在并购交易中的风险管理[文献翻译]

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1、本科毕业论文外文翻译外文题目：ManagingrisksinChineseM&Atransactions出处：http://www.mondaq.com/article.asp?articleid=54772作者：LefanGong原文：China:ManagingRisksInChineseM&ATransactions28November2007ArticlebyLefanGongAgainstthebackdropofChina'saccessiontotheWTOandthecontinuousliftingofrestrictionsonforeigninv

2、estmentinmanyindustries,Chinaisgoingthroughanextraordinaryperiodofmergerandacquisitionactivity.However,executingM&AtransactionsinChinaisnotforthefaintofheart,andmakingsuccessfulinvestmentsandstrikinggooddealsrequiremorethanagold-rushmentality.Inparticular,takinganoverlycautiousapproachm

3、ightresultinmissingoutongreatopportunities,whileanundisciplinedoroverlyoptimisticapproachmightwellleadtodisaster.Consequently,itisessentialthatdealmakersandtheircounseltakeaninformed,balanced,andpracticalapproachtothemyriadanduniqueriskspresentedbyChineseM&Atransactions.Mattersthatrequi

4、recarefulattentioninChineseM&Atransactionsincluderegulatoryrestrictionsoncommercialenterprise,governmentalapprovalsthatarerequiredinconnectionwithpurchasesandsalesofbusinesses,confirmationoftitletoassets,assessmentofpotentialliabilities,andstructureofpurchasepriceandotheramountspotentia

5、llypayabletotheseller.CircumstancesinChinathattendtomakethesematterschallengingincludealegalandregulatorysystemthatisinastateofflux,unavailabilityandunreliabilityofpublicrecords,unfamiliarcustomsandpractices,a"sellers'market"createdbyasignificantinfluxofinvestmentcapital,andregulatoryre

6、strictionsapplicabletodeferredpaymentsofpurchaseprice.ThisCommentaryidentifiesseveralkeyareasofriskassociatedwithM&AtransactionsinChina,withtheaimofhelpingdealmakersidentifyandaddressimportantissuesatanearlystage.AssessingRegulatoryRestrictionsAninitialmatterthataforeigninvestorneedstoa

7、ssessinsettingitsexpectationishowtheChineseregulatoryrestrictionsandthepersonalviewsoftheapplicableapprovalauthoritiesmayaffectthestructureandprocessofthedeal.Oneofthefirstthingsthatabuyermaywanttolookintoiswhetherthetargetcompany,afterbeingacquiredbyaforeigninvestor,cancontinu