返程投资

离岸金融中心对华返程投资问题探析

An Analysis on the Round-tripping Capital from Offshore Financial Centers

最后，通过剖析我国间接上市外汇监管的法律制度，进一步将该监管问题划分为对境外投资的外汇监管和对返程投资的外汇监管两个部分，为下文的深入论述进行铺垫。

Through analyzing the legal system of Chinese foreign exchange supervision on indirect overseas listing , it can be concluded that the supervision can be divided into the foreign exchange supervision on overseas investment and the foreign exchange supervision on round-tripping investment .

返程投资发展至今在我国已普遍存在，且日益盛行。

So far , return investment has been widespread and growing into popularity .

私人股本投资者在返程投资完成后，再投资这家特殊目的公司。

Private equity investors would then invest in the SPV after the completion of the round-trip investment .

总体上，对返程投资的监管需要全面而系统，并最终服务于社会经济建设的大局。

In general , the research on round tripping investment should be comprehensive and systematical , and supports the economic .

106号通知还要求，国内居民将在特殊目的公司中持有的少数股权用于返程投资的，需要按照75号通知进行注册。

Notice 106 also requires domestic residents holding minority stakes in SPVs that are used for round-trip investments to register under notice 75 .

论文还针对我国内地企业境外上市中纠纷解决的法律适用问题、境内外公司监管问题、集团诉讼问题、信息披露问题和返程投资问题进行了专门的分析探讨。

The topic of application of laws in conflicts and class actions are analyzed , as well as the supervision , disclosure and return-investment of the listing companies .

返程投资作为改革开放深入发展的产物，对我国经济发展的影响越来越显著，逐渐引起了学者和政府主管部门的重视。

Round tripping Investment , as the result of the reform and opening-up , has a great influence on the development of Chinese economic , and attracts more and more attention of experts and government .

在中国市场上，有经验的投资者还会记得，国家外汇管理局2005年初出台的相关规定要求，中国企业家等境内居民若想进行返程投资，须获得国家外汇管理总局的批准。

Seasoned investors in China will recall regulations issued by the State Administration of Foreign Exchange ( SAFE ) in early 2005 that required domestic residents , such as Chinese entrepreneurs , to obtain approval from SAFE at the central government level for round-trip investments .

不过，新规定同时也确立一个制度，对企业家的海外投资及其随后回国进行的返程投资进行监管，并防止因企业家国籍的变更而导致其境内企业的法人性质发生变化。

However , a system has also been put in place to regulate entrepreneurs ' investment overseas and subsequent round-trip investments back into China and to neutralise the implications that a change in their nationality may have on the legal characterisation of their domestic businesses .

本文以我国境内企业境外间接上市的外汇监管问题为研究中心，主要采用了分类、比较和归纳的研究方法，分别从境外投资和返程投资的角度对境外间接上市的外汇监管问题进行探析。

This thesis focuses on the foreign exchange supervision on indirect overseas listing of enterprises in China . Research methods , such as classification , comparison and induction are employed to analyze the foreign exchange supervision on indirect overseas listing from perspectives of overseas investment and round-tripping investment .

境外投资者借助离岸公司来我国绕道投资、境内居民通过离岸公司返程投资以获取优惠待遇或者设立海外离岸公司作为跳板实现境外曲线上市的实例，日益变得屡见不鲜。

It is so common that the foreign investors use offshore companies to make the investment in China , and that domestic residents conduct round-trip investment through offshore companies or set up offshore companies to achieve the purpose of listing the company in the overseas countries through an indirect way .