国际商务谈判 Chapter 10 International Investment Negotiations.ppt
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1、Chapter10InternationalInvestmentNegotiationsIntroductionThecreationofajointventureisprobablyamongthemostwidespreadandcomplexnegotiationsthatexistsnowadays,andparadoxicallyoneoftheleaststudiedorunderstood.Twocompanies,oneforeignandonedomestic,endeavortobuildacommonprojectthatintegratesmultipledimensi
2、ons:economicandhuman,organizationalandcultural.Thisdiversitymakesitatypicalformofjointventurenegotiation.However,thischaptermainlydealswiththefundamentalarticlesoftwotypesofjointventuresnegotiation(thecontractualjointventurenegotiationandtheequityjointventurenegotiation).Whenyouareclearaboutthechara
3、cteristicsofthosetypesofinvestment,thenyoullknowwhatyoushoulddointhenegotiation.Inthischapter,youwilllearn:jointventures;thecontractualjointventurenegotiation;theequityjointventurenegotiation.10.1Jointventures10.1.1TypesofjointventuresJointventuresfirstappearedinChinain1979,onlysixinthewholecountry.
4、By1January1998,292345hadbeenofficiallyapproved.JointventureactivityproducesonequarterofChinastotalimportsandexports.Themainareasinwhichjointventureshavedevelopedarelightindustry,electronics,andtextiles.TwotypesofjointventuresnowoperateintheChinesemarket:thecontractualjointventure(CJV)(thecontractual
5、jointventureissometimesalsoreferredtoas“cooperativejointventure”and“cooperativebusinessenterprises”)andtheequityjointventure(EJV)(itisalsoreferredtoas“jointventure”).Thecontractualjointventure(CJV)isalimitedliabilityentityorbusinesspartnershipinwhichboththeChineseandtheforeignpartiescontributecash,b
6、uildings,equipment,materials,industrialandintellectualpropertyrights,landrights,labor,resourcesandservices.Neitherpartyisforcedtoassignamonetaryvaluetoitsinvestmentcontribution,andnomaximumorminimuminvestmentisrequired.Thecontractualjointventureprovidesgreatflexibilityregardingstructureoftheassets,o
7、rganization,andmanagement.Itcanbequicklydevelopedandtheforeigninvestorcanrecovertheregisteredcapitalduringthelifeofthecontract.Therights,responsibilitiesandobligationsofeachsideareprescribedintheformofacontractsignedthroughdiscussionsandnegotiations.Theothertypeofjointventure,theequityjointventure(E
8、JV),isalimitedliabilitycorporationjointlyfundedandoperatedbyeachparty.Risks,profits,andassetsremaininguponexpirationoftheventurearesharedaccordingtothepercentageofequityheldbyeachparty.Tostartanequityjointventure,thepartiesmustfollowacomplicatedprocesstoobtainStatePlanningCommissionapprovalafterafea
9、sibilitystudy.ThenthepartiesnegotiatethecontractitselfandsubmittheagreementtotheMinistryofForeignEconomicRelationsandTradeforapproval.Eachpartysinvestmentcontributioncantaketheformofcash,buildings,equipment,materials,orindustrialandintellectualpropertyrights,aswellaslanduserights.Laborisnotapermissi
10、blecontribution.Theforeignpartymustcontributeaminimum25%oftheequity.Preferentialtaxtreatmentisgivenforsomeyearsafterthejointventurestartsmakingaprofit.10.1.2TheprocedureofjointventurenegotiationsSettingupajointventureisalongandcomplicatedprocessthatcanbedividedintofourstages:preliminaryinvestigation
11、,prenegotiation,negotiation,andimplementation.Thepreliminaryinvestigationcoverstheinitialapproachtothemarket.Theaimsaretobecomemorefamiliarwithmarketcharacteristics,toassessmarketpotential,toselectanarea,todevelopanetworkofcontactswithcompanies,publicadministration,andinfluentialpeople,andthentofind
12、apossiblepartner.Thisexploratorystageismainlyaphaseforcollectinginformationbeforeacting.Theprenegotiationphaseincludesmakingthefirstcontactswiththecompanythatcouldbeapartner,assessingthecompatibilityofthetwopartiesobjectives,ascertainingiftheyhavecommonviewsonmarketstrategy,conductingthefeasibilitys
13、tudy,andsigningaletterofintent.Suchadocumentisnotlegallybinding,butinsteadaimsatshowingthecommitmentofeachpartytocarryonwiththeprocessasfaraspossible.Asaconsequence,thepartiesnormallystopanyparallelnegotiationwithotherpotentialpartners.Whenthefeasibilitystudyhasbeenapprovedbytheappropriateauthoritie
14、s,thefullnegotiationcantakeplace.Atthisstagethepartiesdiscusseverythingnecessarytosetupandoperatethefuturejointventure,suchastherightsandobligationsofeachparty,aswellastherespectivecontributionofcapital,technology,expertise,andotherresources.Thenegotiationalsoaddressesissuesconcerningthemanagementof
15、thejointventure,itsdecisionmakingstructure,itspolicyforpersonnelmanagement,andtheconditionsforitstermination.Atthisstagethepartiesalsoexploresuchissuesasdomesticandexportpricingofthefutureproductsforsale.Thisphaseisrathercomplex,becauseitmaydealwithmorethan50issues,involvealargenumberofnegotiators,l
16、astforalongtimeandbesubjecttomultipleunexpectedevents.Thelaststageofthewholeprocessconcernstheimplementationoftheagreement.Itwouldbelogicaltothinkthatnegotiationsarenowover,butthisisusuallynotthecase.Atthisstage,surprisescropuponadailybasisbecause,forinstance,theworkingconditionsorsuppliesofrawmater
17、ialsmayundergodramatic,unforeseenexternalchanges.Itisanillusiontobelievethatonecansimplyrelyonthewrittencontract,andnumerousrenegotiationsmaytakeplace.10.2ThecontractualjointventurenegotiationUsuallythefollowingarticleswillbecoveredwhennegotiatingthecontractofcontractualjointventures.10.2.1Formsofco
18、ntractualjointventuresContractualjointventuresmaytakeoneoftwodifferentforms.Inthe“true”orpureform,nocompanyorotherlegalentitythatisseparateanddistinctfromthecontractingpartiesisestablished.Intheabsenceofaseparatecorporatebody,eachpartyisresponsibleformakingitsowncontributionstotheventure,payingitsow
19、ntaxesonprofitsdistributedtoitandbearingitsownliabilityforrisksandlosses.Intruecontractualjointventuresofthistype,thereexistsaclearseparationoftheliabilities,rights,andobligationsoftheparties,allofwhichmustbespecifiedinthecontract.Thesecondtypeofcontractualjointventureisactuallyahybridformofinvestme
20、ntvehicle,whichtakesonsomeofthecharacteristicsofbothtruecooperativejointventuresandpureequityjointventures.Inthisformat,a“businessentity”whichhasthestatusoflegalpersonisestablished.10.2.2CapitalcontributionsandprofitdistributionsCapitalcontributionsbythepartiesinbothtypesofcontractualjointventuremay
21、takeanyoftheformsspecifiedintheJointVentureLaw.Theseincludeindustrialpropertyrightsandknowhow,buildings,plantandequipment,landuserights,trademarks,andcash.Inaddition,thepartiestoacontractualjointventuremayalsocontributenaturalresourcerights,labor,andutilities,noneofwhichispermittedundertheequityjoin
22、tventureformat.ToestablishaSinoforeignoperatedenterprises,usuallytheChinesepartnerprovidesland,factorybuildingsincludingequipmentandfacilitieswhichmaybeused,labor,righttodevelopresources,andasmallamountofcapital,whiletheforeignpartnerprovidesfunds,technologyandequipment.Themaindifferencebetweenequit
23、yjointventuresandcontractualjointventures(cooperativeventures)liesintheirdifferentprofitdistributionsystems.Investorsinequityjointventuressharetheirprofitsaccordingtotheirinvestmentratio.Partnersincontractualjointventuressharetheirprofitsaccordingtothetermsoftheiragreement,whichmaynotbethesameasthat
24、basedoninvestmentratio.Consequently,contractualjointventuresareconsiderablymoreflexiblethanequityjointventures,permittingvariousschemeswherebytheprofitshareowingtothepartiesisnottiedtothevalueoftheircontributionsbutmayincreaseordecreaseoverthelifeofthecontract.Foreignpartnersandforeignemployeesinthe
25、contractualjointventurescanremittheirprofits,wagesandsalariesandotherlegalincomeabroadaftertheyfulfilltheirlegalobligationsandpayindividualincometax.10.2.3RegistrationUponapprovalbytherelevantforeigninvestmentauthorities,contractualjointventuresarerequiredtoregisterwiththelocalbureauoftheStateAdmini
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