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M公司是中委两国的国家石油公司在委内瑞拉组建的合资公司。按照委方法律规定,中方作为外方合作伙伴最多占股40%。文章以M公司项目融资为例,分析在尊重资源国相关法律规定的前提下,能否站在贷款银行和弱势小股东的角度,即使不改变股权结构,也可以通过公司项目化融资管理模式创新,获得银行贷款。案例分析结果表明:虽然现行管理模式无法获得银行贷款,但在不改变M公司股权结构的情况下,强势大股东与弱势小股东之间完全有可能通过对现行管理权限重新进行项目化融资管理模式设计,确保贷款银行安全有效地收回贷款本金和利息,实现银企之间与公司内部大小股东之间的合作双赢。
M company is a Sino-Venezuela oil and gas company formed in Venezuela joint venture. According to the stipulations of the law of the people’s committee, China as a foreign partner can account for up to 40% of the shares. Taking M company project financing as an example, this article analyzes whether, on the premise of respecting the relevant laws and regulations of resource countries, whether it can stand on the side of loan banks and minority shareholders, even if it does not change the ownership structure, it can also innovate through the project financing management model , Access to bank loans. The case study shows that although the current management model can not obtain the bank loan, it is entirely possible to re-project the existing management power through the project-based financing management mode without changing the ownership structure of M company. Design to ensure that the lending bank can safely and effectively recover the loan principal and interest so as to achieve a win-win cooperation between the bank and the enterprise and the shareholders within and without the company.