房地產(chǎn)盡職調(diào)查-文庫(kù)吧
2025-10-26 22:04 本頁(yè)面
【正文】 重視程度不高，同時(shí)會(huì)給整個(gè)并購(gòu)交易帶來(lái)障礙和麻煩。一個(gè)中國(guó)目標(biāo)公司試圖出售其并不擁有的技術(shù)產(chǎn)權(quán)，這樣的事并非聞所未聞；另外，商標(biāo)和專(zhuān)利注冊(cè)必須和官方記錄進(jìn)行對(duì)照核對(duì)。員工問(wèn)題僅有少數(shù)中國(guó)公司在員工雇傭問(wèn)題上完全符合政府的規(guī)定和要求。曾經(jīng)有一份盡職調(diào)查報(bào)告發(fā)現(xiàn)，目標(biāo)公司的350員工中有220名被登記為殘疾人，因?yàn)楦鶕?jù)中國(guó)的法律規(guī)定，如果企業(yè)雇傭的殘疾人員工達(dá)到其全部員工數(shù)量的50%時(shí)可享受免征增值稅的待遇。然而，該目標(biāo)公司雇傭的員工并不實(shí)際為企業(yè)工作，而實(shí)際工作者則是與第三方簽訂勞動(dòng)合同的勞動(dòng)者。評(píng)語(yǔ)盡管盡職調(diào)查的目的之一是為交易保駕護(hù)航（其扮演的角色相當(dāng)于“交易拯救者”），但是，在中國(guó)并購(gòu)項(xiàng)目中對(duì)潛在隱患的審核可能使外商投資者望而卻步。并非所有的困難都能克服，也不是所有的交易和項(xiàng)目都值得推進(jìn)。有些風(fēng)險(xiǎn)可能在法律上并無(wú)迫近威脅但是難以修正，如果目標(biāo)公司問(wèn)題太嚴(yán)重，收購(gòu)方應(yīng)該做好另覓對(duì)象的準(zhǔn)備。然而，由于對(duì)盡職調(diào)查結(jié)果的理解并沒(méi)有參考其背景環(huán)境，或是列舉不合規(guī)問(wèn)題遠(yuǎn)比修正這些問(wèn)題容易的多，很多項(xiàng)目最終失敗、或因停滯時(shí)間太長(zhǎng)而被競(jìng)爭(zhēng)對(duì)手搶占先機(jī)。在盡職調(diào)查問(wèn)題上，嚴(yán)格但是公正的對(duì)待目標(biāo)公司，并且清楚傳遞對(duì)對(duì)方合作的需求，可以保證調(diào)查過(guò)程和結(jié)果能夠被正確使用；從而降低風(fēng)險(xiǎn)，優(yōu)化交易的法律框架。在中國(guó)這個(gè)特定市場(chǎng)，有所準(zhǔn)備才能有所收獲。Posted on May 26, 2010 by Email This PrintShare LinkBy , Partner, , King amp。 WoodEvery multinational pany needs a China country39。s resilient economicperformance during the global downturn has made it even more attractive to some overseasinvestors, but how should such panies arrive at a realistic appraisal of the potentialrisks and opportunities of a specific deal?For many panies approaching a transaction, due diligence is a tool to confirmpliance or to seek confirmation that their project is not excessively thecontext of an acquisition in China, this is the wrong panies areused to informal arrangements。as a result, nonpliance issues may arise in thefields of employment and social contributions, tax, licensing and intellectual property,among , if a Chinese pany raises no pliance issues, it isalmost certainly not a viable option for a projectincluding price reductions, corrective measures and other stepsan acquirer39。s checklistIn order to make a balanced decision about a transaction, an acquirer should have anoverview of:the target39。s structure, including: parties39。 agreements or board resolutions on amendments to the target39。s articles of association。amendments to the shareholder agreement, if any。business licences。and an itemization of the parties39。 investment in the increased registered capital。approval from the State Administration of Foreign Exchange。production or product licences。environmental protection agency approvals。pharmaceutical licences。certification of tax registration。land use rights and building certificates。and documents relating to equipment and machinery。agreements between the target and its shareholders。loan agreements。major supply and sales contracts。and documentation on product distribution, technology, employees and accounts the basis of the target39。s operations, potentially including: the target39。s contractual obligations, including:pending outstanding debts。claims or awards pending with courts or arbitration bodies。discrepancies in audited accounts。and ongoing investigations by government target39。s claims and potential liabilities, including:Potential problemsA wouldbe acquirer must be prepared for difficulties in areas that might be taken for granted in a transaction outside China, and an examination of potential problem should start with the basicsor stall for long enough to allow a rival to swoopbecause due diligence results are not read in context or because it is easier to list nonpliance issues than to remedy but fair dealing with the target in the duediligence process and a clear message about the need for cooperation ensures that the process and results can be used properly: to reduce risk and optimize the legal structure of a this market in part
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