VIE结构的风险与法律监管

发布时间：2018-01-26 19:12

本文关键词： 可变利益实体法律风险法律监管海外上市　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：VIE结构,英文为Variable Interest Entities,又被称为可变利益实体,实际上是针对美国会计准则FASB的FIN46条款的财务概念,并不是一个专有的法律概念,在法律语境上应该被理解为协议控制。美国证监会SEC接受并且承认VIE结构的存在,中概股得以登陆美国证券市场,境内企业赴港上市也是相同的道理,如此才奠定了本文写作的实践意义。VIE结构,又称特殊的红筹海外上市模式,是指境内企业进行境外间接上市的法律架构,境外主体通过《授权委托协议》、《独家服务协议》、《独家购买权协议》和《股权质押协议》等一揽子协议来达到“合并”境内实体企业的目的,让境内企业通过境外上市主体得到境外资金的支持进行融资,以规避相应监管。可知,VIE结构诞生于灰色监管的土壤之中,持续得益于特殊的监管环境,得以发展至今。VIE结构的存在是因为中国风险投资市场发达程度的不足,新兴企业,互联网企业由于规模不大,创新性强,融资渠道少之又少,基于扩张或融资的目的,便寻求海外上市进行融资;VIE结构的存在还因为我国对于外资在某些领域的禁止与限制投资,为了规避行业限制,构建VIE结构;同时,境外市场通过VIE结构同时还能为境内企业带来境外先进的技术和资本支持。境内企业谋求海外上市的方式主要有直接上市或者间接上市方式,间接上市具体来说包括买已有的壳公司借壳,或者造一个壳公司套壳,从而上市。由于直接上市受证监会的“456”要求管制,在数额的控制上更加的严格,即净资产不少于4亿元人民币,近一年税后利润不少于6千万人民币,筹资金额要超过5千万美元;买壳上市的方式,由于境外壳公司高额的成本和买壳中巨大的不稳定性和失败风险,渐渐也被企业所边缘化;造壳上市的方式却由于其方式灵活,极易操作,成为企业最青睐的海外上市方式。笔者论述的VIE结构即是一种最特殊的造壳上市。2006年,商务部等六部委联合颁布了《关于外国投资者并购境内企业的规定》(“10号文”)。要求“关联并购”应报商务部审批。在这种监管情况下,VIE架构作为协议控制,不涉及股权控制的造壳上市方式成功规避了10号文中“关联并购”须经商务部批准的要求。VIE结构作为主要规避外资投资某些领域审查的融资方式,后来伴随“10号文”出台,从外资限制进入的领域蓬勃发展到了非外资限制的领域,目前被企业广泛的应用于境外上市。就在这样的局势下,我们不能忽略支付宝事件,新东方风波等不良情况的产生,其引发的监管漏洞和监管经验不足都提示着在外资投资中VIE结构的不稳定性。回顾监管之路,有权部门的监管在VIE结构的定义以及存在的合法性上都是灰色地带,更没有制定一致的法律规范进行VIE监管,一度被国内外投行界和法律界形容为暧昧立场。VIE结构其实就是一系列的协议安排,协议安排就相较于股权安排存在天然的风险,政策的突袭影响,单方违约,委托权的不稳定性,都是现实中的协议履行中出现的情况,造成投资者信心的缺失和资本市场的混乱。境内监管部门对VIE结构进行规范,结束灰色地带的监管现状,是大势所趋的VIE监管政策的发展方向。值得注意的是,除了VIE结构在运行过程中出现的各种失灵情况,近年来,由于中概股在境外股票市场的频频失利,甚至遭遇浑水公司做空的悲惨结局,很多在境外借助VIE结构上市的企业纷纷选择回国上市,在VIE结构回归之路中暴露的混乱和风险较运行过程中过犹不及,在对VIE结构一开始就缺乏监管的情况下如何在结束VIE结构中避免造成资本市场的混乱也是监管近年来遇到的新的难题。因为上文所介绍的背景,VIE结构是基于法律监管的灰色地带所产生的问题和产物,VIE结构正常的运行与拆除过程都需要法律规定的指导与规范,要求监管环境的不断完善。笔者从VIE结构的含义与起源谈起,对VIE结构进行基本的理清与阐述,接下来通过论述VIE结构在运行和拆除中的种种风险来明晰VIE结构的风险与利益并存性,其内在逻辑基于风险的存在性才有了相应问题的监管需求。再次笔者着重论述我国对于VIE结构的监管现状,就不足与缺陷的地方提出建议;论述境外香港与美国证券市场对VIE结构的监管来给予我国法律监管以启迪。最后,结合VIE结构监管规则近期与未来的发展来探究对VIE结构的影响,笔者就未来VIE结构的存在样态和如何发展提出了一定的展望。
[Abstract]:VIE Variable Interest Entities, English, also known as variable interest entities, is actually in terms of FIN46 FASB of the U.S. GAAP financial concept, and the concept of law is not a proprietary, in the context of law should be understood as protocol control. The SEC SEC to accept and acknowledge the existence of the VIE structure, in to visit the U.S. stock market shares, domestic enterprises listed in Hong Kong is the same way. So it laid the practical significance of.VIE structure of the writing, also called the special red chips listed overseas, is refers to the legal structure of domestic enterprises of indirect overseas listing, foreign entities authorized by the agreement by < >, < exclusive service agreement < >, exclusive option agreement > > and < equity pledge agreement and a package of agreements to achieve the "merger" within the corporate entity to let domestic enterprises get exit through the main body of overseas listing Foreign financial support for financing, in order to circumvent the corresponding regulation. The regulation of VIE structure was born in grey soil, continue to benefit from special regulatory environment, to develop since the existence of the.VIE structure is because of lack of Chinese risk investment market developed, emerging enterprises, Internet companies due to the small size, strong innovation. The financing channel is less and less, the expansion or the purpose of financing is based on seeking overseas listing financing; the existence of the VIE structure but also because our country for foreign prohibitions and restrictions of investment in some areas, in order to avoid trade restrictions, to construct the VIE structure; at the same time, the overseas market through the VIE structure but also for the domestic enterprises to bring overseas advanced technology and capital support. Domestic enterprises seeking overseas listing are mainly listed directly or indirectly listing mode, indirect listing specifically including the purchase of existing public housing Our backdoor, or make a shell casing, which due to the direct market. Listed by the Commission's "456" requirements in the amount of control, control more strictly, the net assets of not less than 400 million yuan, nearly a year after tax profit of not less than 60 million yuan, the amount of financing more than 50 million dollars buying; the way of listing, due to the huge instability and failure risk of overseas shell companies high cost and shell, is also gradually marginalized by enterprises; backdoor listing is because of its flexibility, easy operation, has become the most popular way of overseas listed enterprises. The author discusses the structure of VIE which is one of the most special listing.2006, the Ministry of Commerce and other six ministries jointly issued the "Regulations on the acquisition of domestic enterprises by foreign investors" (No. 10). "Related acquisitions" should be reported to the Ministry of Commerce for approval. In this case supervision, VIE architecture as the control protocol, does not involve equity control of backdoor listing successfully circumvent the No. 10 "merger" shall be approved by the Ministry of Commerce asked the.VIE structure as the main foreign investment in some areas to avoid the review of the financing, then with No. 10 from the introduction of foreign investment restrictions into the realm of vigorous development the foreign non restricted areas, has been used widely in many enterprises in overseas listing. In such a situation, we can not ignore the Alipay storm events, New Oriental and other adverse conditions of supervision and regulatory loopholes caused by the lack of experience that in foreign investment in VIE structure instability. Review of regulation the road, right sector regulation is the gray area in VIE structure is defined and the legitimacy, no laws consistent with the VIE regulation, once the domestic and foreign investment As for community and the legal profession is ambiguous position.VIE structure is a series of agreements, the agreement arrangements compared to equity arrangements there is a natural risk, raid effect, policy of unilateral breach of contract, the right of the Commission is not stable, is the reality of the situation in the implementation of the protocol, resulting in the lack of confidence of investors and capital the chaos in the market. Domestic regulatory norms on the structure of VIE, the end of the regulatory status of the gray zone, is the development direction of the VIE regulation policy represent the general trend. It is worth noting that, in addition to the VIE structure of the various kinds of work, in the process of operation in recent years, due to the concept stocks in the overseas stock market frequently lost. Even encounter muddy water company short of the tragic ending, many overseas with the VIE structure of listed enterprises choose to return the listing, exposed in the VIE structure the return path of the chaos and risk of operation As for the structure of VIE in the process, start the absence of supervision at the end of the VIE structure to avoid new problems in the capital market regulatory confusion is encountered in recent years. Because of the above background, the structure of VIE is generated based on the gray area of legal supervision problems and product structure VIE the normal operation and the demolition process need to guide and regulate the legal provisions of the requirements of the regulatory environment continue to improve. The author from the meaning and origin of the VIE structure, the structure of VIE was basically clear and elaborated, then through the various risks in the operation and discusses the VIE structure of the demolition of the risks and benefits of clear VIE structure the coexistence of the inherent logic of risk based on only the corresponding problems of regulatory requirements. Again, the author focuses on China's supervision of the status quo of the structure of VIE, on the deficiencies and defects The proposed place outside Hongkong and the United States; discusses the securities market supervision of VIE structure to give China's legal supervision to enlightenment. Finally, combined with the structure of VIE regulatory rules recent and future development to explore the impact of the structure of VIE, the future VIE structure of the existing state and how to develop a certain outlook.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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