golden handshake). The benefits may include severance pay, cash bonuses, stock options, or other benefits.

 


金降落伞

Golden Parachute

本网推荐律师

并购税务筹划常用概念示例

Most Commonly Used Conceptions in M&A Tax Planning

特殊性税务处理

Special Tax Treatment

资本弱化

Thin Capitalization

债务下推

Debt Pushdown

税务倒置

Tax Inversion

税基侵蚀

Base Erosion & Profit Shifting

Special Tax Treatment

 

Special tax treatment is essentially considered as a deferral of income tax payment when restructing satisfys specific criteria. Under special tax treatment, the tranferor is allowed to choose not to recognize gain from the relevant assets (equity) transfer on the portion that equity payment is made as the consideration and the transferor's original tax base on the relevant assets (equity) shall be the tax basis of the transferee.​


Taking equity acquisition as an example, special tax treatment can be applied when restructing meets all of the following requirements:


1)  Having reasonable commercial purpose instead of  taking deduction, exemption or deferment of tax payment as the primary purpose;

2)  Maintaining the original substantive business activities for 12 consecutive months after the enterprise restructuring;

3)  The original main shareholders who have obtained the payment of equity interests in enterprise restructuring may not, within 12 consecutive months after the restructuring, transfer the equity obtained;

4)  The equity purchased by the acquiring enterprise accounts for not less than 50 (previously, 75) percent of the total equity of the target enterprise;

5) The equity interests payment made by the acquiring enterprise at the time of acquisition accounts for not less than 85 percent of the total transaction payment.



特殊性税务处理

 

特殊性税务处理是指并购在满足一定条件的情形下,对于股权支付部分,暂不按照公允价值确认资产的转让所得或损失,而是按照原计税基础确认新资产或负债的计税基础,从而达到递延缴纳所得税的效果。


以股权并购为例,同时满足以下条件的并购可以享受特殊性税务处理:

1)具有合理的商业目的,且不以减少、免除或者推迟缴纳税款为主要目的;

2)企业重组后的连续12个月内不改变重组资产原来的实质性经营活动;

3)企业重组中取得股权支付的原主要股东,在重组后连续12个月内,不得转让所取得的股权;

4)收购企业购买的股权不低于被收购企业全部股权的50% (原来是75%);且

5)  收购企业在该股权收购发生时的股权支付金额不低于其交易支付总额的85%。


满足以上条件时,.被收购企业的股东取得收购企业股权的计税基础,以被收购股权的原有计税基础确定;.收购企业取得被收购企业股权的计税基础,以被收购股权的原有计税基础确定;.收购企业、被收购企业的原有各项资产和负债的计税基础和其他相关所得税事项保持不变。


 


特殊性

税务处理

Special Tax Treatment

资本弱化,是指企业通过加大借贷款(债权性筹资)而减少股份资本(权益性筹资)比例的方式增加税前扣除,以降低企业税负的一种行为。借贷款支付的利息,作为财务费用一般可以税前扣除,而为股份资本支付的股息一般不得税前扣除,因此,有些企业为了加大税前扣除而减少应纳税所得额,在筹资时多采用借贷款而不是募集股份的方式,以此来达到避税的目的。


资本弱化在税收上主要表现为:增加税前扣除的利息。根据企业所得税原理,权益资本以股息形式获得报酬,在企业利润分配前,要先按照应纳税所得额计算缴纳企业所得税;而债务资本的利息,却可以列为财务费用,从应纳税所得额中扣除,减少企业的应交所得税。债务资本是没有税收负担的,权益资本则要缴纳所得税。因此,企业的投资者往往尽量减少股权投资,通过高负债、低投资,使资本弱化,增加利息支出,减少应税所得。


 

Thin capitalization refers to an excessively high ratio of debt to equity in a corporation's capital structure usually for the purpose of avoiding income tax payable.


Up to now, thin capitalization has been extensively used by multinational corporations throughout the world. The incentive for thin capitalization lies in the differential treatment between interests and dividends in tax law. Dividends are allotted after and not deductible before the payment of taxes, while interests are generally deductible before paying taxes. Furthermore, the rate of withholding tax of interests is lower than of dividends in most countries. Since thin capitalization cause serious and negative effect to tax revenue, many countries enacted thin capitalization rules to tackle with it.


 


资本弱化

Thin

Capitalization


税基侵蚀是指由于设置特别的减免税项目,从而增加对纳税人的某些税务优待,进而带来的税基的缩小。

税基侵蚀从征税角度看,主要表现在两方面,一是在实行各种税收优惠的政策过程中,使税基遭侵蚀,税收流失;二是政府在确立税法过程中,没有将税基作为课税对象,或虽作为对象,但课税对象范围较窄,导致税基侵蚀。


税基侵蚀从纳税角度看,主要有两个方面:一是纳税人的偷漏税行为;二是纳税人寻租压力。



 

Base erosion and profit shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to make profits ‘disappear’ for tax purposes or to shift profits to locations where there is little or no real activity but the taxes are low resulting in little or no overall corporate tax being paid.


Governments  lose substantial corporate tax revenue because of planning aimed at eroding the taxable base and/or shifting profits to locations where they are subject to a more favourable tax treatment.


 


税基侵蚀

Base Erosion

& Profit Shifting

Tax inversion, or corporate inversion, is a largely American term for the relocation of a corporation's headquarters to a lower-tax nation, or corporate haven, usually while retaining its material operations in its higher-tax country of origin. 


Corporate inversions are a relatively recent phenomenon. Although it is difficult to be definitive, the practice first became prevalent in the 1990s, with US corporations seeking to relocate to tax havens such as Bermuda; more recently, because of changes in US law, publicity has focused upon corporate inversions conducted by way of merger with companies in lower-tax foreign countries. The issue was first subjected to a great deal of publicity in April 2014 by the proposed merger between Pfizer and AstraZeneca. 



 

税务倒置指企业通过改变注册地的方式(由高税率国家迁往低税率国家),将原本应适用的比较高的税率变为适用比较抵的税率,以达到避税的目的。此外税务倒置也可通过海外并购后的业务转移来完成。税务倒置术语经常与美国公司挂钩。


企业税务倒置是一个相对新的现象。虽然很难明确何时出现,该操作刚开始在二十世纪九十年代开始流行,一些美国企业转移到百慕大等避税天堂。近年来,由于美国法律的变更,公众注意力主要集中并购低税率国家企业领域中的税务倒置。2014年4月辉瑞公司和阿斯利康公司的并购,引起了公众的强烈反响 。




 


税务倒置

Tax Inversion


A debt pushdown is the accounting practice of taking the debt incurred by a parent company during the acquisition of a subsidiary, and placing that debt on the books of the subsidiary, or "pushing it down." This practice of dealing with debt from an accounting standpoint can provide tax benefits to the taxpaying company. Assets can also be pushed down, for similar reasons.



 

债务下推是投资者的一种策略。投资者在投资时向被投资企业提供借款,被投资企业支出借款利息用来减少被投资企业的利润。通常情形下,企业将债务下推到其子公司,从而达到少缴税的目的。同理,资产也可做下推。



 

债务下推

Debt Pushdown