發(fā)布時間：2018-07-05 17:59

  本文選題：VIE模式 + VIE解構�。� 參考：《江西財經大學》2017年碩士論文

【摘要】：21世紀以來,眾多尚未達到國內上市要求的互聯網企業(yè)紛紛采用VIE模式奔赴海外上市。然而,伴隨著境外上市政策法律趨嚴、以及境外做空機構對中概股公司不斷的做空行為,境外市場的不利因素增加。反觀境內資本市場,戰(zhàn)略新三板的推出、注冊制的改革,國內政策的出臺使得境內資本市場呈利好狀態(tài)。境外市場的危機與境內市場的利好,使得中美市場股票估值差距不斷增大。退市理論中提出,企業(yè)退市是成本和收益的權衡結果,所以大量在海外上市的中概股企業(yè),在權衡成本與收益后,萌生解構VIE回歸國內資本市場的想法。中概股回歸一方面可以改善企業(yè)融資狀況,有利于公司品牌宣傳;另一方面還可以完善我國資本市場格局和結構,增加我國資本市場投資價值,給予投資者豐富的投資標的,因此中概股回歸境內資本市場的浪潮應該得到重視與關注。暴風科技是第一家解構VIE返回國內資本市場,并且在創(chuàng)業(yè)板市場獲得高估值的中概股公司。從這一方面來看,暴風科技獲取了成功,具有代表性與典型性。本文以暴風科技解構VIE回歸A股市場為研究對象,分析其解構動因、解構風險、解構關鍵環(huán)節(jié)、解構后續(xù)情況,并給予其它打算進行VIE解構回歸國內資本市場的中概股公司以啟示,使其解構回歸之路走的更為順利。本文內容主要分為以下幾部分:第一部分對VIE與VIE解構進行概述。主要從VIE模式、VIE兩種解構方案、VIE解構現狀進行闡述。第二部分對暴風科技VIE解構回歸A股市場進行案例介紹。主要介紹暴風科技公司概況、暴風科技建立VIE模式、暴風科技拆解VIE模式。第三部分對暴風科技VIE解構回歸A股市場進行案例分析。首先分析暴風科技VIE解構的動因主要有市場因素、政策因素、行業(yè)因素,其次對其在解構過程中面臨的協議糾紛風險、稅務風險、控制權轉移風險進行分析,接著對暴風科技在解構過程中有關境外投資者權益處理、涉稅事項路徑、控制權穩(wěn)定性保證、解構與上市方案選擇這些關鍵環(huán)節(jié)的處理進行分析,最后從暴風科技上市前盈利模式及上市后公司戰(zhàn)略兩方面分析公司VIE解構后續(xù)情況。最后,通過對暴風科技VIE解構這一案例的分析,給予其它中概股公司在VIE解構過程中以啟示。中概股公司在VIE解構前期應考慮VIE解構適用性,關注相關政策與環(huán)境;在VIE解構過程中要重點防范解構風險,合理選擇上市主體,綜合考量上市途徑;在VIE解構后應及時調整企業(yè)發(fā)展戰(zhàn)略,為順利登陸國內資本市場獲取融資做準備。
[Abstract]:Since the 21 st century, many Internet companies that have not met the requirements of domestic listing have adopted vie mode to go overseas. However, with the tightening of the law of overseas listing policy and the continuous short-selling of Chinese companies by foreign short sellers, the unfavorable factors in the overseas market have increased. On the other hand, the introduction of domestic capital market, the introduction of new three boards of strategy, the reform of registration system and the introduction of domestic policy make the domestic capital market in a favorable state. The crisis in the foreign market and the favorable domestic market make the gap between Chinese and American stock valuation increasing. In the theory of delisting, it is proposed that the delisting of enterprises is the result of cost and income tradeoff, so a large number of Chinese companies listed overseas have the idea of deconstructing vie and returning to domestic capital market after weighing the cost and income. On the one hand, the return of Chinese shares can improve the financing situation of enterprises, which is conducive to the promotion of corporate brands; on the other hand, it can also improve the pattern and structure of China's capital market, increase the investment value of our country's capital market, and provide investors with rich investment targets. Therefore, the return of Chinese stocks to the domestic capital market should be taken seriously and concerned. Storm Technology is the first Chinese company to deconstruct vie to return to domestic capital markets and gain high valuations in the gem market. From this point of view, storm technology has been successful, representative and typical. This article takes storm technology deconstruction vie back to A share market as the research object, analyzes its deconstruction motivation, deconstruction risk, deconstruction key link, deconstruction follow-up situation. It also gives enlightenment to other Chinese companies which intend to deconstruct vie and return to the domestic capital market, so that the deconstruction and return of the company will go more smoothly. The content of this paper is divided into the following parts: the first part summarizes vie and vie deconstruction. This paper mainly expounds the present situation of vie deconstruction from two kinds of deconstruction schemes of vie mode and vie. The second part introduces the case of storm technology vie deconstructing and returning to A-share market. This paper mainly introduces the general situation of Storm Technology Company, the establishment of vie mode and the dismantling of vie mode by Storm Technology. The third part is a case study of storm technology vie deconstruction and return to A-share market. First of all, it analyzes the main reasons for the deconstruction of storm technology vie: market factor, policy factor, industry factor, and then analyzes the risk of agreement dispute, tax risk and transfer of control right in the process of deconstruction. Then it analyzes the key aspects of the deconstruction process of storm technology, such as dealing with the rights and interests of overseas investors, the path of tax-related matters, the stability of control rights, the deconstruction and the selection of listing schemes. Finally, this paper analyzes the following situation of the deconstruction of company vie from two aspects: the profit model before listing and the company strategy after listing. Finally, through the analysis of the case of storm technology vie deconstruction, this paper gives some enlightenment to other Chinese companies in the process of vie deconstruction. In the early stage of vie deconstruction, Chinese companies should consider the applicability of vie deconstruction, pay attention to relevant policies and environment, focus on the prevention of deconstruction risk in the process of vie deconstruction, rationally choose the main body of listing, and consider comprehensively the way of listing. After the deconstruction of vie, the enterprise development strategy should be adjusted in time to prepare for the successful landing on the domestic capital market to obtain financing.
【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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