本文關(guān)鍵詞： 可變利益實(shí)體 法律風(fēng)險(xiǎn) 法律監(jiān)管 海外上市　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：VIE結(jié)構(gòu),英文為Variable Interest Entities,又被稱為可變利益實(shí)體,實(shí)際上是針對(duì)美國(guó)會(huì)計(jì)準(zhǔn)則FASB的FIN46條款的財(cái)務(wù)概念,并不是一個(gè)專有的法律概念,在法律語境上應(yīng)該被理解為協(xié)議控制。美國(guó)證監(jiān)會(huì)SEC接受并且承認(rèn)VIE結(jié)構(gòu)的存在,中概股得以登陸美國(guó)證券市場(chǎng),境內(nèi)企業(yè)赴港上市也是相同的道理,如此才奠定了本文寫作的實(shí)踐意義。VIE結(jié)構(gòu),又稱特殊的紅籌海外上市模式,是指境內(nèi)企業(yè)進(jìn)行境外間接上市的法律架構(gòu),境外主體通過《授權(quán)委托協(xié)議》、《獨(dú)家服務(wù)協(xié)議》、《獨(dú)家購(gòu)買權(quán)協(xié)議》和《股權(quán)質(zhì)押協(xié)議》等一攬子協(xié)議來達(dá)到“合并”境內(nèi)實(shí)體企業(yè)的目的,讓境內(nèi)企業(yè)通過境外上市主體得到境外資金的支持進(jìn)行融資,以規(guī)避相應(yīng)監(jiān)管。可知,VIE結(jié)構(gòu)誕生于灰色監(jiān)管的土壤之中,持續(xù)得益于特殊的監(jiān)管環(huán)境,得以發(fā)展至今。VIE結(jié)構(gòu)的存在是因?yàn)橹袊?guó)風(fēng)險(xiǎn)投資市場(chǎng)發(fā)達(dá)程度的不足,新興企業(yè),互聯(lián)網(wǎng)企業(yè)由于規(guī)模不大,創(chuàng)新性強(qiáng),融資渠道少之又少,基于擴(kuò)張或融資的目的,便尋求海外上市進(jìn)行融資;VIE結(jié)構(gòu)的存在還因?yàn)槲覈?guó)對(duì)于外資在某些領(lǐng)域的禁止與限制投資,為了規(guī)避行業(yè)限制,構(gòu)建VIE結(jié)構(gòu);同時(shí),境外市場(chǎng)通過VIE結(jié)構(gòu)同時(shí)還能為境內(nèi)企業(yè)帶來境外先進(jìn)的技術(shù)和資本支持。境內(nèi)企業(yè)謀求海外上市的方式主要有直接上市或者間接上市方式,間接上市具體來說包括買已有的殼公司借殼,或者造一個(gè)殼公司套殼,從而上市。由于直接上市受證監(jiān)會(huì)的“456”要求管制,在數(shù)額的控制上更加的嚴(yán)格,即凈資產(chǎn)不少于4億元人民幣,近一年稅后利潤(rùn)不少于6千萬人民幣,籌資金額要超過5千萬美元;買殼上市的方式,由于境外殼公司高額的成本和買殼中巨大的不穩(wěn)定性和失敗風(fēng)險(xiǎn),漸漸也被企業(yè)所邊緣化;造殼上市的方式卻由于其方式靈活,極易操作,成為企業(yè)最青睞的海外上市方式。筆者論述的VIE結(jié)構(gòu)即是一種最特殊的造殼上市。2006年,商務(wù)部等六部委聯(lián)合頒布了《關(guān)于外國(guó)投資者并購(gòu)境內(nèi)企業(yè)的規(guī)定》(“10號(hào)文”)。要求“關(guān)聯(lián)并購(gòu)”應(yīng)報(bào)商務(wù)部審批。在這種監(jiān)管情況下,VIE架構(gòu)作為協(xié)議控制,不涉及股權(quán)控制的造殼上市方式成功規(guī)避了10號(hào)文中“關(guān)聯(lián)并購(gòu)”須經(jīng)商務(wù)部批準(zhǔn)的要求。VIE結(jié)構(gòu)作為主要規(guī)避外資投資某些領(lǐng)域?qū)彶榈娜谫Y方式,后來伴隨“10號(hào)文”出臺(tái),從外資限制進(jìn)入的領(lǐng)域蓬勃發(fā)展到了非外資限制的領(lǐng)域,目前被企業(yè)廣泛的應(yīng)用于境外上市。就在這樣的局勢(shì)下,我們不能忽略支付寶事件,新東方風(fēng)波等不良情況的產(chǎn)生,其引發(fā)的監(jiān)管漏洞和監(jiān)管經(jīng)驗(yàn)不足都提示著在外資投資中VIE結(jié)構(gòu)的不穩(wěn)定性�；仡櫛O(jiān)管之路,有權(quán)部門的監(jiān)管在VIE結(jié)構(gòu)的定義以及存在的合法性上都是灰色地帶,更沒有制定一致的法律規(guī)范進(jìn)行VIE監(jiān)管,一度被國(guó)內(nèi)外投行界和法律界形容為曖昧立場(chǎng)。VIE結(jié)構(gòu)其實(shí)就是一系列的協(xié)議安排,協(xié)議安排就相較于股權(quán)安排存在天然的風(fēng)險(xiǎn),政策的突襲影響,單方違約,委托權(quán)的不穩(wěn)定性,都是現(xiàn)實(shí)中的協(xié)議履行中出現(xiàn)的情況,造成投資者信心的缺失和資本市場(chǎng)的混亂。境內(nèi)監(jiān)管部門對(duì)VIE結(jié)構(gòu)進(jìn)行規(guī)范,結(jié)束灰色地帶的監(jiān)管現(xiàn)狀,是大勢(shì)所趨的VIE監(jiān)管政策的發(fā)展方向。值得注意的是,除了VIE結(jié)構(gòu)在運(yùn)行過程中出現(xiàn)的各種失靈情況,近年來,由于中概股在境外股票市場(chǎng)的頻頻失利,甚至遭遇渾水公司做空的悲慘結(jié)局,很多在境外借助VIE結(jié)構(gòu)上市的企業(yè)紛紛選擇回國(guó)上市,在VIE結(jié)構(gòu)回歸之路中暴露的混亂和風(fēng)險(xiǎn)較運(yùn)行過程中過猶不及,在對(duì)VIE結(jié)構(gòu)一開始就缺乏監(jiān)管的情況下如何在結(jié)束VIE結(jié)構(gòu)中避免造成資本市場(chǎng)的混亂也是監(jiān)管近年來遇到的新的難題。因?yàn)樯衔乃榻B的背景,VIE結(jié)構(gòu)是基于法律監(jiān)管的灰色地帶所產(chǎn)生的問題和產(chǎn)物,VIE結(jié)構(gòu)正常的運(yùn)行與拆除過程都需要法律規(guī)定的指導(dǎo)與規(guī)范,要求監(jiān)管環(huán)境的不斷完善。筆者從VIE結(jié)構(gòu)的含義與起源談起,對(duì)VIE結(jié)構(gòu)進(jìn)行基本的理清與闡述,接下來通過論述VIE結(jié)構(gòu)在運(yùn)行和拆除中的種種風(fēng)險(xiǎn)來明晰VIE結(jié)構(gòu)的風(fēng)險(xiǎn)與利益并存性,其內(nèi)在邏輯基于風(fēng)險(xiǎn)的存在性才有了相應(yīng)問題的監(jiān)管需求。再次筆者著重論述我國(guó)對(duì)于VIE結(jié)構(gòu)的監(jiān)管現(xiàn)狀,就不足與缺陷的地方提出建議;論述境外香港與美國(guó)證券市場(chǎng)對(duì)VIE結(jié)構(gòu)的監(jiān)管來給予我國(guó)法律監(jiān)管以啟迪。最后,結(jié)合VIE結(jié)構(gòu)監(jiān)管規(guī)則近期與未來的發(fā)展來探究對(duì)VIE結(jié)構(gòu)的影響,筆者就未來VIE結(jié)構(gòu)的存在樣態(tài)和如何發(fā)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.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.287

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