离岸公司并购境内企业法律监管问题研究

发布时间：2019-05-25 03:23

【摘要】：近些年,在我国实际利用外资的比例当中,有相当大一部分是来自于英属维尔京群岛、开曼群岛等离岸国家和地区。据商务部的统计资料显示,2009年1至6月在全国利用外商直接投资中,以实际投资金额计算,排名在前十的国家和地区,有一半都是离岸地区。其中香港和英属维尔京群岛的投资额更是多年来一直稳居榜首,来自开曼群岛、萨摩亚和毛里求斯等地的投资额也在不断增加。可见,来自离岸法域的投资已在我国的外商投资中占据了重要地位。而自20世纪90年代以来,并购成为外商直接投资(FDI)的主流模式,国际直接投资总量的80%都是通过并购完成的。因此,离岸公司境内并购成为我国当前外商投资中一个突出的法律现象。诸多境内外投资者选择在离岸法域设立一个或多个离岸公司来并购我国境内企业。此类并购行为在给我国带来重大经济利益的同时,也对我国金融秩序的正常运行造成了极大的负面影响。目前,我国法律对离岸公司的并购行为引发的跨境资金流动尚且缺乏有效制约,法律监管仍存有空白地带。本文以离岸公司境内并购的法律监管为研究中心,重点讨论了当前我国外资法、外汇、税收等领域对离岸公司并购境内企业监管中存在的问题以及其他在离岸公司并购法律监管中存在的制度缺陷,试图就构建我国离岸公司境内并购法律监管体系提出自己的建议。本文的新颖之处有以下几点：第一,目前学术界对于离岸公司的研究多集中于国际避税、返程投资等方面,本文是将离岸公司并购境内企业作为一类特殊法律现象,从现象分析入手,探讨其监管问题；第二,文章对离岸公司境内并购的运行方式进行了说明,尤其对境内投资者利用离岸公司返程并购的模式进行了详细说明；第三、文章对涉及离岸公司并购监管的几部主要法律规范进行了梳理,重点分析了外资法领域的《10号文》,外汇监管领域的《75号文》、《19号文》,厘清了当前对离岸公司并购境内企业的监管体系；第四、对于离岸公司来华并购中最为关键的外资属性认定问题进行了深入分析,从外国法人认定原则的到外资属性的认定,层层递进；第五、本文在相关监管制度的构建中从离岸公司的准入、关联关系、国有资产保护、外汇监测等方面构建对离岸公司境内并购的全方位监管体系。本文除开引言和结语,一共分为四部分。第一部分是离岸公司并购境内企业的运行背景、主要模式和正负面效应评析。这一部分主要是对离岸公司及其并购行为的基本理论进行阐述。首先,本文从离岸公司的概念入手,介绍了离岸公司的基本法律特征,然后从我国公司法的视角,比较得出离岸公司所处的特殊法制环境及其制度优势。其次,本文对境内外投资者利用离岸公司进行并购的原因进行了全面的分析,总结出以下原因：建立风险隔离层,隔离责任风险；提高投资流动性；规避投资者所在国及目标市场的政策壁垒和法律限制；进行税收筹划,降低经营成本等。再次,本文将离岸公司并购境内企业的现象分为境外投资者间接并购与境内投资者返程并购两类,并分别对其运行方式进行了介绍。在此基础上,总结得出离岸公司并购境内企业的正负面效应,为之后的监管问题研究做铺垫。第二部分是我国对离岸公司并购境内企业的法律监管现状及存在问题的分析。这一部分首先从当前的外资法、外汇管理、税收等方面的监管状况演进和现行法律法规入手,厘清现行法律规范对离岸公司境内并购行为的规制体系,并对相关规制重点进行详细分析。然后在现状分析的基础上,结合我国当前实际,指出现有监管规范中存在的问题主要包括：外资认定标准缺乏、监管尚有缺口、关联关系披露不实的责任承担机制欠缺以及外资激励政策成本过高等。在现存问题的评析过程中,笔者还通过对国际私法中外国法人认定原则、国际投资法中国民待遇原则等进行制度分析,指出了现有监管体系中的根源性问题,为后文的制度构建建议的提出提供了有力的理论依据。第三部分是域外对离岸公司跨国并购的法律监管。这部分内容包括国际组织对离岸金融中心的监管、离岸金融中心对离岸公司的监管和其他主要国家对离岸公司并购的监管。通过这一章的介绍,旨在展现当今国际社会对离岸公司并购活动的监管水平和主要国家对离岸公司投资监管的先进经验,为下文构建我国离岸公司并购法律监管制度打下伏笔。第四部分是我国离岸公司并购法律监管制度的构建,主要是为完善我国离岸公司并购法律监管提出了若干建议。笔者在此部分的建议提出与前文中的现存监管问题相对应,并适当借鉴第三部分中的域外经验来构建我国对离岸公司并购境内企业的监管体系。具体的建议包括,完善现行相关部门法规范、建立离岸公司与境内关联企业的特别监管制度、构建外汇统计监测体系、逐步取消外资超国民待遇、完善我国境内资产保护法律制度以及加强国际交流与合作。其中部门法规范的完善包含了对《10号文》、《75号文》等法律文件中不足之处的弥补,以及对公司法、税法中相关规定的扩展适用；对关联交易的监管则是从税收与金融两方面提出建议,旨在尽量减少关联交易的发生；外汇统计监测制度的建立主要是针对离岸公司并购过程中资本跨境流动引发的问题进行有效预防；外资超国民待遇的逐步取消及境内资本市场法律制度的完善则是致力于为内外资企业提供一个良好的竞争环境与投资环境,从根源上入手削弱投资者利用离岸公司来华并购的动机,确保我国外资引入及利用情况的良性发展。最后提出鉴于离岸公司的国际性特征,我国在对离岸公司并购活动进行监管时应该加强国际交流与合作,尤其在税收与金融方面的信息交换平台的搭建,对于离岸公司并购活动的监管意义重大。纵观全文,笔者认为我国在对离岸公司并购的法律监管过程中,应该注重以下两个观念的引入：其一,离岸公司并购境内企业的特别之处在于离岸公司本身的离岸性质,离岸公司在并购中实际是投融资工具,由不同主体控制的不同目的的离岸公司并购,所产生的效应有所不同。因此对离岸公司并购境内企业这一法律现象进行分类是十分必要的。对此,笔者建议对离岸公司境内并购进行两个层面的划分：首先根据并购活动实际控制人的不同分为境外投资者间接并购与境内投资者返程并购两种,然后进一步根据离岸公司与被并购企业是否存在关联关系将返程并购分为关联并购与非关联并购两种。对不同类型施以不同的规制重点。其二,离岸公司并购境内企业兼具积极效应与消极效应,尤其在当前我国仍需大量外资引进的情况下,对离岸公司境内并购更是不能一味的管制,抑制其积极效应的产生。当然,不可否认的是,笔者的上述拙见多为理论上的构想,实践中仍存在诸多短期内难以克服的障碍。实务操作经验匮乏是本文创作过程中的最大瓶颈,也正因为如此笔者最终选择立足现有监管体系,提出更加全面具体的监管措施,为离岸公司境内并购这一法律现象的监管起到抛砖引玉的作用。本文至少具有以下几个方面的参考意义：其一,离岸公司并购境内企业作为一种特殊的法律现象,应该受到重视,无论是作为并购中的资本流入国,还是返程并购的资本流出国,中国都应当根据自身的监管目标配置监管权力,做到监管合理、有效。其二,应当完善关于外资的认定标准与审查制度。针对那些来自离岸法域的特殊交易主体,可以考虑在信息披露、公司治理等方面做出较为严格的规定。其三,我国可以从完善资本市场法律监管制度与平衡内外资待遇方面着手,建立起一个稳定的、良性竞争的环境,在保证投资者对华投资积极性的同时,从根本上削弱投资者将离岸公司运用到跨境并购中的动机。总的来说,笔者希望通过本文的创作引起学界对离岸公司并购境内企业这一现象的重视,并通过更加深入细致的研究,为离岸公司并购的实务操作产生更大的指导意义。
[Abstract]:In recent years, in the proportion of the actual utilization of foreign capital in our country, there are quite a large part of the offshore countries and regions from the British Virgin Islands and the Cayman Islands. According to the statistics of the Ministry of Commerce, in January to June of 2009, foreign direct investment is used in the whole country, and the actual investment amount is calculated, ranking in the first ten countries and regions, and half of them are in the offshore area. The investment in Hong Kong and the British Virgin Islands has been at the top of the year, and the investment in the Cayman Islands, Samoa and Mauritius is increasing. It can be seen that the investment from the offshore jurisdiction has played an important role in the foreign investment of our country. Since the 1990s, M & A has become the mainstream model of foreign direct investment (FDI), and 80% of the total international direct investment is completed through M & A. Therefore, the M & A in the offshore company has become a prominent legal phenomenon in China's current foreign investment. Many domestic and foreign investors choose to set up one or more offshore companies in the offshore jurisdiction to merge the domestic enterprises This kind of M & A behavior has brought great economic benefits to our country, and it also has a great negative effect on the normal operation of the financial order in our country At present, the cross-border capital flow caused by the merger and acquisition of offshore companies is still lack of effective restriction, and the legal supervision is still blank. With the legal supervision of the M & A in the offshore companies as the research center, this paper focuses on the problems existing in the foreign investment law, foreign exchange and taxation in China, and other problems existing in the legal supervision of the merger and acquisition of the offshore companies. On the Construction of the Legal Supervision System of the Mergers and Acquisitions in China's Offshore Companies The novelty of this paper is that The following points: First, the research of offshore companies is more focused on the aspects of international tax avoidance, return investment and so on. In this paper, the enterprises of offshore companies as a kind of special legal phenomenon, starting from the analysis of the phenomenon, are discussed. Second, the article explains the mode of operation of the M & A in the offshore company, especially the mode of the domestic investor using the offshore company to return to the M & A, and the third, the article has a few main legal norms related to the M & A regulation of the offshore company. In this paper, the paper focuses on the analysis of the <10 of the field of foreign investment law, the <75 of the field of foreign exchange supervision, and the number <19. It also clarifies the current supervision of the enterprises in the M & A of the offshore companies. The fourth is the analysis of the most critical foreign-capital attribute identification problem in the M & A of the offshore company, the recognition of the foreign-funded property from the foreign legal person's recognition principle, and the step-by-step; and the fifth, this article from the offshore company's access in the construction of the related supervision system Construction of the whole party to the M & A in the offshore company in terms of relationship, state-owned assets protection, foreign exchange monitoring, etc. In addition to the introduction and the conclusion, It is divided into four parts. The first part is the background of the operation of the enterprise in the M & A of the offshore company, and the main model The analysis of the positive and negative effects. This part is mainly about the offshore companies and their mergers and acquisitions. First of all, this paper starts with the concept of the offshore company, introduces the basic legal characteristic of the offshore company, and then compares the special law of the offshore company from the perspective of the company law of our country. Secondly, this paper makes a comprehensive analysis of the reasons for the merger and acquisition of domestic and foreign investors by using the offshore companies, and summarizes the following reasons: the establishment of the risk isolation layer, the risk of isolation responsibility, the improvement of the investment liquidity, the avoidance of the investor host country and the target market. Policy barriers and legal restrictions; tax funding In this paper, the phenomenon of merger and acquisition of offshore companies is divided into two categories: the indirect M & A of overseas investors and the return of domestic investors, The paper introduces the mode of operation. On the basis of this, the negative effects of the enterprises in the M & A of the offshore company are summarized. The second part is the legal supervision of the enterprises in the merger and acquisition of offshore companies. The present situation and the existing problems are analyzed. This part first begins with the current regulation of foreign investment law, foreign exchange management and taxation, and the current laws and regulations. On the basis of the analysis of the present situation, the paper points out that the problems existing in the existing regulations include: the lack of the standard of foreign investment, the gap between the supervision and the lack of the mechanism of the disclosure of the related relations. In the course of the analysis of the existing problems, the author also points out the existing principle of foreign legal person in private international law, the principle of national treatment in international investment law and so on. The root-source problem in the system of supervision and the suggestion for the construction of the later system The third part is the extraterritoriality. The legal regulation of the cross-border M & A of the offshore company, which includes the regulation of the offshore financial center by the international organization, the supervision of the offshore financial center and the other major of the offshore financial center. The purpose of this chapter is to present the current international community's supervision on the merger and acquisition of offshore companies and the advanced experience of the major countries in the investment supervision of the offshore companies. The fourth part is the construction of the legal supervision system of the merger and acquisition of China's offshore companies, which is mainly to improve the offshoring of our country. In this part, the author puts forward some suggestions on the supervision of the merger and acquisition of the company. In this part, the author puts forward the corresponding countermeasures to the existing regulatory problems in the previous text, and gives due reference to the outside experience in the third part to build our country. The specific suggestions include the improvement of the existing relevant department law, the establishment of the special supervision system of the offshore company and the domestic affiliated enterprises, the construction of the foreign exchange statistical monitoring system, the gradual elimination of the super national treatment of foreign capital, and the improvement of the protection of the assets in China The legal system and the strengthening of international exchange and cooperation. The improvement of the rules of department law includes the remedy of the deficiencies in the legal documents such as the No.10 and the No.75, as well as the extension and application of the relevant provisions in the Company Law and the Tax Law; and the supervision of the related transactions It is proposed to minimize the occurrence of related transactions from the aspects of taxation and finance, and the establishment of the foreign exchange statistical monitoring system is mainly aimed at the capital of the offshore companies. The problem of cross-border flow is effectively prevented; the gradual elimination of the super-national treatment of foreign capital and the perfection of the legal system of domestic capital market are to provide a good competitive environment and investment environment for the domestic and foreign-owned enterprises, and to weaken the investment from the root The investor uses the motives of the offshore companies to come to China to make sure that I In the light of the international character of the offshore company, the international exchange and cooperation should be strengthened, especially in the construction of the information exchange platform in the aspects of tax and finance. In the paper, the author thinks that in the process of the legal supervision of the M & A of the offshore company, the author thinks that in the process of the legal supervision of the merger of the offshore company, the author should pay attention to the introduction of the following two concepts: first, the offshore company's acquisition of domestic enterprises The particularity lies in the offshore nature of the offshore company, and the offshore company is actually the investment and financing tool in the M & A, which is controlled by different subjects. The effect of the M & A of the offshore company is different, so the offshore company's acquisition and acquisition of the enterprise It is very necessary to classify the legal phenomenon in the industry. In this regard, the author suggests that the two levels of the M & A in the offshore company should be divided: first, according to the actual control of the M & A activities, it is divided into the overseas investment The indirect M & A of the person and the domestic investor's return and acquisition are two, and then the relationship between the offshore company and the acquired enterprise will be returned. The M & A is divided into related M & A and non-associated M & A In addition, the merger of offshore companies has both positive and negative effects, especially in the case of a large number of foreign investment in our country, and the merger and acquisition of offshore companies is not It is undeniable that the above-mentioned problems of the author are mostly theoretical and practical. There are still many obstacles that can't be overcome in the short term. The lack of practical experience is the biggest bottleneck in the process of this paper. The regulation of a legal phenomenon plays the role of throwing a brick. The paper has at least the reference significance of the following aspects: first, the offshore company's merger and acquisition of domestic enterprises as a special legal phenomenon, should be paid attention to, whether it is and The capital flows into the country, or the capital outflow country of the return to the merger and acquisition, China should be based on its own The regulatory authority of the regulatory target shall be configured to ensure that the supervision is reasonable and effective. Second, it is necessary to improve the standard and system of the identification of foreign capital. For those special transaction bodies from the offshore jurisdiction, it can be considered Third, China can set up a stable and benign competition from the aspects of perfecting the legal supervision system of the capital market and balancing the treatment of foreign capital. The competition environment, while ensuring the investor's enthusiasm for the investment to China, is fundamentally In general, the author hopes to pay more attention to the phenomenon of offshore companies'M & A by the creation of this paper, and through a more intensive study,
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.295

【参考文献】