VIE协议控制模式的法律监管
发布时间：2018-08-04 18:40
【摘要】：我国资本市场融资渠道狭窄的问题一直困扰着中小型、创业型企业。国内企业境外上市必须经过证监会等有关部门的严格审批,流程复杂且操作困难。部分产业关系到国家社会、经济的安全与稳定,国家限制或禁止外资进入。在这些因素的共同作用下,VIE协议控制模式成为我国部分企业的必然选择。VIE协议控制模式结构复杂而且脆弱,其规避我国法律监管的本质使VIE协议控制模式存在巨大的法律风险。近年来我国资本市场逐渐完善,有关部门监管信号的明确释放,使得部分企业选择拆除VIE协议控制模式,但仍有不少企业选择VIE协议控制模式实现境外上市的案例发生。本文从目前VIE协议控制模式的监管和市场环境出发,全面分析VIE协议控制模式的内外部法律风险,从法律风险控制角度出发探讨VIE协议控制模式的监管完善。本文第一部分首先从法律、财务角度出发梳理“VIE协议控制模式”的基本概念和范畴,然后介绍分析我国VIE协议控制模式的发展背景及现状,最后通过近期VIE协议控制模式的实例的操作流程,深入分析VIE协议控制模式的内部结构。本文第二部分在第一部分分析VIE协议控制模式的概念和结构的基础上,深入剖析VIE协议控制模式的法律风险。首先具体分析VIE协议控制模式法律监管的外部风险,具体包括:境外上市监管的法律风险和外资投资监管的法律风险。其次具体分析VIE协议控制模式协议层面的内部风险,具体包括控制协议的合同风险以及协议当事人双方的道德风险。最后在探讨法律风险的基础上,提出VIE协议控制模式法律风险的根源:缺乏完善的境外上市监管体系和外资投资管理的制度困境。本文第三部分是对境外VIE协议控制模式监管的介绍。香港、美国是我国企业境外上市的主要目的地。本部分介绍香港、美国对VIE协议控制模式的监管方式,分析总结境外的先进监管经验。在借鉴境外监管VIE协议控制模式经验的基础上,结合我国VIE协议控制模式的现实情况,本文第四部分提出我国对VIE协议控制模式监管制度的完善。我国对VIE协议控制模式的监管首先应当从监管理念的转变出发,确立以疏导为主、以实质监管为转变方向、以市场为导向的适度干预的监管理念。其次,在监管制度的具体内容上,应当从建立的境外上市监管体系,适当减低上市要求,简化流程,加快推进注册制改革等方面着手,完善证券上市监管制度;在外资投资监管方面,应进一步厘清控制标准,建立长期外资产业指导规划,完善外资投资监管制度;在外资投资领域试点双重股权结构,纾解外资投资和国家安全稳定之间的矛盾。
[Abstract]:The problem of narrow financing channels in China's capital market has been puzzling small and medium-sized, entrepreneurial enterprises. Overseas listing of domestic enterprises must be strictly approved by the CSRC and other relevant departments, the process is complex and difficult to operate. Some industries are related to the security and stability of national society and economy, and the state restricts or prohibits foreign capital from entering. Under the joint action of these factors, the vie protocol control mode has become the inevitable choice of some enterprises in our country. The structure of the vie protocol control mode is complex and fragile, and its essence of circumventing the legal supervision of our country makes the VIE protocol control mode have huge legal risks. In recent years, the capital market of our country has been gradually perfected, and some enterprises have chosen to dismantle the control mode of VIE protocol because of the clear release of regulatory signals from relevant departments. However, there are still many cases in which some enterprises choose the control mode of VIE protocol to realize overseas listing. Starting from the supervision and market environment of the current VIE protocol control mode, this paper comprehensively analyzes the internal and external legal risks of the VIE protocol control mode, and probes into the perfection of the VIE protocol control mode from the perspective of legal risk control. The first part of this paper firstly combs the basic concept and category of "VIE protocol control mode" from the angle of law and finance, and then introduces and analyzes the development background and present situation of VIE protocol control mode in our country. Finally, the internal structure of VIE protocol control mode is analyzed through the operation flow of recent VIE protocol control mode. In the second part of this paper, based on the analysis of the concept and structure of VIE protocol control mode, the legal risk of VIE protocol control mode is deeply analyzed. Firstly, the external risks of legal supervision in VIE protocol control mode are analyzed in detail, including: the legal risk of overseas listing supervision and the legal risk of foreign investment supervision. Secondly, it analyzes the internal risk of VIE control mode agreement, including the contract risk of the control agreement and the moral hazard of both parties to the agreement. Finally, on the basis of discussing the legal risk, the author puts forward the root of the legal risk of VIE agreement control mode: the lack of perfect supervision system of overseas listing and the institutional dilemma of foreign investment management. The third part of this paper is an introduction to the control mode of overseas VIE protocol. Hong Kong, the United States is the main destination for overseas listing of Chinese enterprises. This part introduces Hong Kong and the United States to the VIE agreement control mode of supervision, analysis and summary of overseas advanced regulatory experience. Based on the experience of overseas VIE protocol control mode and the reality of our country's VIE protocol control mode, the fourth part of this paper puts forward the perfection of VIE protocol control mode supervision system in our country. The supervision of VIE agreement control mode in our country should start from the change of supervision idea, and establish the supervision idea of moderate intervention based on the direction of diversion, the direction of substantial supervision, and the direction of market orientation. Secondly, in the specific content of the supervision system, we should improve the securities listing supervision system from the aspects of establishing the overseas listing supervision system, appropriately reducing the listing requirements, simplifying the process and speeding up the reform of the registration system. With regard to the supervision of foreign investment, we should further clarify the control standards, establish a long-term guiding plan for foreign investment industries, improve the supervision system of foreign investment, and pilot a dual equity structure in the field of foreign investment. Ease the contradiction between foreign investment and national security and stability.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.295
本文编号：2164768
[Abstract]:The problem of narrow financing channels in China's capital market has been puzzling small and medium-sized, entrepreneurial enterprises. Overseas listing of domestic enterprises must be strictly approved by the CSRC and other relevant departments, the process is complex and difficult to operate. Some industries are related to the security and stability of national society and economy, and the state restricts or prohibits foreign capital from entering. Under the joint action of these factors, the vie protocol control mode has become the inevitable choice of some enterprises in our country. The structure of the vie protocol control mode is complex and fragile, and its essence of circumventing the legal supervision of our country makes the VIE protocol control mode have huge legal risks. In recent years, the capital market of our country has been gradually perfected, and some enterprises have chosen to dismantle the control mode of VIE protocol because of the clear release of regulatory signals from relevant departments. However, there are still many cases in which some enterprises choose the control mode of VIE protocol to realize overseas listing. Starting from the supervision and market environment of the current VIE protocol control mode, this paper comprehensively analyzes the internal and external legal risks of the VIE protocol control mode, and probes into the perfection of the VIE protocol control mode from the perspective of legal risk control. The first part of this paper firstly combs the basic concept and category of "VIE protocol control mode" from the angle of law and finance, and then introduces and analyzes the development background and present situation of VIE protocol control mode in our country. Finally, the internal structure of VIE protocol control mode is analyzed through the operation flow of recent VIE protocol control mode. In the second part of this paper, based on the analysis of the concept and structure of VIE protocol control mode, the legal risk of VIE protocol control mode is deeply analyzed. Firstly, the external risks of legal supervision in VIE protocol control mode are analyzed in detail, including: the legal risk of overseas listing supervision and the legal risk of foreign investment supervision. Secondly, it analyzes the internal risk of VIE control mode agreement, including the contract risk of the control agreement and the moral hazard of both parties to the agreement. Finally, on the basis of discussing the legal risk, the author puts forward the root of the legal risk of VIE agreement control mode: the lack of perfect supervision system of overseas listing and the institutional dilemma of foreign investment management. The third part of this paper is an introduction to the control mode of overseas VIE protocol. Hong Kong, the United States is the main destination for overseas listing of Chinese enterprises. This part introduces Hong Kong and the United States to the VIE agreement control mode of supervision, analysis and summary of overseas advanced regulatory experience. Based on the experience of overseas VIE protocol control mode and the reality of our country's VIE protocol control mode, the fourth part of this paper puts forward the perfection of VIE protocol control mode supervision system in our country. The supervision of VIE agreement control mode in our country should start from the change of supervision idea, and establish the supervision idea of moderate intervention based on the direction of diversion, the direction of substantial supervision, and the direction of market orientation. Secondly, in the specific content of the supervision system, we should improve the securities listing supervision system from the aspects of establishing the overseas listing supervision system, appropriately reducing the listing requirements, simplifying the process and speeding up the reform of the registration system. With regard to the supervision of foreign investment, we should further clarify the control standards, establish a long-term guiding plan for foreign investment industries, improve the supervision system of foreign investment, and pilot a dual equity structure in the field of foreign investment. Ease the contradiction between foreign investment and national security and stability.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.295
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