论我国境外间接上市中“可变利益实体架构”的认定

On the Recognition of Variable Interest Entity Structures in China's Indirect Overseas Listing

通过对上市主体、经营实体以及二者间关系的一系列安排,可变利益实体架构在境外上市过程中发挥着规避监管、降低税负等重要作用。然而在可变利益实体架构如何认定这一问题上却一直没有定论。证监会制定的《境内企业境外发行证券和上市管理试行办法》规定了对企业赴境外上市以及非股权控制关系的认定方法,或可解决长期以来因概念不明所导致的监管难题。但若想处理好可变利益实体架构的认定问题,就必须要通过权力部门之间的共同协作,让包括立法、司法和执法在内的各类国家机关从可变利益实体架构的特点出发,在各自的职权范围内把握好认定的分寸和尺度,使这一金融工具更好地服务于我国资本市场的发展。

In the process of overseas listing,variable interest entity(VIE)structures play a vital role in avoiding regulation and reducing tax burdens by arranging a series of arrangements between the listed subject,operating entities,and their relationship.However,there has been no consensus on the recognition of VIE structures.The"Trial Measures for the Administration of Domestic Enterprises'Overseas Securities Issuance and Listing"formulated by the China Securities Regulatory Commission provides a method for identifying whether an enterprise is going public overseas and whether it has non-equity control relationships,which may solve regulatory issues caused by the ambiguity of VIE structures.To handle the recognition problem of VIE structures,there should be joint cooperation among government agencies,including legislation,judiciary,and law enforcement,to grasp the recognition scale and scope from the characteristics of VIE structures within their respective authority,so that this financial tool can better serve the development of China's capital market.