本文選題：VIE架構(gòu)企業(yè) + 境內(nèi)資本市場�。� 參考：《西南政法大學(xué)》2016年碩士論文

【摘要】：2015年5月18日,隨著暴風(fēng)科技作為首個拆VIE架構(gòu)回歸A股市場的互聯(lián)網(wǎng)企業(yè)以開創(chuàng)35個漲停板奇跡而成功著陸,國內(nèi)正繼朗瑪信息、二六三網(wǎng)絡(luò)、啟明星辰拆VIE架構(gòu)之后,再一次掀起VIE企業(yè)回歸境內(nèi)資本市場的浪潮。VIE(variable interest entity)模式,在我國也稱為協(xié)議控制模式,曾經(jīng)因受限于特殊政策,在中概股謀求境外間接上市中風(fēng)靡一時。其運(yùn)作價(jià)值,于國內(nèi)法律政策層面而言,使得境內(nèi)相關(guān)企業(yè)不僅成功避開了國內(nèi)禁止或限制外商投資產(chǎn)業(yè)政策給正具有成長性但缺乏盈利性而融資需求旺盛的企業(yè)所造成的監(jiān)管障礙,又繞過了10號文關(guān)于關(guān)聯(lián)并購的繁瑣審批程序;此外,于境外法律政策層面,美國SEC對美國財(cái)務(wù)會計(jì)標(biāo)準(zhǔn)委員會(FASB)的FIN46條款所采用的VIE會計(jì)術(shù)語的認(rèn)可及香港對VIE模式的接受,使得中概股得以借助VIE模式在美國及香港成功上市。中國所謂的協(xié)議控制模式正是在突破美國規(guī)范VIE模式初衷的基礎(chǔ)上,而創(chuàng)造性的疏通了中國特定行業(yè)尤其是TMT行業(yè)的融資渠道。但在當(dāng)前國內(nèi)對VIE模式企業(yè)監(jiān)管的加強(qiáng)、國內(nèi)外資本環(huán)境所發(fā)生的巨大變化等多重因素的推動下,已經(jīng)搭建VIE架構(gòu)的企業(yè)或正在搭建VIE架構(gòu)的企業(yè)正進(jìn)行拆除原有VIE架構(gòu)的謀劃,通過解除原有融資架構(gòu)所形成的法律關(guān)系重新回歸境內(nèi)資本市場的懷抱。盡管2015年由工信部新發(fā)布的第196號文對境內(nèi)在線數(shù)據(jù)與交易處理業(yè)務(wù),即經(jīng)營類電子商務(wù)的外資持股比例限制進(jìn)行大幅度松綁,但就采取VIE架構(gòu)的企業(yè)大部分屬于TMT行業(yè)情況而言,這只是清除了部分經(jīng)營在線數(shù)據(jù)處理與交易處理業(yè)務(wù)VIE架構(gòu)企業(yè)回歸境內(nèi)的政策障礙,并且,依《外商投資電信企業(yè)管理規(guī)定》,此持股比例限制豁免僅適用于業(yè)績尚佳及具有一定經(jīng)營規(guī)模的外商投資者,也就是說,大部分的VIE模式企業(yè)仍然需拆除VIE模式。由于VIE架構(gòu)企業(yè)通過協(xié)議控制、返程投資的特殊方式進(jìn)行運(yùn)營及融資,故其受到國內(nèi)外不同法律體系與法治環(huán)境的約束與規(guī)制,VIE架構(gòu)拆分需要解決的主要法律問題包括但不限于已在境外上市VIE架構(gòu)企業(yè)的私有化退市、未上市VIE架構(gòu)企業(yè)境外機(jī)構(gòu)投資者的退出、擬上市或掛牌主體的確定、控制權(quán)及員工期權(quán)的回境等。文章提出了幾點(diǎn)關(guān)于引導(dǎo)VIE架構(gòu)企業(yè)回境的思考,一是依托戰(zhàn)略新興產(chǎn)業(yè)板,積極引入支持VIE企業(yè)回境的非盈利指標(biāo)組合;二是整合VIE架構(gòu)企業(yè)上市的達(dá)標(biāo)要素,加快推進(jìn)VIE企業(yè)回境;三是利用優(yōu)先股表決機(jī)制,逐步放開部分領(lǐng)域外資持股限制。
[Abstract]:On May 18, 2015, with Storm Technology as the first Internet company to return to the A share market as the first to tear down vie's structure, it successfully landed in order to create a miracle of 35 stoppages. China is now following Langma Information, 263 Networks, and Qiming Xingchen in dismantling the vie structure. Once again, the wave of vie enterprises returning to domestic capital market. Vie (variable interest entity) mode, also known as the agreement control mode in our country, once because of the restriction of special policy, it is very popular for Chinese companies to seek indirect listing abroad. Its operational value, at the level of domestic law and policy, This has not only enabled domestic related enterprises to successfully avoid the regulatory obstacles caused by domestic industrial policies prohibiting or restricting foreign investment to enterprises that are growing but lack profitability and are in strong demand for financing, In addition, at the foreign legal policy level, the SEC has accepted the vie accounting terminology adopted by the Financial Accounting Standards Board (FASB) of the FASB and the acceptance of the vie model in Hong Kong. This has enabled Chinese companies to successfully list in the United States and Hong Kong with the help of vie. China's so-called agreement control model is based on breaking through the original intention of the United States to regulate vie mode, and creatively dredges the financing channels of China's specific industries, especially the TMT industry. However, due to the strengthening of domestic supervision of vie enterprises and the tremendous changes in the capital environment at home and abroad, Enterprises that have built vie structure or are setting up vie structure are planning to dismantle the original vie structure and return to the embrace of the domestic capital market by lifting the legal relationship formed by the original financing structure. Although the new text 196, published by the Ministry of Industry and Information Technology in 2015, has substantially eased restrictions on the proportion of foreign-owned shares in online data and transaction processing, or e-commerce, in China. However, most of the enterprises adopting the vie framework belong to the TMT industry, which only clears the policy barriers to the return of some of the enterprises operating online data processing and transaction processing business to the mainland, and, According to the regulations on the Management of Foreign Investment Telecom Enterprises, the exemption of the shareholding ratio restriction is only applicable to foreign investors with good performance and certain business scale, that is to say, most of the vie enterprises still need to dismantle the vie model. Because the vie structure enterprises operate and finance through the agreement control, the special way of return investment, Therefore, it is restricted and regulated by different legal systems and legal environment at home and abroad. The main legal problems that need to be solved in the separation of vie structure include, but not limited to, the privatization and delisting of the VIE-based enterprises that have been listed overseas. The exit of foreign institutional investors of unlisted vie enterprises, the determination of the main body to be listed or listed, the return of control rights and employee options, etc. This paper puts forward some thoughts on guiding the return of vie structure enterprises. One is to actively introduce the non-profit index combination to support the return of vie enterprises by relying on the strategic emerging industry board, and the other is to integrate the key elements of the VIE structure enterprises to be listed on the market. Speed up the return of vie enterprises; third, use the preferred stock voting mechanism, gradually liberalize foreign ownership restrictions in some areas.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：D922.287;D922.291.91

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