论我国风电企业海外投资的法律风险及其防范——以金风科技海外并购案为例

Study on Legal Risks Involved in Overseas Investment of Chinese Wind Power Enterprises and the Preventive Measures——Taking Goldwind Technology′s Overseas M&A Case as an Example

近年来,我国风电企业海外投资步伐加快,但由于国内外法制环境的差异,投资过程中很可能出现难以规避的法律风险,而跨国并购所涉及到的法律风险问题最为突出。金风科技是我国风电产业的领军企业,公司提前两年开始布局,2006年便在德国成立了子公司,并在当地寻找制造业人才参与产品研发。2008年,金风科技以4120万欧元收购德国VENSYS公司70%的股份。此次并购是成功的,德国VENSYS公司产品技术得到突破,制造成本不断降低,利润空间逐渐增大,品牌效应得到发展。而金风科技短期来看,其销售业绩和利润快速增长;长期来看,公司获得了先进的制造技术,通过联合设计实现产品的开发和生产,并将技术内化为自己的技术实力。金风科技在此次海外并购中涉及到并购战略确定的法律风险、尽职调查中的法律风险、融资中的法律风险、知识产权保护的法律风险、联合开发合作模式的法律风险、风电设备认证中的法律风险等,并针对这些法律风险采取了应对措施。为了防范对外投资中的法律风险,需要构建我国风电企业海外投资法律风险管理制度,充分了解东道国法律背景,寻求优质的融资方式,推进知识产权全球布局,审慎选择联合开发模式,完善风电设备认证制度等。

In recent years,Chinese wind power enterprises have accelerated the pace of overseas investment,but the legal risks involved in overseas investment are likely to be unavoidable due to the differences between the legal environments at home and abroad,and the legal risks involved in cross-border mergers and acquisitions are the most prominent.Goldwind Technology is a leading company in Chinese wind power industry.In 2006,it established a subsidiary in Germany and found manufacturing talents locally to participate in the product research and development. In 2008, Goldwind acquired a 70 % stake in VENSYS（ Germany） for 41.2 million euros.The acquisition was successful.For VENSYS,a breakthrough was made in product technology,the manufacturing cost was continuously reduced,the profit margins gradually increased,and the brand effect was developed.For Goldwind,in the short term,the sales performance and profits grew rapidly,and in the long run,advanced manufacturing technology was acquired,product development and production was realized through joint design,and the technology was internalized into its own technical strength.The legal risks involved in this overseas merger and acquisition of Goldwind Technology include legal risks in the determination of M A strategy,the due diligence,the financing,the intellectual property protection,the cooperation mode of joint development,and the certification of wind power equipment.Corresponding measures were taken against these legal risks.In order to avoid the legal risks involved in overseas investment,it is necessary to build a legal risk management system for the overseas investment of Chinese wind power enterprises,fully understand the legal background of host countries,seek quality financing modes,promote the global layout of intellectual property rights,carefully select the joint development model,and improve the wind power equipment certification system.