本文選題：紅籌回歸　切入點：協(xié)議控制　出處：《華東政法大學》2015年碩士論文　論文類型：學位論文

【摘要】：一般情況下,所謂的紅籌回歸主要分為兩種情況:一種我們稱為“紅籌股回歸”,是指在境外已經(jīng)上市的中資控股公司同時想要在中國境內投資發(fā)行的情況;另一種我們稱為“紅籌架構企業(yè)的回歸”,主要是指已經(jīng)搭建成紅籌結構,在境外上市未成功,通過拆除紅籌架構達到境內上市的條件,登陸境內資本市場的情況。本文就紅籌架構企業(yè)在回歸上市中的法律問題進行了總結�！蛾P于外國投資者并購境內企業(yè)的規(guī)定》,也就是俗稱的“10號文”2006年的出臺以后,股權并購式的紅籌架構再難搭建。同時受金融危機的影響,從2009年開始,境外資本市場陷入低迷,中國概念股遭遇誠信危機,屢屢受挫。反觀中國,近年來,資本市場不斷改革和開放,股權分置改革的完成、創(chuàng)業(yè)板和新三板的推出、上海自貿(mào)區(qū)的成立、滬港通的開啟,都標志著中國資本市場日益成熟。同時我國還積極探索推出國際版,審核制向注冊制轉變,希望中國的資本市場能夠與國際資本市場更進一步接軌。中國資本市場的吸引力越來越強,繞道海外上市的民營企業(yè)開始放棄海外市場,轉而尋求境內上市。中國證監(jiān)會對于回歸企業(yè)持開放態(tài)度,但是出于方便監(jiān)管的考慮,要求擬通過發(fā)行A股上市的具有紅籌架構的境內公司,將其境內實際控制人持有的境外權益轉移回境內,使公司性質恢復為內資企業(yè)或中外合資企業(yè),并且需要符合中國法律及證監(jiān)會規(guī)則規(guī)定的上市主體和上市條件,如境內的股份有限公司需連續(xù)經(jīng)營規(guī)定的年限、具有規(guī)定的盈利能力等,然后將相關證明文件提交證監(jiān)會,排隊等待證監(jiān)會的實質審核,審核通過方可境內上市。在這種背景下,本文從法律體系和市場監(jiān)管的角度分析了紅籌架構企業(yè)回歸境內資本市場的可能性,闡明企業(yè)境內上市需符合的法律要求以及監(jiān)管部門對此類回歸境內上市的企業(yè)在回歸上市過程中關注的重點。通過對兩種不同類型紅籌架構企業(yè)海外架構的搭建、拆除,試圖總結出紅籌架構企業(yè)回歸境內上市的法律流程。本文選取了263網(wǎng)絡和華平股份兩個案例進行具體分析,并對其紅籌架構的搭建、拆除、境內上市及證監(jiān)會關注問題和解決方式作出說明。紅籌架構企業(yè)的回歸是一個復雜的企業(yè)重組過程,其間會涉及到境內外之間股權轉讓、外匯登記、稅收籌劃、企業(yè)性質的變更、特殊目的公司的處理等問題,還需要滿足實際控制人不變、資金來源合法、信息披露到位、轉回程序合法等要求,本文根據(jù)監(jiān)管部門的審核要求結合具體的實踐針對這些問題做出分析,并提出了自己的建議。本文最后一部分結語中提到了我國現(xiàn)在將由審核制向注冊制逐步轉變,可見,未來紅籌架構企業(yè)在境內上市時面臨的阻力將會減小,但是有關于外匯、稅收、信息披露等問題的解決,仍不可避免。
[Abstract]:Generally speaking, the so-called return of red chips can be divided into two kinds: one is called "return of Red chips", which refers to the situation in which Chinese holding companies that have already listed abroad want to invest in and issue shares in China at the same time; The other type we call "the return of red-chip enterprises" mainly refers to the fact that the red-chip structure has been set up and has not been successfully listed overseas, and that the conditions for listing in the territory can be achieved by dismantling the red-chip structure. This paper summarizes the legal problems of red-chip enterprises in returning to the stock market. "regulations on mergers and acquisitions of domestic Enterprises by Foreign investors", which is commonly known as "text 10", came into being in 2006. At the same time, due to the impact of the financial crisis, since 2009, the foreign capital market has been in a doldrums, and the Chinese concept stocks have been repeatedly frustrated by the integrity crisis. In China, in recent years, The constant reform and opening of the capital market, the completion of the reform of the split share structure, the launch of the growth Enterprise Market and the New third Board, the establishment of the Shanghai Free Trade Zone, the opening of the Stock Connect between Shanghai and Hong Kong, Both mark the growing maturity of China's capital market. At the same time, China is also actively exploring the introduction of an international version and the transformation of the auditing system to the registration system. I hope that China's capital market will further integrate with the international capital market. China's capital market is becoming more and more attractive, and private enterprises that bypass overseas listings have begun to abandon overseas markets. China Securities Regulatory Commission (CSRC) is open to return companies, but for the sake of convenient supervision, it requires domestic companies with red chips to list through A-shares. By transferring back the overseas rights and interests held by the actual controller in its territory, the nature of the company shall be restored to a domestic enterprise or a Chinese-foreign joint venture, and the listing subject and listing conditions shall be met in accordance with the provisions of the laws of China and the rules of the Securities Regulatory Commission. If a domestic joint stock limited company is required to operate continuously for a specified period of time and has the specified profitability and so on, it then submits the relevant supporting documents to the CSRC and waits in line for the SFC's substantive examination. Under this background, this paper analyzes the possibility of the return of red-chip enterprises to the domestic capital market from the perspective of legal system and market supervision. To clarify the legal requirements to be complied with in the domestic listing of enterprises, as well as the focus that the regulatory authorities pay attention to in the process of returning to domestic listings. By setting up and dismantling the overseas structures of two different types of red-chip enterprises, This article selects 263 network and Hua Ping shares two cases to carry on the concrete analysis, and to its red chip structure construction, the demolition, the article selects 263 network and the Hua Ping shares to carry on the concrete analysis to the red chip structure enterprise to return to the domestic listing legal process. The return of red-chip enterprises is a complex process of corporate restructuring, which involves equity transfer, foreign exchange registration, and tax planning between domestic and foreign countries. The changes in the nature of the enterprise and the handling of the special purpose company also need to meet the requirements of the actual controller, the legal source of funds, the proper disclosure of information, the legality of the reverting procedures, and so on. This article analyzes these problems according to the supervision department's audit request and concrete practice, and puts forward its own suggestion. In the last part of this paper, it is mentioned that our country will gradually change from the auditing system to the registration system. In the future, red chip enterprises will face less resistance when listed in China, but there are still some problems such as foreign exchange, tax, information disclosure and so on, which are still inevitable.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：D922.295

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