First, the equity participation mode of international direct investment
1. The meaning of equity participation: equity participation refers to a direct investment method based on ownership and taking the decision-making management right as the way (holding common stock) to effectively control or influence the enterprise.
2. Owning all shares-sole proprietorship enterprise
Significance and influence of (1) on investors
(1) can have absolute business control.
(2) You can own all foreign profits.
(3) It is conducive to keeping technical and commercial secrets.
You must take risks independently.
(2) Significance and influence on the host country
(1) can make up for the shortage of production in the host country.
② It can increase the income of the host country (taxes, land use fees, income from purchasing equipment and raw materials in the host country).
③ Increase employment.
(4) The market share is occupied and the profit cannot be shared.
3. Partial equity ownership-joint venture (including majority equity, half equity and minority equity)
(1) gradually emancipate the mind on the issue of joint venture-demanding "absolute holding" → "not seeking everything, but seeking place" → "Any enterprise established in Shanghai can be regarded as a national enterprise"
(2) investment methods-cash, physical objects, industrial property rights (trademarks, patents, proprietary technologies, etc.). , there is a capital verification problem)
(3) On the positive side, the ability of all parties to the joint venture can be condensed, advanced technology and scientific management methods can be introduced and used, and the responsibilities, rights and benefits of all parties to the joint venture can be clearly defined.
(4) Negative aspects-the management mechanism of multiple shares and multiple rights is unfavorable to minority shareholders and is in a relatively passive position.
Second, Non-Equity Participation in international direct investment (non-equity participation)
1. contractual joint venture
The meaning of (1) cooperative operation
A non-equity cooperative enterprise that stipulates the investment conditions, income distribution, risk responsibility and operation mode of all parties according to the cooperative operation contract signed by all parties, and usually realizes the cooperative operation goal by setting up a cooperative enterprise.
(2) Features
(1) The rights and obligations of both parties to a joint venture shall be agreed upon through consultation, instead of taking the share subscription ratio as the standard in a joint venture.
(2) The investment form of cooperative operation is different from that of joint venture (the investment proportion can be calculated without monetary unit).
(3) the benefit distribution of cooperative operation is different from that of joint venture (not by capital, but by cooperative operation agreement and contract).
(3) the organizational form of cooperative operation
(1) "legal person" cooperative operation (both parties set up an economic entity with legal person status in one country, with independent property rights and legal rights to sue and appeal).
(2) "unincorporated" cooperative operation (the entities established by both parties only have the right to use the property of the cooperative enterprise but have no independent property ownership, and can set up a joint management organization, entrust one party or hire a third party to manage it).
(4) Function
Simple, flexible and strong sense of cooperation; The examination and approval procedures and procedures are simple; Avoid a series of complex problems such as the price of physical or technical stocks; The management organization can be large or small, complex or simple, and has considerable flexibility.
2. International technology transfer and investment
The meaning of technology-knowledge, technical know-how and ability related to manufacturing methods and management. It can be divided into manufacturing power, design power, new technology development power and management power.
3. International leasing
(1) meaning
A lease relationship between lessors and lessees located in different countries, in which the leased assets are given to the lessee for paid use within a certain period of time. Lessors, lessees and suppliers can be natural persons, legal persons or national and international financial organizations in two or three countries. Generally, the leased property is movable or immovable property with high value, such as complete sets of equipment, ships and airplanes. Lending Act during World War II.
(2) Characteristics of international leasing (integrating trade, financing and investment)
(1) Separation of ownership and use right
② Combination of monetary credit and physical credit.
③ Easy-to-obtain tax incentives (investment tax reduction or exemption from property tax)
(4) The business involves a wide range and needs multilateral cooperation. * * * The transaction is completed (three parties-two contracts, namely the sales contract and the lease contract. In addition, there is a loan agreement)
(3) International leasing mode
① Financial leasing: When an enterprise needs to raise funds to purchase machinery and equipment, investors sublet large-scale complete sets of production equipment and transportation equipment to users through leasing companies located in the host country. Therefore, financial leasing is also called equipment leasing. The essence is to replace "financing" with "financing", that is, the leasing company does not lend money directly to the enterprise, but buys machinery and equipment on its behalf and rents it to the enterprise for use.
(2) Operating lease: the lessor provides special services (insurance, maintenance, etc.). ) and provide financing at the same time, and the two are integrated into a lease method. Generally used for maintenance and management of machinery and equipment with certain monopoly technology.
③ Maintenance lease-A typical maintenance lease is car rental. The leasing company shall provide all services to the lessee, including car purchase, registration, tax payment, maintenance and repair.
4 leveraged leasing.
Relationships involved-lessee, lessor, long-term lender, (custodian), including sales contract (lessor and supplier), loan agreement (lessor and lender) and lease contract (lessor and lessee).
Source of funds-the lender rather than the lessor (its funds only account for about 20%-40%)
Rent payment is relatively balanced-the rent fee is low, and the amount of rent paid in each period is relatively balanced (so it is also called fair lease).
⑤ Sale and leaseback-the lessor buys the subject matter from the owner and the user, and then rents the purchased subject matter to the original owner for use (mostly real estate).
⑥ Sublease-The leasing company or bank trust agency leases equipment from abroad and sublets it to domestic users (2 contracts).
⑦ Comprehensive leasing-a leasing form that integrates leasing and related trade modes (leasing+compensation trade, processing with supplied materials, joint venture, cooperative production, franchise, etc.). ).
4. International project contracting
(1) Main contents
engineering design
Provide machinery, equipment, technology, raw materials and labor.
Fund supply
Construction and installation
Test drive
personnel training
(2) Features
High cost, high profit and strong competitiveness.
(3) Classification
(1) Separate Contract project contract (owner's separate contract).
(2) Turnkey Project (Turkey Contract)
(3) Subcontracting (subcontracting) project contracting (general contracting and subcontracting).