论协议控制模式的法律监管

发布时间：2018-05-05 19:26

本文选题：协议控制模式 + 境外间接上市　；参考：《华东政法大学》2012年硕士论文

【摘要】：协议控制模式，在我国常常被称为“新浪模式”，，是一个由“Variable InterestEntities”翻译而来的术语，常被缩写为VIE模式。协议控制模式是我国企业在境外间接上市的操作实践中逐步形成和发展起来的一种上市模式，其产生的直接目的在于规避我国法律法规和相关政策的行业准入限制，以成功实现海外上市融资。一个企业可以采取协议控制或者股权控制的方式来掌握另一企业的经营和收益，此二种控制模式的不同之处在于，采取协议控制模式的企业并不直接掌握另一企业的股权，而是通过签订协议的方式来控制另一企业，进而将另一企业的权益或利益转移到境外，从而使得被控制的企业成功实现境外融资的目的。协议控制模式所涉协议包括但不限于资产运营控制协议、借款协议、股权质押协议、投票权协议。协议控制模式的产生源于我国禁止或限制外商投资某些领域。例如，我国于1993年颁布的《关于进一步加强电信业务市场管理意见的通知》[国发〔1993〕55号]。根据该通知的规定，外商在我国是被禁止经营或者参与经营通信业务的。我国境内的公用通信网、专用通信网的有线电、无线电通信业务，一律不允许境外各类团体、企业、个人以及在我国境内已兴办的外商独资、中外合资和合作企业经营或参与经营，也不得以任何形式吸引外资参股经营。为了规避这类禁止性或限制性的规定，新浪公司首度采用协议控制模式并成功实现海外上市。故，协议控制模式在我国又被称为“新浪模式”。本文拟从境外间接上市的产生和概念着手，结合返程投资和可变利益实体等基本概念，并以新浪公司、土豆控股的海外上市架构为依托，着重介绍协议控制模式的产生、协议类型及其操作流程，同时对协议控制模式在我国的法律地位和法律监管等内容加以阐述。
[Abstract]:Protocol control mode, often referred to as "Sina mode" in our country, is a term translated from "Variable InterestEntities", which is often abbreviated as VIE mode. The agreement control mode is a kind of listing mode which is gradually formed and developed by Chinese enterprises in the operation practice of overseas indirect listing. Its direct purpose is to circumvent the industry access restrictions of our country's laws, regulations and related policies. In order to successfully achieve overseas listing financing. An enterprise may control the operation and income of another enterprise by means of agreement control or equity control. The difference between these two control modes is that the enterprise adopting the agreement control mode does not directly control the equity of the other enterprise. Instead, by signing an agreement to control another enterprise, and then transfer the rights and interests of another enterprise to overseas, so that the controlled enterprise can successfully achieve the purpose of overseas financing. The agreement control model includes, but is not limited to, asset operation control agreements, loan agreements, equity pledge agreements, and voting rights agreements. The emergence of the agreement control model originates from the prohibition or restriction of foreign investment in certain fields in China. For example, the notice on further strengthening the Market Management of Telecommunication Services promulgated in 1993 [No. 55]. According to the notice, foreign business in China is prohibited or participate in the operation of communications business. The cable and radio services of public communication networks and private telecommunication networks within the territory of China shall not permit all types of foreign organizations, enterprises, individuals or wholly foreign-owned enterprises that have been established within the territory of China, Sino-foreign joint ventures and contractual joint ventures shall not in any way attract foreign capital to participate in their operations. To circumvent such prohibitive or restrictive rules, Sina has adopted a protocol control model for the first time and successfully listed overseas. Therefore, the protocol control model in China is also known as the "Sina model." Based on the basic concepts of return investment and variable interest entity, and based on the overseas listing structure of Sina Company and Tudou holding Company, this paper focuses on the generation of protocol control mode. At the same time, it expounds the legal status and legal supervision of the agreement control mode in our country.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D996

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