暴风科技VIE解构回归A股市场案例分析

发布时间：2018-07-05 17:59

本文选题：VIE模式 + VIE解构　；参考：《江西财经大学》2017年硕士论文

【摘要】：21世纪以来,众多尚未达到国内上市要求的互联网企业纷纷采用VIE模式奔赴海外上市。然而,伴随着境外上市政策法律趋严、以及境外做空机构对中概股公司不断的做空行为,境外市场的不利因素增加。反观境内资本市场,战略新三板的推出、注册制的改革,国内政策的出台使得境内资本市场呈利好状态。境外市场的危机与境内市场的利好,使得中美市场股票估值差距不断增大。退市理论中提出,企业退市是成本和收益的权衡结果,所以大量在海外上市的中概股企业,在权衡成本与收益后,萌生解构VIE回归国内资本市场的想法。中概股回归一方面可以改善企业融资状况,有利于公司品牌宣传;另一方面还可以完善我国资本市场格局和结构,增加我国资本市场投资价值,给予投资者丰富的投资标的,因此中概股回归境内资本市场的浪潮应该得到重视与关注。暴风科技是第一家解构VIE返回国内资本市场,并且在创业板市场获得高估值的中概股公司。从这一方面来看,暴风科技获取了成功,具有代表性与典型性。本文以暴风科技解构VIE回归A股市场为研究对象,分析其解构动因、解构风险、解构关键环节、解构后续情况,并给予其它打算进行VIE解构回归国内资本市场的中概股公司以启示,使其解构回归之路走的更为顺利。本文内容主要分为以下几部分:第一部分对VIE与VIE解构进行概述。主要从VIE模式、VIE两种解构方案、VIE解构现状进行阐述。第二部分对暴风科技VIE解构回归A股市场进行案例介绍。主要介绍暴风科技公司概况、暴风科技建立VIE模式、暴风科技拆解VIE模式。第三部分对暴风科技VIE解构回归A股市场进行案例分析。首先分析暴风科技VIE解构的动因主要有市场因素、政策因素、行业因素,其次对其在解构过程中面临的协议纠纷风险、税务风险、控制权转移风险进行分析,接着对暴风科技在解构过程中有关境外投资者权益处理、涉税事项路径、控制权稳定性保证、解构与上市方案选择这些关键环节的处理进行分析,最后从暴风科技上市前盈利模式及上市后公司战略两方面分析公司VIE解构后续情况。最后,通过对暴风科技VIE解构这一案例的分析,给予其它中概股公司在VIE解构过程中以启示。中概股公司在VIE解构前期应考虑VIE解构适用性,关注相关政策与环境;在VIE解构过程中要重点防范解构风险,合理选择上市主体,综合考量上市途径;在VIE解构后应及时调整企业发展战略,为顺利登陆国内资本市场获取融资做准备。
[Abstract]:Since the 21 st century, many Internet companies that have not met the requirements of domestic listing have adopted vie mode to go overseas. However, with the tightening of the law of overseas listing policy and the continuous short-selling of Chinese companies by foreign short sellers, the unfavorable factors in the overseas market have increased. On the other hand, the introduction of domestic capital market, the introduction of new three boards of strategy, the reform of registration system and the introduction of domestic policy make the domestic capital market in a favorable state. The crisis in the foreign market and the favorable domestic market make the gap between Chinese and American stock valuation increasing. In the theory of delisting, it is proposed that the delisting of enterprises is the result of cost and income tradeoff, so a large number of Chinese companies listed overseas have the idea of deconstructing vie and returning to domestic capital market after weighing the cost and income. On the one hand, the return of Chinese shares can improve the financing situation of enterprises, which is conducive to the promotion of corporate brands; on the other hand, it can also improve the pattern and structure of China's capital market, increase the investment value of our country's capital market, and provide investors with rich investment targets. Therefore, the return of Chinese stocks to the domestic capital market should be taken seriously and concerned. Storm Technology is the first Chinese company to deconstruct vie to return to domestic capital markets and gain high valuations in the gem market. From this point of view, storm technology has been successful, representative and typical. This article takes storm technology deconstruction vie back to A share market as the research object, analyzes its deconstruction motivation, deconstruction risk, deconstruction key link, deconstruction follow-up situation. It also gives enlightenment to other Chinese companies which intend to deconstruct vie and return to the domestic capital market, so that the deconstruction and return of the company will go more smoothly. The content of this paper is divided into the following parts: the first part summarizes vie and vie deconstruction. This paper mainly expounds the present situation of vie deconstruction from two kinds of deconstruction schemes of vie mode and vie. The second part introduces the case of storm technology vie deconstructing and returning to A-share market. This paper mainly introduces the general situation of Storm Technology Company, the establishment of vie mode and the dismantling of vie mode by Storm Technology. The third part is a case study of storm technology vie deconstruction and return to A-share market. First of all, it analyzes the main reasons for the deconstruction of storm technology vie: market factor, policy factor, industry factor, and then analyzes the risk of agreement dispute, tax risk and transfer of control right in the process of deconstruction. Then it analyzes the key aspects of the deconstruction process of storm technology, such as dealing with the rights and interests of overseas investors, the path of tax-related matters, the stability of control rights, the deconstruction and the selection of listing schemes. Finally, this paper analyzes the following situation of the deconstruction of company vie from two aspects: the profit model before listing and the company strategy after listing. Finally, through the analysis of the case of storm technology vie deconstruction, this paper gives some enlightenment to other Chinese companies in the process of vie deconstruction. In the early stage of vie deconstruction, Chinese companies should consider the applicability of vie deconstruction, pay attention to relevant policies and environment, focus on the prevention of deconstruction risk in the process of vie deconstruction, rationally choose the main body of listing, and consider comprehensively the way of listing. After the deconstruction of vie, the enterprise development strategy should be adjusted in time to prepare for the successful landing on the domestic capital market to obtain financing.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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