VIE模式国内法律监管探究

发布时间：2018-03-10 14:13

本文选题：VIE模式　切入点：法律监管　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：VIE英文全称为Variable Interests Entity,中文直译为可变利益实体。VIE模式是境内企业面对境内上市融资困境以及境外上市融资的政策壁垒,为境外上市融资,通过一系列协议控制,以VIE为工具实现实体利益转移,进而达到上市融资及资格的法律结构安排,也称为协议控制模式。VIE模式下,系列协议包括:资产运营控制协议、借款合同、股权质押协议、独家期权协议、投票权协议、投票权协议等。VIE模式的设立可以有效的规避国内对境内公司境外上市复杂的审批和监管,这为企业的发展提供了资金需求,也解决了国内一些企业因无法在境内融资而发展受限的问题,因此,在我国“蓬勃生机”,从单纯的互联网企业,即轻资产、初期不盈利的企业到后期包括重资产在内的企业,适用范围渐渐扩大到各个领域。VIE迅速发展对于国家监管提出了要求。VIE模式企业在本质上规避了现有法律的监管,本文针对我国VIE模式法律监管进行了梳理,自2000年4月VIE模式出现至今,先后出台了 17件相关的法律及规范性文件,涵盖了外汇监管、国家安全监管、税务监管、政策方面等监管类的法律制度安排,另2015年1月的《中华人民共和国外国投资法(草案征询意见稿)》意味着我国的外国投资法律即将迎来新的历史契机。VIE模式的国家监管很重要的一个部分是通过对于系列协议的法律效力审查实现的,及审查是基于我国《合同法》第52条合同无效情节而展开的。从司法案例中可以看出,VIE系列协议的法律效力认定就是对于VIE协议是否违反“以合法形式掩盖非法目的”、“违法国家行政法规的强制性规定”和“损害社会公共利益”,分析认为VIE协议“以合法形式掩盖非法目的”的观点过分牵强,“违反国家行政法规的强制性规定”又存在现有规定强制效力不足,“损害社会公共利益”过分模糊,仍需法律进一步明确。认定VIE协议无效还会对企业、股东及境外投资人等造成较大的影响,同时会成为社会的风向标,进而影响社会公共利益,因此,应当谨慎而为。基于VIE模式的具体问题和现存监管现状的分析,以VIE为契机反思我国现有制度的不足,完善投资环境,整合监管法律法规,探求VIE模式企业的出路,不论悲观论还是乐观论,都应当理性视之,以我国基本国情为基础,稳步推进VIE模式发展,更好的保障国内资本和外国投资的应有权益。
[Abstract]:VIE is called Variable Interests entity. Vie model is the policy barrier for domestic enterprises to face domestic listing financing difficulties and overseas listing financing, financing for overseas listing, through a series of agreements control. Under the mode of agreement control, the series of agreements include: asset operation control agreement, loan contract, equity pledge agreement. The establishment of exclusive option agreements, voting rights agreements, voting rights agreements, and so on can effectively circumvent the complicated examination and approval and supervision of domestic and foreign listing of domestic companies, which provides a capital demand for the development of enterprises. It has also solved the problem that some domestic enterprises are limited in their development due to their inability to raise funds in China. As a result, in our country, "vigorous vitality" ranges from simple Internet enterprises, that is, those with light assets to those that are not profitable at the beginning to those that are heavy on assets in the later period. The scope of application has gradually expanded to various fields. The rapid development of .vie has put forward requirements for the national supervision. The enterprises of the model of .vie have essentially circumvented the existing legal supervision. This paper has combed the legal supervision of VIE mode in our country. Since the emergence of VIE model in April 2000, 17 related legal and normative documents have been issued, covering the legal system arrangement of foreign exchange supervision, national security supervision, tax supervision, policy supervision and so on. On January 2015, the Foreign Investment Law of the people's Republic of China (draft for comments) means that China's foreign investment law is about to usher in a new historical opportunity. A very important part of the state regulation of the vie model is the adoption of. Upon examination of the legal effect of a series of agreements, The review is based on the void circumstances of Article 52 of the contract Law of China. From the judicial cases, it can be seen that the legal effect of the vie series of agreements is to determine whether the VIE agreement is violated or not "to cover up illegality in a lawful form." "purpose", "the mandatory provisions of illegal state administrative regulations" and "harming the public interest", analysis of the view that the VIE agreement "to cover up the illegal purpose in the legal form" is excessive and far-fetched, "in violation of the mandatory regulations of the state administrative regulations" There is also a lack of enforcement effect of the existing provisions, and "harm to the public interest" is too vague, It still needs further clarification of the law. Determining that the VIE agreement is invalid will also have a greater impact on enterprises, shareholders and foreign investors, and will also become the vane of society and thus affect the public interest of the society. Therefore, Based on the analysis of the specific problems of VIE mode and the present situation of supervision, we should take VIE as an opportunity to reflect on the shortcomings of our country's existing system, perfect the investment environment, integrate the laws and regulations of supervision, and explore the outlet of the enterprises of VIE mode. Both pessimism and optimism should be regarded rationally, based on the basic conditions of our country, the development of VIE mode should be promoted steadily, and the rights and interests of domestic capital and foreign investment should be better protected.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.295;D923.6

【相似文献】