摘要
随着境外资本市场不利因素的不断增加,以及我国对VIE企业回归国内资本市场利好政策的频频出台,已激起一些VIE企业回归的热情。自2015年暴风科技首次拆除VIE架构顺利回归国内资本市场并在短期内创造了连续涨停的股市佳绩以来,国内掀起了VIE企业的回归热潮,但回归并非一帆风顺,其回归过程中要面临私有化退市、架构拆除和国内上市三个阶段的风险。因此,本文从加强私有化退市过程中违约风险管控、防范架构拆除过程中税务风险和控制权风险、综合考量上市路径防范财务风险三个角度提出应对建议,以确保其平稳回归。
The enthusiasm for VIE enterprises returning to the domestic capital market is stirred up due to the rising of adverse factors in overseas capital market and the carrying out a series of favourable policies for VIE enterprises in China.Since Storm Player dismantled the VIE structure for the first time in 2015,successfully returned to the domestic capital market and created continuous limit-up in the stock market,there has been a wave of return of VIE companies in China.However,the return is not always plain sailing due to the risks of privatization delisting,structure dismantlement and domestic listing.Therefore,the paper has offered suggestions from three perspectives including indensifying the default risk control in the process of privatization delisting,preventing the tax risk and control risk in the process of structure dismantlement and avoiding financial risks by overall evaluation of the listing path in order to guarantee the smooth return.
作者
刘安钦
韩金红
LIU An-qin;HAN Jin-hong(Xijiang University of Finance&Economics,Urumqi Xinjiang 830001)
出处
《天津商务职业学院学报》
2020年第4期24-28,共5页
Journal of Tianjin College of Commerce
基金
国家自然科学基金项目“VIE境外上市模式、盈余质量及企业价值”(项目编号:71662030)阶段性研究成果。
关键词
VIE企业
回归动因
A股
风险应对
VIE enterprise
return motivation
A-share market
risk coping
作者简介
刘安钦(1996-),男,汉族,山东省临沂人,新疆财经大学会计学院硕士研究生。研究方向:上市公司财务与会计;韩金红(1979-),女,汉族,新疆乌鲁木齐人,新疆财经大学会计学院博士生导师,教授。研究方向:上市公司财务与会计。
