外资以“协议控制”形式入境的相关问题分析

An Analysis of Foreign Capital Inflow through Variable Interest Entities

外资采用协议控制模式入境最初源于突破境内产业政策限制,但当前此模式已呈泛化趋势。境内民营企业采用协议控制模式,一方面可顺利境外融资,另一方面又可规避境内对关联并购的审批。该模式尽管有助于化解民营企业融资难的问题,但增加了外汇流入和结汇的压力,亟需相关政策完善。

In order to break China's policy restrictions,foreign capital inflows through variable interest entities(VIE).However,such pattern is widely used currently.Domestic private enterprises also adopt VIE pattern to raise funds overseas,and to avoid the censoring process when engaged in M&A with related party.Though VIE pattern helps solving the difficulties in the financing of private enterprises,it intensifies the pressure of Foreign Exchange inflow and settlement,and needs further improvement.