文章摘要 本文系统阐述了中国制浆造纸行业外资并购的交易流程与法律框架，涵盖并购一般程序、目标公司类型选择、投资工具设立、审批流程，以及2006年外资并购境内企业规定、2008年企业所得税法统一税率、2007年造纸产业发展政策等重大法律更新。重点解析法律尽职调查的重要性、调查范围与风险评价方法，并讨论谈判策略、收购协议核心条款及交易架构设计。通过2004年华北造纸厂收购案例，展示从初步调查、尽职调查到协议签署的全流程实务操作，聚焦土地、环保、职工安置等关键法律问题，为跨境并购提供操作指引与风险防范建议。

关键词：并购法律法律尽职调查外资并购造纸行业跨境交易

Part One

General Process of M & A

General Procedure of Acquisition

P Information Disclosure

P Preliminary Research

P Project Evaluation

P Due Diligence

P Asset Appraisal

Some Key Questions

Choice of Target Companies

State-owned company

Private company

Foreign-invested company

Listed company

Choice of Investing Vehicles

Offshore company (Cayman Island, BVI…)

* taxation

Hong Kong company

Approval Processes

Part Two

Amendments and Updates of Laws and Rules

Revision of the provisions on the merger and acquisition of domestic enterprises by foreign investors, effective as of Sep. 8, 2006

New Corporate Income Taxation Law, effective as of Jan. 1, 2008

Unification of tax rates

Development Policy of Paper Industry

by National Development and Reform Commission on Oct.15, 2007

New Challenges

Part Three

Legal Due Diligence

the Importance of Due Diligence

evaluating the reliability of the target company

determining the scheme of the transaction

ensuring the assignment of the target rights & interests

drafting and structuring acquisition agreement

Concept of Legal Due Diligence

Ø investigation on the legal status of the target company

Ø Evaluation of the existent and potential legal risks in the acquisition

Ø Comment and Suggestion on the feasibility of the transaction

Procedure of Legal Due Diligence

Contents of Legal Due Diligence

Focus

Can we do too much due diligence?

Part Four

Negotiations and Acquisition Agreement

Deal Option

Legal Form Option

Main Terms and Conditions

Part Five

Case Analysis

Case Summary

In 2004, we were retained to provide our whole-procedure legal service to a foreign company in its acquisition of a paper mill in North China.

Case Analysis

the work we did during the investigation

Case Analysis

The problems we focused on

Case Analysis

杨春宝一级律师简介

杨春宝一级律师，大成上海高级合伙人、资本市场部主任、国资基金研究中心主任，大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年，长期从事私募基金、投融资、并购重组法律服务，尤其对对赌研究颇深且具有非常丰富的实战经验，并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单，代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团，具有上市公司独立董事任职资格，系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多

常见法律问题

外资并购中国造纸企业需关注哪些核心法律环节？

需关注一般并购流程、目标公司类型、投资工具选择、审批程序，并重点开展法律尽职调查以评估法律风险、确定交易方案及起草收购协议。

2006年至2008年间中国并购法律有哪些重要变化？

2006年9月修订外资并购境内企业规定，2008年1月实施新企业所得税法统一税率，2007年发改委发布造纸产业发展政策，形成新的合规要求。

法律尽职调查在造纸行业并购中有何作用？

法律尽职调查用于核查目标公司法律状态、评估现有及潜在法律风险、对交易可行性提出意见，并确保目标权益顺利转让，是交易结构设计的基础。

以上内容仅供参考，不构成法律意见。如需专业法律服务，请联系杨春宝一级律师：chambers.yang@dentons.cn