本文選題：協(xié)議控制　切入點：返程投資　出處：《華東政法大學》2014年碩士論文

【摘要】：2000年新浪首次創(chuàng)設(shè)“協(xié)議控制模式”赴境外上市至今已十余年，如今協(xié)議控制模式已經(jīng)成為境內(nèi)民營企業(yè)境外間接上市最普遍的架構(gòu)。協(xié)議控制模式在境外上市的環(huán)節(jié)與傳統(tǒng)紅籌上市差異不大，主要區(qū)別在于返程投資這一環(huán)節(jié)。傳統(tǒng)的紅籌上市一般通過直接持有境內(nèi)運營實體的股權(quán)或資產(chǎn)來控制境內(nèi)企業(yè)，而協(xié)議控制模式是通過一系列的協(xié)議安排達到控制境內(nèi)運營實體的目的。因此，協(xié)議控制模式能夠規(guī)避對一般返程投資的法律監(jiān)管，游走于法律的灰色地帶。 本文研究重點是協(xié)議控制模式下返程投資的法律監(jiān)管。一般的返程投資在外資準入、外匯、外資并購等許多方面存在監(jiān)管，但是協(xié)議控制模式下的返程投資能夠規(guī)避一般返程投資的監(jiān)管。本文通過分析協(xié)議控制模式的特有風險，探討對于協(xié)議控制模式下返程投資的監(jiān)管應(yīng)當區(qū)別一般返程投資監(jiān)管，試圖就我國協(xié)議控制模式下返程投資法律監(jiān)管制度的完善提出建議。 第一章是協(xié)議控制模式的基礎(chǔ)理論，介紹協(xié)議控制模式的提出及其法律和會計含義，闡釋協(xié)議控制模式的搭建和運作機理，并對協(xié)議控制模式的動因進行分析。 第二章是協(xié)議控制模式下返程投資存在的風險及監(jiān)管的必要性。首先分析一般返程投資存在的法律風險，如增加資本外逃的風險、造成國家稅收流失以及使公司及國家形象受到損害。協(xié)議控制模式下的返程投資有其特有的法律風險，包括來自監(jiān)管層面的風險、源于合同固有的風險以及VIE會計原則適用的風險。通過經(jīng)濟法解釋，探討對協(xié)議控制模式下返程投資進行特殊監(jiān)管的必要性，體現(xiàn)了國家經(jīng)濟安全原則、宏觀調(diào)控的需求以及市場監(jiān)管的必要性。 第三章是對我國協(xié)議控制模式下返程投資的監(jiān)管現(xiàn)狀進行分析，包括產(chǎn)業(yè)準入監(jiān)管、外資并購監(jiān)管以及外匯管理。分析協(xié)議控制模式與返程投資監(jiān)管的沖突，指出外資產(chǎn)業(yè)準入政策的監(jiān)管思路滯后、外資并購監(jiān)管規(guī)定模糊以及外匯登記程序繁雜等問題。 第四章提出對協(xié)議控制模式下返程投資監(jiān)管制度的完善。首先監(jiān)管部門應(yīng)當轉(zhuǎn)變監(jiān)管思路，采用化堵為疏的監(jiān)管思路，確立區(qū)分原則規(guī)范外資產(chǎn)業(yè)準入，，建立實際控制人標準，對特殊目的公司進行甄別，加強對協(xié)議控制模式的信息披露，通過對域外監(jiān)管規(guī)定的借鑒完善我國協(xié)議控制模式下返程投資的監(jiān)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.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.28

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本文編號：1654107