本文選題：VIE模式 + VIE解構(gòu)�。� 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：21世紀(jì)以來,眾多尚未達到國內(nèi)上市要求的互聯(lián)網(wǎng)企業(yè)紛紛采用VIE模式奔赴海外上市。然而,伴隨著境外上市政策法律趨嚴、以及境外做空機構(gòu)對中概股公司不斷的做空行為,境外市場的不利因素增加。反觀境內(nèi)資本市場,戰(zhàn)略新三板的推出、注冊制的改革,國內(nèi)政策的出臺使得境內(nèi)資本市場呈利好狀態(tài)。境外市場的危機與境內(nèi)市場的利好,使得中美市場股票估值差距不斷增大。退市理論中提出,企業(yè)退市是成本和收益的權(quán)衡結(jié)果,所以大量在海外上市的中概股企業(yè),在權(quán)衡成本與收益后,萌生解構(gòu)VIE回歸國內(nèi)資本市場的想法。中概股回歸一方面可以改善企業(yè)融資狀況,有利于公司品牌宣傳;另一方面還可以完善我國資本市場格局和結(jié)構(gòu),增加我國資本市場投資價值,給予投資者豐富的投資標(biāo)的,因此中概股回歸境內(nèi)資本市場的浪潮應(yīng)該得到重視與關(guān)注。暴風(fēng)科技是第一家解構(gòu)VIE返回國內(nèi)資本市場,并且在創(chuàng)業(yè)板市場獲得高估值的中概股公司。從這一方面來看,暴風(fēng)科技獲取了成功,具有代表性與典型性。本文以暴風(fēng)科技解構(gòu)VIE回歸A股市場為研究對象,分析其解構(gòu)動因、解構(gòu)風(fēng)險、解構(gòu)關(guān)鍵環(huán)節(jié)、解構(gòu)后續(xù)情況,并給予其它打算進行VIE解構(gòu)回歸國內(nèi)資本市場的中概股公司以啟示,使其解構(gòu)回歸之路走的更為順利。本文內(nèi)容主要分為以下幾部分:第一部分對VIE與VIE解構(gòu)進行概述。主要從VIE模式、VIE兩種解構(gòu)方案、VIE解構(gòu)現(xiàn)狀進行闡述。第二部分對暴風(fēng)科技VIE解構(gòu)回歸A股市場進行案例介紹。主要介紹暴風(fēng)科技公司概況、暴風(fēng)科技建立VIE模式、暴風(fēng)科技拆解VIE模式。第三部分對暴風(fēng)科技VIE解構(gòu)回歸A股市場進行案例分析。首先分析暴風(fēng)科技VIE解構(gòu)的動因主要有市場因素、政策因素、行業(yè)因素,其次對其在解構(gòu)過程中面臨的協(xié)議糾紛風(fēng)險、稅務(wù)風(fēng)險、控制權(quán)轉(zhuǎn)移風(fēng)險進行分析,接著對暴風(fēng)科技在解構(gòu)過程中有關(guān)境外投資者權(quán)益處理、涉稅事項路徑、控制權(quán)穩(wěn)定性保證、解構(gòu)與上市方案選擇這些關(guān)鍵環(huán)節(jié)的處理進行分析,最后從暴風(fēng)科技上市前盈利模式及上市后公司戰(zhàn)略兩方面分析公司VIE解構(gòu)后續(xù)情況。最后,通過對暴風(fēng)科技VIE解構(gòu)這一案例的分析,給予其它中概股公司在VIE解構(gòu)過程中以啟示。中概股公司在VIE解構(gòu)前期應(yīng)考慮VIE解構(gòu)適用性,關(guān)注相關(guān)政策與環(huán)境;在VIE解構(gòu)過程中要重點防范解構(gòu)風(fēng)險,合理選擇上市主體,綜合考量上市途徑;在VIE解構(gòu)后應(yīng)及時調(diào)整企業(yè)發(fā)展戰(zhàn)略,為順利登陸國內(nèi)資本市場獲取融資做準(zhǔn)備。
[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.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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