VIE协议效力制度研究

发布时间：2019-01-04 10:59

【摘要】：境内经营者与境外投资者利用法律和会计制度上的不同,通过境外注册的上市实体与境内的业务运营实体签署一系列协议,使境外注册的上市实体与境内的业务运营实体相分离,绕过国家监管部门的监管要求,境内经营实体可以实现境外融资,境外投资者可以实现间接对境内企业的控制,在此种情况下签署的一系列协议,被称为VIE协议。VIE协议是协议控制的核心,其实质是一个企业通过合同而非股权的形式实现对另一企业的间接控制。以VIE协议为核心的协议控制,最开始于2000年的新浪上市,随后被我国大批企业所复制,主要运用在TMT(technology/media/telecom)等创新型、成长性领域。随着我国互联网产业、电商行业的快速发展,以VIE协议为核心的协议控制对中国经济的发展做出的突出贡献是有目共睹的。但是,VIE协议与现有监管中的法律精神存在的冲突,以及监管部门对VIE协议的长期缄默,VIE协议的效力在实践中饱受争议。VIE协议法律效力上的不确定性,使得VIE协议在事实上处于“裸奔”状态,法律风险突出。笔者认为,思考VIE协议效力问题,核心在于VIE协议是否有效、VIE协议应不应该有效和哪些因素在影响VIE协议的效力三方面。为了全面地厘清以上三个问题,本文拟从七个部分着手:第一部分,主要是从现实情况出发,阐述VIE协议面临的现实困境,引出本文的写作背景、写作主旨。第二部分,主要介绍了VIE协议的基本情况,包括VIE协议的概述、VIE协议在协议控制的地位、VIE协议的构成。明晰VIE协议的基本情况,有利于后文对VIE协议效力的探讨。第三部分,主要介绍了VIE协议在我国的产生背景与发展现状。从根源上讲,选择VIE协议是我国境内经营者和境外投资者的“无奈之举”,发展至今,VIE协议涉及范围越来越广,隐藏风险巨大,亟待迅速解决VIE问题。第四部分,主要对VIE协议在我国的合同效力进行系统分析。笔者认为,VIE协议并不存在违反法律、行政法规的强制性规定的情形,也不宜依据“以合法形式掩盖非法目的”宣告VIE协议无效,但是,VIE协议存在因“损害社会公共利益”被宣告无效的法律风险。第五部分,主要从理论上对VIE协议的效力进行了重新分析。基于对五种价值理论和“比例原则”理论的讨论,VIE协议的效力不应当被一概否定,但适用范围应当受到限制。第六部分,VIE协议效力制度之完善建议。首先,在外部环境上,完善国内资本市场制度,建立多层次资本市场,扩宽外资准入渠道;其次,在自我完善上,适时修订相关规定为“VIE”协议正名,进一步完善合同无效的法律规定,提高民事立法的可操作性,强调民事立法与公法的衔接,注重信息披露。第七部分,针对上述六部分进行概括总结。笔者认为,立法上应当充分肯定VIE协议的效力,但为了防止VIE协议的过度应用,需要限制VIE协议的适用范围,剔除对VIE效力制度产生不利影响的因素。
[Abstract]:Domestic operators and foreign investors make use of the differences in legal and accounting systems and sign a series of agreements with domestic business operating entities through listed entities registered overseas, By separating the listed entity registered abroad from the domestic business operating entity, bypassing the regulatory requirements of the state regulatory authority, the domestic business entity can realize overseas financing, and the foreign investor may realize indirect control over the domestic enterprise, In this case, a series of agreements signed are called VIE protocol. VIE protocol is the core of protocol control, and its essence is that one enterprise realizes indirect control over another enterprise through contract rather than equity. The protocol control based on VIE protocol was first listed in 2000 and then copied by a large number of enterprises in our country. It is mainly used in the field of innovation and growth such as TMT (technology/media/telecom) and so on. With the rapid development of China's Internet industry and e-commerce industry, it is obvious to all that the agreement control with VIE as the core has made outstanding contribution to the development of Chinese economy. However, the conflict between the VIE agreement and the legal spirit of the existing supervision, the long silence of the regulatory authorities on the VIE agreement, the controversial validity of the VIE agreement in practice, the uncertainty of the legal effect of the VIE agreement, In fact, the VIE protocol is in the state of "naked running", and the legal risk is prominent. The author thinks that the key to consider the validity of VIE protocol lies in whether VIE protocol is effective, whether VIE protocol should be effective and what factors affect the effectiveness of VIE protocol. In order to fully clarify the above three problems, this paper intends to start from seven parts: the first part, mainly from the reality of the actual situation, the VIE protocol is faced with the practical difficulties, leading to the writing background, the main purpose of this paper. The second part mainly introduces the basic situation of VIE protocol, including the overview of VIE protocol, the status of VIE protocol in protocol control, and the constitution of VIE protocol. To clarify the basic situation of VIE protocol is helpful to discuss the effectiveness of VIE protocol later. The third part introduces the background and development of VIE protocol in China. From the root point of view, the choice of VIE protocol is a "helpless act" for domestic operators and foreign investors. Up to now, the scope of VIE protocol is more and more extensive, and the hidden risks are huge. It is urgent to solve the VIE problem quickly. The fourth part, mainly carries on the system analysis to the VIE agreement in our country contract validity. The author believes that the VIE agreement does not violate the law and the mandatory provisions of administrative regulations, nor is it appropriate to declare the VIE agreement null and void on the basis of "concealing the illegal purpose in a lawful form". The VIE agreement has the legal risk of nullifying because of "harming the public interest". In the fifth part, we analyze the validity of VIE protocol in theory. Based on the discussion of five kinds of value theories and the "principle of proportionality", the validity of VIE should not be completely denied, but the scope of application should be limited. The sixth part, the VIE agreement validity system consummates the proposal. First of all, in the external environment, improve the domestic capital market system, establish a multi-level capital market, expand access channels for foreign capital; Secondly, in terms of self-perfection, the relevant provisions should be revised to correct the name of "VIE" agreement, further improve the legal provisions of invalid contract, improve the operability of civil legislation, emphasize the connection between civil legislation and public law, and pay attention to information disclosure. The seventh part, in view of the above six parts to carry on the summary. The author believes that the validity of VIE should be fully affirmed in legislation, but in order to prevent the excessive application of VIE, it is necessary to limit the scope of application of VIE and eliminate the factors that have a negative impact on VIE effectiveness.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D923.6

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