VIE回归境内资本市场法律问题

发布时间：2018-06-25 12:11

本文选题：VIE架构企业 + 境内资本市场　；参考：《西南政法大学》2016年硕士论文

【摘要】：2015年5月18日,随着暴风科技作为首个拆VIE架构回归A股市场的互联网企业以开创35个涨停板奇迹而成功着陆,国内正继朗玛信息、二六三网络、启明星辰拆VIE架构之后,再一次掀起VIE企业回归境内资本市场的浪潮。VIE(variable interest entity)模式,在我国也称为协议控制模式,曾经因受限于特殊政策,在中概股谋求境外间接上市中风靡一时。其运作价值,于国内法律政策层面而言,使得境内相关企业不仅成功避开了国内禁止或限制外商投资产业政策给正具有成长性但缺乏盈利性而融资需求旺盛的企业所造成的监管障碍,又绕过了10号文关于关联并购的繁琐审批程序;此外,于境外法律政策层面,美国SEC对美国财务会计标准委员会(FASB)的FIN46条款所采用的VIE会计术语的认可及香港对VIE模式的接受,使得中概股得以借助VIE模式在美国及香港成功上市。中国所谓的协议控制模式正是在突破美国规范VIE模式初衷的基础上,而创造性的疏通了中国特定行业尤其是TMT行业的融资渠道。但在当前国内对VIE模式企业监管的加强、国内外资本环境所发生的巨大变化等多重因素的推动下,已经搭建VIE架构的企业或正在搭建VIE架构的企业正进行拆除原有VIE架构的谋划,通过解除原有融资架构所形成的法律关系重新回归境内资本市场的怀抱。尽管2015年由工信部新发布的第196号文对境内在线数据与交易处理业务,即经营类电子商务的外资持股比例限制进行大幅度松绑,但就采取VIE架构的企业大部分属于TMT行业情况而言,这只是清除了部分经营在线数据处理与交易处理业务VIE架构企业回归境内的政策障碍,并且,依《外商投资电信企业管理规定》,此持股比例限制豁免仅适用于业绩尚佳及具有一定经营规模的外商投资者,也就是说,大部分的VIE模式企业仍然需拆除VIE模式。由于VIE架构企业通过协议控制、返程投资的特殊方式进行运营及融资,故其受到国内外不同法律体系与法治环境的约束与规制,VIE架构拆分需要解决的主要法律问题包括但不限于已在境外上市VIE架构企业的私有化退市、未上市VIE架构企业境外机构投资者的退出、拟上市或挂牌主体的确定、控制权及员工期权的回境等。文章提出了几点关于引导VIE架构企业回境的思考,一是依托战略新兴产业板,积极引入支持VIE企业回境的非盈利指标组合;二是整合VIE架构企业上市的达标要素,加快推进VIE企业回境;三是利用优先股表决机制,逐步放开部分领域外资持股限制。
[Abstract]:On May 18, 2015, with Storm Technology as the first Internet company to return to the A share market as the first to tear down vie's structure, it successfully landed in order to create a miracle of 35 stoppages. China is now following Langma Information, 263 Networks, and Qiming Xingchen in dismantling the vie structure. Once again, the wave of vie enterprises returning to domestic capital market. Vie (variable interest entity) mode, also known as the agreement control mode in our country, once because of the restriction of special policy, it is very popular for Chinese companies to seek indirect listing abroad. Its operational value, at the level of domestic law and policy, This has not only enabled domestic related enterprises to successfully avoid the regulatory obstacles caused by domestic industrial policies prohibiting or restricting foreign investment to enterprises that are growing but lack profitability and are in strong demand for financing, In addition, at the foreign legal policy level, the SEC has accepted the vie accounting terminology adopted by the Financial Accounting Standards Board (FASB) of the FASB and the acceptance of the vie model in Hong Kong. This has enabled Chinese companies to successfully list in the United States and Hong Kong with the help of vie. China's so-called agreement control model is based on breaking through the original intention of the United States to regulate vie mode, and creatively dredges the financing channels of China's specific industries, especially the TMT industry. However, due to the strengthening of domestic supervision of vie enterprises and the tremendous changes in the capital environment at home and abroad, Enterprises that have built vie structure or are setting up vie structure are planning to dismantle the original vie structure and return to the embrace of the domestic capital market by lifting the legal relationship formed by the original financing structure. Although the new text 196, published by the Ministry of Industry and Information Technology in 2015, has substantially eased restrictions on the proportion of foreign-owned shares in online data and transaction processing, or e-commerce, in China. However, most of the enterprises adopting the vie framework belong to the TMT industry, which only clears the policy barriers to the return of some of the enterprises operating online data processing and transaction processing business to the mainland, and, According to the regulations on the Management of Foreign Investment Telecom Enterprises, the exemption of the shareholding ratio restriction is only applicable to foreign investors with good performance and certain business scale, that is to say, most of the vie enterprises still need to dismantle the vie model. Because the vie structure enterprises operate and finance through the agreement control, the special way of return investment, Therefore, it is restricted and regulated by different legal systems and legal environment at home and abroad. The main legal problems that need to be solved in the separation of vie structure include, but not limited to, the privatization and delisting of the VIE-based enterprises that have been listed overseas. The exit of foreign institutional investors of unlisted vie enterprises, the determination of the main body to be listed or listed, the return of control rights and employee options, etc. This paper puts forward some thoughts on guiding the return of vie structure enterprises. One is to actively introduce the non-profit index combination to support the return of vie enterprises by relying on the strategic emerging industry board, and the other is to integrate the key elements of the VIE structure enterprises to be listed on the market. Speed up the return of vie enterprises; third, use the preferred stock voting mechanism, gradually liberalize foreign ownership restrictions in some areas.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287;D922.291.91

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