摘要
由于初创企业融资困境问题和产业资本限制，2000年以来，互联网、传媒、教育等企业纷纷采用VIE模式实现境外上市，以获得境外资本的投资。随着VIE结构暴露的合规风险不断凸显和监管层逐渐释放的鼓励回归信号，大量的VIE架构企业开始拆除VIE模式回归国内资本市场。在此背景下，对VIE架构企业回归路径的分析，具有极大的现实意义。科锐国际所搭建的VIE架构具有一定的特殊性，其在拆除过程中控制权结构回落、员工期权注销、资金流向计划等安排体现出极大的智慧。文章以科锐国际VIE架构拆除为例，第一部分简单阐述了文章研究的背景和意义，第二部分对国内外的研究成果进行梳理，并综合进行述评。第三部分具体阐述了VIE 架构的含义、VIE架构的搭建和VIE架构拆除的动因，以近年来发生的案例进一步揭示VIE架构存在的风险。第四部分是科锐国际VIE架构拆除案例分析，具体描述了科锐国际VIE架构搭建和拆除的流程，揭示了科锐国际VIE架构拆除动因，从五个方面分析拆除流程，即境内员工持股平台的搭建、上市主体选择、涉税问题的考虑、拆除VIE架构所需资金的安排和境外HK公司和开曼公司保留的原因。第四部分是研究结论，通过对科锐国际VIE架构拆除的分析，建议即将拆除VIE结构的企业需注意四个方面的问题，即员工期权问题、上市主体选择问题、税收筹划问题、资金安排问题。第五部分对全文进行总结和阐述对未来研究的展望。
关键词：科锐国际VIE架构中概股回归
Abstract
Due to financing dilemma in start-ups and capital rational in certain industry,since 2000,VIE architecture has been widely used to go listed overseas in Internet,media,and education industry.However,VIE strcture revealed compliance risk,encouragement on returning domestic capital market among regulators’documentations as well,pulling oversea VIE structue dismantaling its complex contract control.In this context,the analysis of VIE dismantlement is of great practical significance.The VIE architecture built by Career International has a certain degree of particularity,and it has great wisdom in the process of dismantling the structure of control,the cancellation of employee options,and arrangement of funds.
The first part briefly describes the background and significance of the article research, the second part of the research results sort out resaerch thesises both domestically and abroad,and ends with a comprehensive comment.The third part elaborates the meaning and content of the VIE architecture,and describes the risks of the VIE architecture in recent years.The fourth part is the analysis of VIE structure demolition,which describes the process of the construction and dismantling of the VIE architecture,analyzes the background of the formation of the VIE architecture,the selection of the listed entity in the dismantling of the VIE structure,the cancellation of the employee stock option,tax considerations in trading model selection,funding arrangements in demolition process and the necesity for overseas HK companies and Cayman company retained.The fourth part is the conclusion of the study,make recommendations for other enterprises through the analysis of VIE architecture dismantlement,employee stock trading platform should take into account the interests of all parties,a reasonable determination of the main body in
order to go listed,tax planning before making decisions to dismantle the VIE structure,to facilitate the funding arrangements.The fifth part is the summary and research prospect.
Keywords:Career International Variable Interest Entity model Chinese Stock Concept
目录
摘要................................................................................................................I ABSTRACT.....................................................................................................II 图目录.............................................................................................................VI 表目录............................................................................................................VII 1绪论.. (1)
1.1选题背景和意义 (1)
1.2国内外文献综述 (4)
2VIE架构概述 (10)
2.1VIE的含义及特点 (10)
2.2VIE架构的搭建 (10)
2.3VIE架构的风险 (13)
2.4VIE架构拆除的动因 (15)
3科锐国际VIE架构拆除案例的分析 (17)
3.1科锐国际背景介绍 (17)
3.2科锐国际VIE架构的搭建 (18)
3.3科锐国际VIE架构拆除的动因 (21)
3.4科锐国际VIE架构拆除流程 (22)
3.5科锐国际VIE架构拆除流程分析 (26)
4研究发现与启示 (35)
5全文总结与展望 (38)
5.1全文总结 (38)
5.2研究展望 (38)
致谢 (40)
参考文献 (41)