第四章投资结构的.pptVIP

; Structure of the Investment;第一节、项目的投资结构;Incorporated Joint Venture/corporation 基础是有限责任公司。公司是与其投资者完全分离的独立法律实体，即公司法人。公司的权利和义务是由国家有关法律及公司章程所给予的。对于公司资产，股东既没有直接的法律权益也没有直接的收益人权益。 公司承担一切有关的债权债务。 投资者通过持股拥有公司，并通过选举任命董事会成员对公司的日常运作进行管理。;Corporations;Example of a corporation jointly owned by sponsors which borrows to finance a project ;9. Insulated from tort(民事侵权) and contractual liabilities of the project company, subject to piercing the corporate veil or proof of an agency relationship. Disadvantages for the sponsor 1. Higher borrowing cost. 2. Lack of absolute control over the facility. 3. Possible loss or delay in claiming tax benefits by the jointly held company. ;简单的公司型合资结构;公司型合资结构的优点和缺点;公司型合资结构的缺点： 1对现金流缺乏直接的控制。 2税务结构灵活性差。不能很好的利用税务亏损和优惠，因此，需要进行合理的合资结构设计。;公司型合资结构—案例;Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.;收购新西兰钢铁联合企业的合资公司出资比例 （单位：百万）; 合伙制结构（Partnership）是至少两个以上合伙人（Partners）之间以获取利润为目的的共同从事某项商业活动而建立起来的一种法律关系。 1）合伙制结构不是一个独立的法律实体，其合伙人可以是自然人也可以是公司法人。 2）合伙制是通过合伙人之间的法律合约建立起来的，没有法定的形式，一般也不需要在政府注册，这一点与成立一个公司有着本质的不同。 3）合伙制结构包括普通合伙制和有限合伙制两种类型;普通合伙制结构 普通合伙制结构中的合伙人称为普通合伙人 （General partners）。;公司型结构与合伙制结构的区别;普通合伙制结构的优点和缺点;Partnerships;General partnerships present problems from a legal standpoint inasmuch as general partners generally are jointly and severally responsible for all partnership liabilities which cannot be satisfied from partnership assets. Partners can protect themselves to some extent by forming subsidiaries to enter into a partnership agreement to operate a joint venture. ;Further steps can be taken to protect joint ventures who wish to operate as a partnership. One such step is to require lenders to limit their recourse for loans against the assets of the partnership and waive rights against the assets of the partners. Another step is an agreement among the partners not to enter into loan agreements or material contracts without the consent of all or some spe