外国投资者在中国的并购类型财务管理外文翻译、中英文翻译、外文翻译.docVIP

附　录 Types of Mergers and Acquisitions of Domestic Enterprisesby Foreign Investors in China According to Interim Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors,there are two types of mergers and acquisitions of domestic enterprises by foreign investors.One is Equity Merger and Acquisition;the other is Asset Merger and Acquisition.Both of them will be discussed below. The Concept of Equity Merger and Acquisition What is Equity Merger and Acquisition?Mergers and acquisitions of a domestic enterprise by foreign investors shall mean that foreign investors,by agreement,purchase equity interest from shareholders of state-owned enterprises with no foreign investment or subscribe to the increase in the registered capital of the tate-owned enterprise with the result that such state-owned enterprise changes into a foreign investment enterprise,which is called Equity Merger and Acquisition.It is very simple in practice and is easy to determine the price of the equity.There are two kinds of Equity Merger and Acquisition,too.One is that the foreign investors agree to buy the equity interest of state-owned enterprises directly from the stockholders.which is the sale of the equity between the stockholders and the foreign investors:The other is that the foreign investors agree to buy the increase in the registered capital of state-owned enterprises,which is the sale of the stock between foreign investors and the target enterprises.There are some features in Equity Merger and Acquisition. Firstly,the target enterprise of Equity Merger and Acquisition is a company-system enterprise.So-called company-system enterprises are that enterprises are set up in accordance with the company law or reformed enterprises.The target enterprises of Asset Merger and Acquisition are company-system enterprises as well as non company-system enterprises,but the target enterprises of Equity Merger and Acquisition are only company-system enterprises,by the company law.St