【摘要】：我國資本市場融資渠道狹窄的問題一直困擾著中小型、創(chuàng)業(yè)型企業(yè)。國內(nèi)企業(yè)境外上市必須經(jīng)過證監(jiān)會等有關(guān)部門的嚴(yán)格審批,流程復(fù)雜且操作困難。部分產(chǎn)業(yè)關(guān)系到國家社會、經(jīng)濟的安全與穩(wěn)定,國家限制或禁止外資進(jìn)入。在這些因素的共同作用下,VIE協(xié)議控制模式成為我國部分企業(yè)的必然選擇。VIE協(xié)議控制模式結(jié)構(gòu)復(fù)雜而且脆弱,其規(guī)避我國法律監(jiān)管的本質(zhì)使VIE協(xié)議控制模式存在巨大的法律風(fēng)險。近年來我國資本市場逐漸完善,有關(guān)部門監(jiān)管信號的明確釋放,使得部分企業(yè)選擇拆除VIE協(xié)議控制模式,但仍有不少企業(yè)選擇VIE協(xié)議控制模式實現(xiàn)境外上市的案例發(fā)生。本文從目前VIE協(xié)議控制模式的監(jiān)管和市場環(huán)境出發(fā),全面分析VIE協(xié)議控制模式的內(nèi)外部法律風(fēng)險,從法律風(fēng)險控制角度出發(fā)探討VIE協(xié)議控制模式的監(jiān)管完善。本文第一部分首先從法律、財務(wù)角度出發(fā)梳理“VIE協(xié)議控制模式”的基本概念和范疇,然后介紹分析我國VIE協(xié)議控制模式的發(fā)展背景及現(xiàn)狀,最后通過近期VIE協(xié)議控制模式的實例的操作流程,深入分析VIE協(xié)議控制模式的內(nèi)部結(jié)構(gòu)。本文第二部分在第一部分分析VIE協(xié)議控制模式的概念和結(jié)構(gòu)的基礎(chǔ)上,深入剖析VIE協(xié)議控制模式的法律風(fēng)險。首先具體分析VIE協(xié)議控制模式法律監(jiān)管的外部風(fēng)險,具體包括:境外上市監(jiān)管的法律風(fēng)險和外資投資監(jiān)管的法律風(fēng)險。其次具體分析VIE協(xié)議控制模式協(xié)議層面的內(nèi)部風(fēng)險,具體包括控制協(xié)議的合同風(fēng)險以及協(xié)議當(dāng)事人雙方的道德風(fēng)險。最后在探討法律風(fēng)險的基礎(chǔ)上,提出VIE協(xié)議控制模式法律風(fēng)險的根源:缺乏完善的境外上市監(jiān)管體系和外資投資管理的制度困境。本文第三部分是對境外VIE協(xié)議控制模式監(jiān)管的介紹。香港、美國是我國企業(yè)境外上市的主要目的地。本部分介紹香港、美國對VIE協(xié)議控制模式的監(jiān)管方式,分析總結(jié)境外的先進(jìn)監(jiān)管經(jīng)驗。在借鑒境外監(jiān)管VIE協(xié)議控制模式經(jīng)驗的基礎(chǔ)上,結(jié)合我國VIE協(xié)議控制模式的現(xiàn)實情況,本文第四部分提出我國對VIE協(xié)議控制模式監(jiān)管制度的完善。我國對VIE協(xié)議控制模式的監(jiān)管首先應(yīng)當(dāng)從監(jiān)管理念的轉(zhuǎn)變出發(fā),確立以疏導(dǎo)為主、以實質(zhì)監(jiān)管為轉(zhuǎn)變方向、以市場為導(dǎo)向的適度干預(yù)的監(jiān)管理念。其次,在監(jiān)管制度的具體內(nèi)容上,應(yīng)當(dāng)從建立的境外上市監(jiān)管體系,適當(dāng)減低上市要求,簡化流程,加快推進(jìn)注冊制改革等方面著手,完善證券上市監(jiān)管制度;在外資投資監(jiān)管方面,應(yīng)進(jìn)一步厘清控制標(biāo)準(zhǔn),建立長期外資產(chǎn)業(yè)指導(dǎo)規(guī)劃,完善外資投資監(jiān)管制度;在外資投資領(lǐng)域試點雙重股權(quán)結(jié)構(gòu),紓解外資投資和國家安全穩(wěn)定之間的矛盾。
[Abstract]:The problem of narrow financing channels in China's capital market has been puzzling small and medium-sized, entrepreneurial enterprises. Overseas listing of domestic enterprises must be strictly approved by the CSRC and other relevant departments, the process is complex and difficult to operate. Some industries are related to the security and stability of national society and economy, and the state restricts or prohibits foreign capital from entering. Under the joint action of these factors, the vie protocol control mode has become the inevitable choice of some enterprises in our country. The structure of the vie protocol control mode is complex and fragile, and its essence of circumventing the legal supervision of our country makes the VIE protocol control mode have huge legal risks. In recent years, the capital market of our country has been gradually perfected, and some enterprises have chosen to dismantle the control mode of VIE protocol because of the clear release of regulatory signals from relevant departments. However, there are still many cases in which some enterprises choose the control mode of VIE protocol to realize overseas listing. Starting from the supervision and market environment of the current VIE protocol control mode, this paper comprehensively analyzes the internal and external legal risks of the VIE protocol control mode, and probes into the perfection of the VIE protocol control mode from the perspective of legal risk control. The first part of this paper firstly combs the basic concept and category of "VIE protocol control mode" from the angle of law and finance, and then introduces and analyzes the development background and present situation of VIE protocol control mode in our country. Finally, the internal structure of VIE protocol control mode is analyzed through the operation flow of recent VIE protocol control mode. In the second part of this paper, based on the analysis of the concept and structure of VIE protocol control mode, the legal risk of VIE protocol control mode is deeply analyzed. Firstly, the external risks of legal supervision in VIE protocol control mode are analyzed in detail, including: the legal risk of overseas listing supervision and the legal risk of foreign investment supervision. Secondly, it analyzes the internal risk of VIE control mode agreement, including the contract risk of the control agreement and the moral hazard of both parties to the agreement. Finally, on the basis of discussing the legal risk, the author puts forward the root of the legal risk of VIE agreement control mode: the lack of perfect supervision system of overseas listing and the institutional dilemma of foreign investment management. The third part of this paper is an introduction to the control mode of overseas VIE protocol. Hong Kong, the United States is the main destination for overseas listing of Chinese enterprises. This part introduces Hong Kong and the United States to the VIE agreement control mode of supervision, analysis and summary of overseas advanced regulatory experience. Based on the experience of overseas VIE protocol control mode and the reality of our country's VIE protocol control mode, the fourth part of this paper puts forward the perfection of VIE protocol control mode supervision system in our country. The supervision of VIE agreement control mode in our country should start from the change of supervision idea, and establish the supervision idea of moderate intervention based on the direction of diversion, the direction of substantial supervision, and the direction of market orientation. Secondly, in the specific content of the supervision system, we should improve the securities listing supervision system from the aspects of establishing the overseas listing supervision system, appropriately reducing the listing requirements, simplifying the process and speeding up the reform of the registration system. With regard to the supervision of foreign investment, we should further clarify the control standards, establish a long-term guiding plan for foreign investment industries, improve the supervision system of foreign investment, and pilot a dual equity structure in the field of foreign investment. Ease the contradiction between foreign investment and national security and stability.
【學(xué)位授予單位】：長安大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.295

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