我国企业境外上市协议控制模式及法律监管研究

发布时间：2018-06-27 11:56

本文选题：协议控制 + 境外上市　；参考：《云南财经大学》2017年硕士论文

【摘要】：协议控制对于大多数人来说是一个陌生的名词,但是如果将使用这种方式成功上市的公司列举出来,相信大家都会耳熟能详,阿里巴巴,新浪,滴滴等一些知名的中国企业正是通过这种方式迅速发展起来。我国企业采用协议控制模式产生于上世纪末,由于我国对于外资进入行业管控严格,对于电信、互联网、新闻等行业采取限制甚至禁止外资进入的政策。在这种背景下协议控制的产生使得我国相关企业不仅满足境外资本市场的上市要求而且还规避了我国法律对于这些行业禁止外资进入的限制。协议控制模式又称为VIE模式,简单来讲指中国企业通过和外资子公司签订一系列相关协议,实现对中国企业实际控制的境外间接上市模式,使用这种方式使得我国相关企业能都迅速获得大量的外资支持。然而,随着越来越多的中国企业选择通过协议控制模式实现海外上市的目的,这种模式的缺陷也不断暴露出来,存在经济安全隐患等等问题。在此情况下我国政府开始重视对协议控制的监管,连续出台了文件试图对其进行规制,但效果并不理想。2015年1月商务部发布了《中华人民共和国外国投资法(草案征求意见稿)》,将外资法三法合一,旨在用一部法律来统一管理外国投资,建立统一制度,规范相关内容。其中也首次在一部法律中定义了协议控制,但遗憾的是并未对协议控制的合法于否做出正面的回应,只是将其列为监管范围之下。正是在这种背景之下引起了笔者对协议控制模式的极大兴趣。通过对协议控制利弊的分析衡量,事实上协议控制只是一种境外融资手段,是一定社会发展阶段的产物有其存在的合理性。
[Abstract]:Protocol control is a strange term for most people, but if you list the companies that have successfully listed in this way, I believe everyone will be familiar with it, Alibaba, Sina, Some famous Chinese enterprises, such as Didi, are developing rapidly in this way. The agreement control mode was adopted by Chinese enterprises at the end of the last century. Because of the strict control of foreign capital entering industry, China adopted the policy of restricting or even prohibiting foreign capital entry for telecommunications, Internet, news and other industries. In this context, the emergence of agreement control makes the relevant enterprises not only meet the listing requirements of foreign capital market, but also avoid the restriction of foreign capital entry of these industries under the law of our country. The agreement control mode, also known as vie mode, simply means that Chinese enterprises can achieve indirect overseas listing of Chinese enterprises by signing a series of related agreements with foreign subsidiaries. The use of this way enables our country's related enterprises to quickly obtain a large number of foreign support. However, as more and more Chinese enterprises choose to use the protocol control mode to realize the purpose of overseas listing, the defects of this mode are exposed constantly, and there are some problems such as economic security hidden danger and so on. In this case, our government began to attach importance to the regulation of agreement control, and issued documents to regulate it. In January 2015, the Ministry of Commerce issued the draft Law on Foreign Investment of the people's Republic of China, which integrates the three laws of the people's Republic of China and aims to unify the management of foreign investment with one law and establish a unified system. Standardize related content. For the first time, agreement controls have been defined in a law, but unfortunately there has been no positive response to whether they are legal or not, but only under regulation. It is under this background that the author is very interested in the protocol control mode. Through the analysis of the advantages and disadvantages of agreement control, in fact, agreement control is only a means of financing abroad, and it is the product of a certain social development stage.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.295

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