【摘要】：目前,中國(guó)外國(guó)直接投資存量占國(guó)內(nèi)生產(chǎn)總值(GDP)的比重已遠(yuǎn)超國(guó)際平均水準(zhǔn)。然而,自20世紀(jì)末至今,國(guó)際組織、中國(guó)相關(guān)機(jī)構(gòu)及業(yè)內(nèi)人士頻頻指出,中國(guó)的外國(guó)直接投資存量中有很大一部分是返程投資,并非真正意義上的外國(guó)直接投資。返程投資現(xiàn)象在中國(guó)乃至全世界都已經(jīng)是極為常見(jiàn)的企業(yè)投資行為,然而各國(guó)就此行為多為默認(rèn)或放任態(tài)度,致使返程投資成為了很多不法分子進(jìn)行非法活動(dòng)的途徑,同時(shí)也助長(zhǎng)了避稅等現(xiàn)象的發(fā)生。返程投資作為國(guó)際投資的一個(gè)重要組成部分,與離岸金融中心密不可分,多數(shù)是利用離岸金融中心這一金融“工具”進(jìn)行的資本運(yùn)作行為。返程投資分為兩大類(lèi),一類(lèi)是出于享受外資待遇、實(shí)現(xiàn)避稅、保護(hù)私人財(cái)產(chǎn)及進(jìn)行金融投機(jī)行為等目的所進(jìn)行的非融資性返程投資,另一類(lèi)是為進(jìn)行境外公募或私募而開(kāi)展的融資性返程投資。這兩類(lèi)返程投資現(xiàn)象,前者會(huì)對(duì)中國(guó)的經(jīng)濟(jì)發(fā)展、金融穩(wěn)定及社會(huì)公平造成負(fù)面影響,后者則有利于中國(guó)資本市場(chǎng)的發(fā)展,但尚需要更為完善的監(jiān)管措施以進(jìn)行規(guī)制和管理。盡管中國(guó)商務(wù)部、國(guó)家外匯管理局等部門(mén)已經(jīng)先后出臺(tái)諸多法規(guī)對(duì)返程投資行為予以規(guī)制,然而違背法律規(guī)定的返程投資現(xiàn)象仍是異常猖獗。由于返程投資利用了離岸金融中心的保密制度,使得返程投資獲得了天然的遮蔽,境內(nèi)居民在辦理境外投資登記、備案手續(xù)及外匯登記時(shí),往往隱瞞返程投資相關(guān)信息,甚至存在直接繞開(kāi)審批手續(xù)的情形,致使難以實(shí)現(xiàn)法律及政策的設(shè)計(jì)初衷,返程投資行為主體也難以被準(zhǔn)確甄別。此外,由于返程投資與外商投資行為相互融合及混淆,使得有關(guān)主管部門(mén)對(duì)返程投資主體及其行為的鑒別難上加難。因此,本文就返程投資的成因、運(yùn)作模式、主要風(fēng)險(xiǎn)等進(jìn)行分析,指出目前監(jiān)管制度存在的問(wèn)題,在借鑒國(guó)外經(jīng)驗(yàn)的情況下,就中國(guó)完善返程投資監(jiān)管制度提出建議。本文采用了規(guī)范分析、比較研究、案例分析的研究方法,以審批、外匯、稅務(wù)相關(guān)法律制度變革及現(xiàn)行有效的法規(guī)體系為基礎(chǔ),討論返程投資自松散寬松至逐漸嚴(yán)密的監(jiān)管制度,同時(shí)指出現(xiàn)行法律體系的缺陷。鑒于中國(guó)對(duì)返程投資的規(guī)制力度遠(yuǎn)不如世界上其他發(fā)達(dá)國(guó)家,因此有必要借鑒發(fā)達(dá)國(guó)家,甚至國(guó)際組織及離岸金融中心本身對(duì)返程投資的監(jiān)管制度,并將其中高效并且適合中國(guó)國(guó)情的監(jiān)管方式引薦過(guò)來(lái)。由于對(duì)返程投資缺乏一個(gè)完整的監(jiān)管,并且對(duì)通過(guò)返程投資進(jìn)行的協(xié)議控制等層面存在法律監(jiān)管真空的現(xiàn)象,現(xiàn)實(shí)中利用返程投資進(jìn)行的非法操作及失敗案例頻發(fā)。本文通過(guò)引入這些案例,引申出導(dǎo)致種種負(fù)面結(jié)果的現(xiàn)實(shí)風(fēng)險(xiǎn),從而對(duì)癥下藥,提出解決方法。本文正文部分主要分四個(gè)層次進(jìn)行論證,首先明晰了返程投資與離岸金融中心的關(guān)系及通過(guò)離岸金融中心實(shí)現(xiàn)返程投資的成因。文章認(rèn)為,大多數(shù)離岸金融中心對(duì)當(dāng)?shù)刈?cè)公司要求的設(shè)立程序簡(jiǎn)便、稅收優(yōu)惠充足、后續(xù)監(jiān)管寬松,因而各國(guó)企業(yè)及個(gè)人紛紛前至離岸金融中心注冊(cè)設(shè)立境外公司,中小企業(yè)尤其偏愛(ài)注冊(cè)離岸公司。隨后,本文探討了返程投資的運(yùn)作模式,包括新設(shè)企業(yè)模式、并購(gòu)模式,再而分析了返程投資運(yùn)作模式的延伸,包括協(xié)議控制模式、信托模式,并對(duì)每種模式的流程及要點(diǎn)進(jìn)行了梳理。其次,本文重點(diǎn)討論了返程投資的主要風(fēng)險(xiǎn)及監(jiān)管現(xiàn)狀,包括資本安全風(fēng)險(xiǎn)、稅收流失風(fēng)險(xiǎn)、信息披露風(fēng)險(xiǎn)、協(xié)議控制合規(guī)性風(fēng)險(xiǎn)等,通過(guò)引入誠(chéng)通大案、廣州某公司轉(zhuǎn)移定價(jià)案、美國(guó)渾水公司做空中國(guó)概念股事件、寶生鋼鐵上市失敗事件等案例的形式對(duì)現(xiàn)實(shí)風(fēng)險(xiǎn)進(jìn)行了進(jìn)一步的揭示。在此基礎(chǔ)上,本文從現(xiàn)行有效的審批制度、外匯制度及稅收制度出發(fā),探討目前的監(jiān)管制度存在的問(wèn)題,包括機(jī)構(gòu)投資者的返程投資強(qiáng)制披露不足、個(gè)人投資者的返程投資后續(xù)監(jiān)測(cè)缺乏、資金來(lái)源審核缺失等。隨后,文章借鑒了主流國(guó)家、國(guó)際組織及離岸金融中心對(duì)返程投資的監(jiān)管制度,選取了代表性國(guó)家及國(guó)際組織對(duì)返程投資態(tài)度的演變,結(jié)合離岸金融中心因應(yīng)對(duì)國(guó)際壓力而作出的回應(yīng),探討了目前國(guó)際上對(duì)返程投資的主流監(jiān)管制度。最后,文章提出了完善中國(guó)返程投資監(jiān)管制度的措施建議,包括區(qū)分返程投資登記,采用資本控制標(biāo)準(zhǔn)認(rèn)定法人國(guó)籍;視返程投資企業(yè)為內(nèi)資企業(yè),不予享受差別待遇;引入“透明度”審查,重點(diǎn)監(jiān)測(cè)返程投資企業(yè);加大資金來(lái)源審核力度,實(shí)施定期報(bào)告制度;建立離岸公司信息互換機(jī)制,促成雙邊協(xié)定之簽署;加強(qiáng)與國(guó)際組織之合作,拓寬信息獲取渠道。通過(guò)引入上述監(jiān)管措施,以期為構(gòu)建完善的返程投資監(jiān)管框架提供借鑒,推動(dòng)中國(guó)外國(guó)直接投資制度的完善。本文在法律體系、案例研究的基礎(chǔ)上,通過(guò)對(duì)返程投資主要風(fēng)險(xiǎn)的深入分析,指出現(xiàn)有監(jiān)管問(wèn)題及可待完善的措施。本文對(duì)返程投資監(jiān)管制度的完善至少含有兩大意義:第一,呼吁中國(guó)完善其現(xiàn)有法律制度并增加新的監(jiān)管措施,同時(shí)提出了具有執(zhí)行可行性的建議;第二,呼吁中國(guó)與國(guó)際組織、離岸金融中心所在國(guó)家進(jìn)行合作,加強(qiáng)信息披露及信息互換,為返程投資的跨境監(jiān)管奠定夯實(shí)的基礎(chǔ)。
[Abstract]:However, since the end of the 20th century, international organizations, relevant Chinese institutions and industry insiders have frequently pointed out that a large part of China's FDI stock is returning investment, not genuine FDI. The phenomenon of return investment has become a very common investment behavior in China and even in the world. However, many countries are tacit or indulgent in this behavior, which makes return investment become a way for many illegal elements to carry out illegal activities, and also promotes the occurrence of tax avoidance and other phenomena. Return investment can be divided into two categories: one is non-financing return investment for the purpose of enjoying the treatment of foreign capital, realizing tax avoidance, protecting private property and conducting financial speculation. The former will have a negative impact on China's economic development, financial stability and social equity, while the latter will be conducive to the development of China's capital market, but there is still a need for more comprehensive regulatory measures to regulate and manage. Although the Ministry of Commerce, the State Administration of Foreign Exchange and other departments have promulgated many laws and regulations to regulate the return investment behavior, the phenomenon of return investment contrary to the law is still rampant. When dealing with overseas investment registration, filing procedures and foreign exchange registration, it often conceals information about return investment, or even bypasses the examination and approval procedures directly, which makes it difficult to achieve the original intention of law and policy design, and the return investment actors can not be accurately identified. The confusion makes it more difficult for the relevant authorities to distinguish the return investment subject and its behavior. Therefore, this paper analyzes the causes, operation mode and main risks of the return investment, points out the existing problems in the current supervision system, and puts forward some suggestions on improving the supervision system of the return investment in China based on the experience of foreign countries. On the basis of examination and approval, foreign exchange, tax-related legal system reform and the current effective legal system, this paper discusses the regulatory system of return investment from loose and loose to gradually strict, and points out the defects of the current legal system. It is not as good as other developed countries in the world, so it is necessary to draw lessons from the regulatory systems of developed countries, even international organizations and offshore financial centers themselves on return investment, and introduce the efficient and suitable regulatory methods for China. There is a vacuum of legal supervision on the level of agreement control. In reality, illegal operations and failure cases are frequently happened by using return investment. This paper introduces these cases to derive the real risks leading to a variety of negative results, and puts forward solutions to the problem. This paper first clarifies the relationship between return investment and offshore financial centers and the reasons for realizing return investment through offshore financial centers. It is believed that most offshore financial centers have simple procedures for setting up local registered companies, sufficient tax incentives and loose follow-up supervision, so enterprises and individuals from all over the world have come to offshore financial centers to register. Secondly, this paper discusses the operation mode of return investment, including the new enterprise mode and the merger and acquisition mode, and then analyzes the extension of the operation mode of return investment, including the agreement control mode and the trust mode. This paper focuses on the main risks and regulatory status of return investment, including capital security risk, tax loss risk, information disclosure risk, agreement control compliance risk, etc. By introducing the Chengtong case, the transfer pricing case of a company in Guangzhou, the U.S. Hunshui Company short China concept stocks, Baosheng Iron and Steel listing failure, and other cases. On this basis, this paper discusses the problems in the current regulatory system, including insufficient mandatory disclosure of institutional investors'return investment, lack of follow-up monitoring of individual investors' return investment, and examination of sources of funds. Subsequently, based on the regulatory systems of mainstream countries, international organizations and offshore financial centers on return investment, this paper selects the evolution of attitudes of representative countries and international organizations on return investment, and combines the response of offshore financial centers to international pressures to explore the mainstream international supervision of return investment. Finally, the paper puts forward some suggestions to improve the supervision system of China's return investment, including distinguishing the return investment registration, using capital control standards to determine the nationality of legal persons; regarding the return investment enterprises as domestic enterprises, not enjoying differential treatment; introducing "transparency" review, focusing on monitoring the return investment enterprises; and increasing the sources of funds. We need to review and implement the periodic reporting system, establish an information exchange mechanism for offshore companies to facilitate the signing of bilateral agreements, strengthen cooperation with international organizations and broaden access to information. On the basis of legal system and case study, this paper points out the existing regulatory problems and measures to be improved through in-depth analysis of the main risks of return investment. Secondly, it calls on China to cooperate with international organizations and countries where offshore financial centers are located to strengthen information disclosure and exchange so as to lay a solid foundation for cross-border supervision of return investment.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：D922.295

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本文編號(hào)：2249033