摘要
我国企业搭建VIE架构的最终原因在于实现境外上市融资。面对实质上对国内外资准入规则构成违反的VIE架构,立法者长期以来表现出的犹豫不决使得试图明确该架构下各概念的一次次立法走向失败,并无形中给VIE架构披上了“默认合法”的外衣。然而,我国迈入外资准入的负面清单时代后,国内融资渠道大大扩宽、外资控制威胁不断增大以及外资准入规则空前宽松等,这些伴随时代发生改变的种种因素让我国不应再对VIE架构监管保持沉默,而宜对该架构监管的核心概念“控制”予以明确。在明确此概念时,应避免僵硬地将“协议控制”与“外商投资”划上等号,并考虑引入“实质控制”等具有弹性的概念,从而保留我国在VIE架构问题上的自由裁量空间。同时,完善外资准入负面清单与国内融资程序等相关规则,进而从源头上减少VIE架构的使用动机也是解决该架构监管问题的重要一环。
The ultimate reason for Chinese enterprises to set up the VIE structure is to achieve the purpose of overseas financing.For a long time,Chinese legislators have been hesitant about how to supervise the VIE structure which is in fact in violation of the domestic foreign investment restrictions.This has caused the legislation of clearing concepts under the VIE structure to fail repeatedly;therefore,the structure has been recognized as“ostensibly legitimate”in China.However,after China entered the era of negative lists,the domestic financing channels have been greatly expanded,the threat of foreign investment control has been increasing,and the foreign investment restrictions have been unprecedentedly eased.Given all these factors,it seems that instead of keeping silent on VIE structure supervision,the legislators should clarify the core concept of“control”of VIE structure supervision.When clarifying this concept,the legislators should avoid rigidly equating“control agreement”with“foreign investment”and should consider introducing such flexible concepts as“substantive control”,so as to reserve the discretionary power on the VIE structure issues.At the same time,in order to reduce the motivation of using the VIE structure,improving negative lists and domestic financing procedures will also be an important method for the legislators to solve the regulatory problems of the VIE structure.
作者
郭远
GUO Yuan(Law School,Peking University,Beijing 100871,China;Center on the Rule of Law and Development,Beijing Normal University,Zhuhai 519087,China)
出处
《东北大学学报（社会科学版）》
CSSCI
北大核心
2023年第5期99-106,共8页
Journal of Northeastern University(Social Science)
基金
司法部2021年度部级科研资助项目(21SFB4050)
北京师范大学引进人才和科研启动经费资助项目(310432102)。
关键词
VIE架构
负面清单
国家安全
《外商投资法》
外资准入
VIE structure
negative list
national security
Foreign Investment Law
foreign investment access
