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 安氏案例分析（旅游娱乐业）：【图】香港迪斯尼的Deal Structure（交易结构） |
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安氏案例分析（旅游娱乐业）：【图】香港迪斯尼的Deal Structure（交易结构） -- 安普若 - (1188 Byte) 2005-9-14 周三, 11:49 (12634 reads) |
Waage
头衔: 海归上士
加入时间: 2005/08/24
文章: 4
来自: landless
海归分: 1984
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作者：Waage 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
It's true that from the deal structure, the HK gov. has made a significant extra investment which did not reflect on the equity structure of the joint venture, that is, the investment in infrastructure and that of land.
However, this only means there might be some "unfair" (no necessarily!) INTERNAL allocation between these two parties, which does not mean HK gov. cannot profit from this project. Unless it is in the case of buying shares in public offering, there is no requirement or criterion that capital contribution, cash or in kind, shall must be proportionate to the equity percentage of the parties in a firm. It's a private bargain!
HK gov. might think this is a unique investment opportunity, commercially, or politically, or both. If it thinks the deal can still get it postivie net value, it is ready to assume seemingly "unfair" extra contribution. There is leverage anyway on Disney. If this is is because of the speciaty of the brand of Disney, then it can be said that the Royalties is not 5-10%, but this formal figure plus the extra investment. This might only prove that Disney is a sucessful brand. The point is, in this project, by assuming "unfair" terms, the HK gov. might make more money than it could in a fair transction with other partners!
In addition, as you guys have observed, there is also social/political significance of this project in terms of employment, tax revenue, and tourist attraction. This is far beyond my ability to say anything, but at least it might be one concern behind the project decision.
Anyway, just some simple thinking and look forward to comments and further discussion with you. This is really intersting!
作者：Waage 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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