协议控制模式下返程投资监管制度研究

发布时间：2018-03-23 15:44

本文选题：协议控制　切入点：返程投资　出处：《华东政法大学》2014年硕士论文

【摘要】：2000年新浪首次创设“协议控制模式”赴境外上市至今已十余年，如今协议控制模式已经成为境内民营企业境外间接上市最普遍的架构。协议控制模式在境外上市的环节与传统红筹上市差异不大，主要区别在于返程投资这一环节。传统的红筹上市一般通过直接持有境内运营实体的股权或资产来控制境内企业，而协议控制模式是通过一系列的协议安排达到控制境内运营实体的目的。因此，协议控制模式能够规避对一般返程投资的法律监管，游走于法律的灰色地带。本文研究重点是协议控制模式下返程投资的法律监管。一般的返程投资在外资准入、外汇、外资并购等许多方面存在监管，但是协议控制模式下的返程投资能够规避一般返程投资的监管。本文通过分析协议控制模式的特有风险，探讨对于协议控制模式下返程投资的监管应当区别一般返程投资监管，试图就我国协议控制模式下返程投资法律监管制度的完善提出建议。第一章是协议控制模式的基础理论，介绍协议控制模式的提出及其法律和会计含义，阐释协议控制模式的搭建和运作机理，并对协议控制模式的动因进行分析。第二章是协议控制模式下返程投资存在的风险及监管的必要性。首先分析一般返程投资存在的法律风险，如增加资本外逃的风险、造成国家税收流失以及使公司及国家形象受到损害。协议控制模式下的返程投资有其特有的法律风险，包括来自监管层面的风险、源于合同固有的风险以及VIE会计原则适用的风险。通过经济法解释，探讨对协议控制模式下返程投资进行特殊监管的必要性，体现了国家经济安全原则、宏观调控的需求以及市场监管的必要性。第三章是对我国协议控制模式下返程投资的监管现状进行分析，包括产业准入监管、外资并购监管以及外汇管理。分析协议控制模式与返程投资监管的冲突，指出外资产业准入政策的监管思路滞后、外资并购监管规定模糊以及外汇登记程序繁杂等问题。第四章提出对协议控制模式下返程投资监管制度的完善。首先监管部门应当转变监管思路，采用化堵为疏的监管思路，确立区分原则规范外资产业准入，，建立实际控制人标准，对特殊目的公司进行甄别，加强对协议控制模式的信息披露，通过对域外监管规定的借鉴完善我国协议控制模式下返程投资的监管制度。
[Abstract]:It has been more than 10 years since Sina first established the "Agreement Control Model" to list on the stock market abroad in 2000. Nowadays, the agreement control mode has become the most common framework for the indirect listing of domestic private enterprises overseas. The link of the agreement control mode in overseas listing is not much different from that of the traditional red-chip listing. The main difference lies in the link of return investment. The traditional red-chip listing generally controls domestic enterprises by directly holding the equity or assets of the domestic operating entity. The agreement control mode is to control the domestic operation entity through a series of protocol arrangements. Therefore, the agreement control mode can avoid the legal supervision of the general return investment and walk in the gray area of the law. This paper focuses on the legal regulation of return investment under the agreement control mode. Generally speaking, return investment is regulated in many aspects, such as access to foreign capital, foreign exchange, foreign capital mergers and acquisitions, etc. But the return investment under the agreement control mode can avoid the supervision of the general return investment. By analyzing the unique risk of the agreement control mode, this paper discusses that the supervision of the return investment under the agreement control mode should be distinguished from the general return investment supervision. This paper tries to put forward some suggestions on how to perfect the legal supervision system of return investment under the agreement control mode in our country. The first chapter is the basic theory of the protocol control mode, introduces the proposed protocol control model and its legal and accounting implications, explains the construction and operation mechanism of the protocol control mode, and analyzes the motivation of the protocol control mode. The second chapter is the risk of return investment under the agreement control mode and the necessity of supervision. Firstly, it analyzes the legal risk of general return investment, such as increasing the risk of capital flight. Resulting in a loss of national tax revenue and damage to the corporate and national image. Return investment under the agreement control model has its own legal risks, including those from the regulatory level, From the inherent risk of contract and the risk of applying VIE accounting principles. Through the interpretation of economic law, the necessity of special supervision of return investment under the agreement control mode is discussed, which embodies the principle of national economic security. The demand of macro-control and the necessity of market regulation. The third chapter is an analysis of the regulatory status of return investment under the agreement control mode in China, including industrial access regulation, foreign capital merger regulation and foreign exchange management, and analyzes the conflict between agreement control mode and return investment regulation. It is pointed out that the supervision thinking of foreign capital industry entry policy is lagging behind, the regulation of foreign capital merger and acquisition is vague, and the foreign exchange registration procedure is complicated and so on. The fourth chapter puts forward the improvement of the return investment supervision system under the agreement control mode. First, the regulatory authorities should change the regulatory thinking, adopt the idea of "blocking up to the sparse", and establish the principle of distinction to regulate the entry of foreign investment industries. This paper establishes the standard of actual controller, discriminates the special purpose company, strengthens the information disclosure of the agreement control mode, and consummates the regulatory system of return investment under the agreement control mode through the reference of the extraterritorial regulation.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.28

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