【正文】 meet with reluctance and the stateowned culture of secrecy. It is important to realize that a target pany39。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 Mamp。A transactions in China is not for the faint of heart, and making successful investments and striking good deals require more than a goldrush mentality. In particular, taking an overly cautious approach might result in missing out on great opportunities, while an undisciplined or overly optimistic approach might well lead to disaster. Consequently, it is essential that dealmakers and their counsel take an informed, balanced, and practical approach to the myriad and unique risks presented by Chinese Mamp。s assets may have been used in relatedparty transactions. For example, one pany39。s robust economy continuing to attract capital, there will be more deals and more petition in a changing legal and regulatory environment. As a result, investors will 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, coupled with the ability to adapt to the particular circumstances presented. Experienced, creative, and practical counsel can provide invaluable assistance in enabling investors to make informed decisions that balance the risks and opportunities in the China market. Footnotes 1. See Results of the 2020 USCBC Member Priorities Survey, August 30, 2020, available at 2. This is a quasigovernmental agency that is responsible for the registration of leases and realproperty title, sale, and purchase transactions, as well as monitoring the process of sale or auction of stateowned enterprises. 3. Depending on how the earnout payment is treated for tax purposes (., capital gains, salary ine, or other labor ine), different tax rates may apply. 譯 文： 在 中國(guó) 并購(gòu)交易中的風(fēng)險(xiǎn)管理 一、 評(píng)估監(jiān)管限制 外國(guó)投資者需要 對(duì) 中國(guó) 的 監(jiān)管限制和 審批機(jī)關(guān)的個(gè)人意見(jiàn)做一個(gè) 評(píng)估 并設(shè)置一個(gè)預(yù)期值，這個(gè)問(wèn)題 可能影響 交易的 結(jié)構(gòu)和處理過(guò)程 。如果交易雙方能夠相當(dāng)從優(yōu)的解釋工業(yè)方面 的管理，并且審批機(jī)關(guān)同意這樣的解釋?zhuān)@種努力在該公司申報(bào)納稅 文件 時(shí)可能會(huì)產(chǎn)生顯著的好處。 二 、 確認(rèn)資產(chǎn)的所有權(quán) 在中國(guó)，對(duì)資產(chǎn)的所有權(quán)驗(yàn)證可以提出重大挑戰(zhàn)。 最后，準(zhǔn)買(mǎi)家必 須警惕和所有權(quán) 的驗(yàn)證。 盡管受到嚴(yán)厲的民事處罰和刑事起訴的可能性， 在 中國(guó)公司偷稅漏稅 ，和不適當(dāng) 的會(huì)計(jì)及稅務(wù) 仍然很常見(jiàn) 。大規(guī)模裁員可能引發(fā)工人抗議活動(dòng)和其他社會(huì)動(dòng)蕩，從而政治 化 交易，吸引了當(dāng)?shù)卣块T(mén)不必要的注意。在這種情況下，它通常證明了 ，賣(mài)方 的不干凈的交易 。由于托管是一個(gè)相當(dāng)新的概念， 在中國(guó)很多銀行，他們也不愿意卷進(jìn)這種 情況 因?yàn)樗鼈兛赡芤饾撛诘募m紛。因此，必須要設(shè)計(jì)巧妙的獲利能力的語(yǔ)言 ，以確保 在監(jiān)管部門(mén)，法官，仲裁員的眼皮底下 ，任何額外 的支付款項(xiàng)并不構(gòu)成對(duì)購(gòu)買(mǎi)價(jià)格的一部分付款。 五 、 結(jié)論 外國(guó)投資者在中國(guó)做交易 時(shí)可能會(huì)面臨許多潛在的陷阱 。因此，投資者將需要用 靈活，務(wù)實(shí)的方式處理 那些可知的挑戰(zhàn)。但是，賣(mài)方可能 就要警惕這種安排的稅務(wù)影響。如果 該 交易 是部分 結(jié)構(gòu)性的離岸交易，那可由中國(guó)境外的銀行賬戶支付部分的費(fèi)用 ， 可贖回 和代管的購(gòu)買(mǎi)價(jià)格可能更容易安排，因?yàn)樗鼈儾辉偈苤袊?guó)的監(jiān)管限制。如果“懷疑的陰影”不能消除，則可能需要考慮的行動(dòng)方向。這通常是一個(gè)嚴(yán)重的 談判 問(wèn)題 ，賣(mài)主甚至可能 再次在最后一分鐘 希望買(mǎi)方將妥協(xié)。關(guān)聯(lián)方交易是很常見(jiàn)的，有時(shí)是在握手和口頭安排的基礎(chǔ)上， 該交易沒(méi)有文檔 記錄，也不在該公司的賬簿反映結(jié)果。一個(gè)適銷(xiāo)對(duì)路的標(biāo)題，或“出讓土地使用權(quán)，”的 取得 必須是在這些土地可以出售或轉(zhuǎn)讓 的前提下 ，這可能需要支付地價(jià) 作為國(guó)土局的保費(fèi) 。對(duì)于私營(yíng)公司，通常是內(nèi)部文件，沒(méi)有得到很好 的保 存和組織，它可能不足以顯示哪些資產(chǎn)屬于誰(shuí)。例如，上海政府要求處理公眾安全，不能發(fā)給外商獨(dú)資企業(yè)項(xiàng)目 許可證。 還有一些不完全向 外國(guó)投資者 開(kāi)放的 在中國(guó)的業(yè)務(wù)部門(mén)，這些投資者在其中不能建立外商獨(dú)資企業(yè)（“外商獨(dú)資企業(yè)”），甚至一些合資企業(yè)。s bank borrowings, and the same assets might have been used multiple times for making (registered) capital contributions in different panies. The buyer also needs to be extremely careful if substantial assets of a target pany were bought from the bankruptcy auction of a stateowned enterprise. If the process was not properly supervised by the court and the case was not effectively closed, the sale could risk being overturned because of a flawed auction process. Finally, prospective buyers must be vigilant and vigorous in title search and verification. Many stateowned enterprises, and sometimes even privately owned panies, may use or claim to 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 title, or granted landuse right, must be obtained before such land can be sold or transferred, which could require the payment of significant land premiums to the land bureau. Assessing Liabilities Contingent and offbalancesheet liabilities may present another serious area of risk for buyers of Chinese panies. Typical areas of potentially significant liability exposure include tax, employment, legacy problems, and environmental issues. Tax due diligence should be an integral part of any