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The Application and Regulation of Variable Interest Entity Structure in China

Author: ChenZuoXia
Tutor: ChenZuoSong
School: East China University of Political Science
Course: Legal
Keywords: Restrictions on foreign investment Overseas listing Foreign regulators
CLC: D922.28
Type: Master's thesis
Year: 2011
Downloads: 398
Quote: 2
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Abstract


Constrained by the lack of development of the domestic venture capital and domestic capital markets higher threshold and other reasons, some Chinese companies listed overseas have had to resort to financing. However, due to the presence of foreign investment restriction on trade, overseas listing and financing will trigger the appropriate regulatory, resulting financing failed. Then, the \financing framework. The structure consists of three main domestic company (VIE), foreign companies and foreign-invested enterprises, including domestic companies responsible for the actual business operations. VIE structure listed and indirect listed in the \control, and in the variable interest entity structure, foreign investors through a series of agreements arrangements, including controlling agreements and economic agreements, the smooth transfer of control of the territory in which the profits of the company and, because they did not become the territory of the company's shareholders, thus successfully bypassed the corresponding industries for foreign investment restrictions. However, this structure is not perfect, in addition to its inherent flaws, but it can also lead to significantly reduced the effectiveness of foreign regulators, and the structure of the hidden nature of the current regulatory regime is difficult to respond effectively to its regulation. Currently regulators in accordance with the intended use of the structure distinguish regulatory attitude, but in practice it is not feasible. I believe that, for the variable interest entity structure, regulators should not be the ultimate goal of its application by default, but should take certain measures to be monitored, and gradually modify the foreign trade restrictions and other regulatory mechanisms, and finally to variable interest entities structure from the historical stage. This first chapter describes the concept of variable interest entities, the history and characteristics. The second chapter statistics 2010 Chinese companies listed in the United States in the case of application of variable interest entities, analysis of the structure and the specific reasons for the application procedure. Chapter III evaluation of a variable interest entity structure, its advantage is to some extent help Chinese companies to obtain overseas financing, and the structure is used for listing, the ultimate controlling person or a Chinese citizen. But the disadvantage is that it could be misused for malicious means to circumvent foreign trade restrictions, in addition to the structure of foreign-invested enterprises within the control of the company for the instability, and the structure of the tax on the additional burden. Chapter IV summarizes the current structure of the regulator's attitude to analyze the deficiencies of existing regulatory mechanisms, and proposed improvement strategies.

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CLC: > Political, legal > Legal > Chinese law > Financial Law
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