我国企业海外上市VIE结构的监管机制探析

发布时间：2018-02-01 11:01

本文关键词： 协议控制 VIE结构 “弱势”外资法律风险　出处：《暨南大学》2015年硕士论文　论文类型：学位论文

【摘要】：我国企业海外上市利用VIE结构,是为了规避限制和禁止外资进入的法律法规的规定,通过分析VIE结构,实施协议控制,既引进了“弱势”外资,也规避了国家有关外资准入限制的规范。这就是法理上所谓脱法行为,以迂回手段行为规避强行规定,以求达成法律所不许之实际效果。故,VIE结构从一开始就有是否合法的争议,进而引发监管“松”、“紧”之争。正是在这种争论过程中,我国企业赴海外上市采用VIE结构,从新浪模式开始,从一家发展到250多家,从互联网等新经济领域迅速渗透众多产业和行业,可谓“星星之火”,业已燎原。VIE结构的大量存在,得益于默许式的监管政策。默许式监管,的确为我国互联网等科教企业发展提供了难得生存空间。问题是,VIE架构法律身份不明确,这一架构长期游走于灰色地带。这样,不可避免会滋生相关法律风险。我国已然进入全面推进依法治国的新时期,企业融资监管机制法治化自不例外。VIE结构政策不明朗,游走于灰色地带已有十多年的历程,极不利于推进“互联网+”战略,亦与依法治国的要求格格不入。当务之急,应尽快促进VIE结构监管机制的法治化。具体说来,就是要通过区分股东和实际控制人,以股东和实际控制人替代认定外资的股东国籍单一标准,将“弱势”外资予以区别对待,建构适应互联网等科教企业需要的外资准入监管机制和融资监管机制。
[Abstract]:In order to circumvent the laws and regulations that restrict and prohibit the entry of foreign capital, the overseas listing of Chinese enterprises uses the structure of VIE. By analyzing the structure of VIE and implementing the agreement control, "weak" foreign capital has been introduced. It also circumvented the national norms concerning the restrictions on the admission of foreign capital. This is the so-called legal action of breaking away from the law and circumventing the provisions by means of circuitous means in order to achieve the practical effect that the law does not allow. From the beginning, there has been a dispute about whether the VIE structure is legal or not, which leads to the controversy of "loose" and "tight" supervision. It is in the process of this debate that Chinese enterprises go overseas to list on the VIE structure. Starting from the Sina model, from one to more than 250, from the Internet and other new economic fields rapidly infiltrated many industries and industries, it can be said that "spark", has started a prairie. Vie structure of a large number of existence. Thanks to the tacit regulatory policy. Tacit supervision indeed provides a rare living space for the development of scientific and educational enterprises such as the Internet in China. The problem is that the legal status of vie framework is not clear. This framework has been wandering in the gray area for a long time. In this way, it will inevitably breed the related legal risks. China has entered a new period of comprehensively promoting the rule of law. The legal system of enterprise financing supervision mechanism is no exception. The structure policy of vie is not clear, and it has been more than ten years' history to walk in the gray area, which is extremely unfavorable to the promotion of the "Internet" strategy. It is also incompatible with the requirements of governing the country according to law. The urgent task is to promote the legalization of the regulatory mechanism of the VIE structure as soon as possible. Specifically, it is necessary to distinguish between shareholders and actual controllers. Replacing the single standard of shareholders' nationality with shareholders and actual controllers, the "weak" foreign capital should be treated differently, and the supervision mechanism of foreign capital admission and financing should be constructed to meet the needs of scientific and educational enterprises such as the Internet.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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