对当前外方股权转让价款管理的思考

Thinking of the Current Price Management of Foreign Equity Transfer

外方股权转让是指外商投资企业的外方将所持有的股权按照一定的价格转让给中方的行为。允许外商投资企业自由转让外方股权是市场经济制度的一个特征,但在目前资本项目实施管制的框架下,对外方股权转让价款的运用受到外汇政策上的限制。为了规避外汇管理,企业利用交易双方的关系、定价机制的不完善,通过私下交割等手段运作股权转让价款,并将其滞留在境内,谋求人民币升值的收益,隐蔽性较强,一旦外汇形势发生变化,容易出现资金集中流出冲击实体经济的后果。所以进一步完善对此类业务的管理,具有现实意义。

The transfer of foreign equity referring to foreign-invested enterprises, means that foreign shareholding is transferred to Chinese shareholder with a certain price. Free transfer of foreign equity is a feature of the market economy system, but under the framework of capital account control, the use of foreign shareholding transfer price is subjected to the restrictions of foreign exchange policy. To avoid foreign exchange management,the operation of transfer is often by means of private delivery and at other equity transfer price, and transfer fund remains in the territory, seeking RMB appreciation. Once the foreign exchange situation change, there may be the consequences of intense capital outflows impacting the real economy. So it has practical significance to further improve the price management of foreign equity transfer.