论返程投资的法律监管
摘要
近年来,返程投资现象不断攀升并引起各界的广泛关注。境内居民出于融资需要、政策寻租、转移财产等目的而实施返程投资,这引发境外投资管理、税收、外汇管理等一系列的问题,也对现行的返程投资监管体制提出了前所未有的挑战。本文拟通过对返程投资的所引发的境外投资管理、税收、外汇管理等问题的分析找到解决问题的基本路径、完善返程投资的监管体制。本文首先界定了返程投资的概念并对相关概念进行了分析,阐明了返程投资产生原因,简要归纳了实务中返程投资的类型。接着介绍了返程投资所引发主要问题,分析了境外投资管理问题、税收问题和外汇管理问题,并进行了相应的法律评价。最后本文对我国现行的与返程投资相关法律规范进行梳理并借鉴若干发达国家对返程投资的监管的先进经验,提出完善我国返程投资监管立法的建议。
In recent years, the phenomenon of round-trip investment has been focused on. From the work experience of the author, the author attempts to analyze the round-trip investment and the problem it caused under the China's current foreign legal system, and then the author tries to put forward his own proposal, the full text is divided into three chapters.
In the ChapterⅠ, the author describes the definition of round-trip investment, reasons and the type of the round-trip investment. What is the round-trip investment? From the different perspective, there are different answers. This paper analyzed the definition from the academia’s view to the national legislation’s view. Both economic academics and law experts are concerned about the round-trip investment, but they attribute their concerns to different priorities: in the eyes of economics they focus on the capital and the capital cross-border flow. While in the view of legal experts, the round-trip investment is considered as that the interest held by the residents in the territory is moved from the off-shore territory to the on-shore, focusing on the subjective purpose and control to define the concept of the round-trip investment.
The regulation that we called NO.75 awarded by the State Administration of Foreign Exchange, gives the definition of the round-trip investment and the concepts related to the round-trip investment. Then we use the comparative method, we can find that the definition of NO.75 is accurate and we adopt that definition the round-trip investment refers to that the resident give foreign investment to the territory by the means of special purpose vehicles (SPV).
Despite of a variety of reasons that round-trip investment results from, nothing more than the following reasons: One is that in order to meet the need of capital, the residents list abroad to bring a great deal of money; The other reason is that residents search for Policy Tenants, residents in the realization of investment through round-trip investment and then becomes foreign-funded enterprises, which enjoys the preferential treatment on taxation; Except that, there are several reasons, such as cross-border restructuring, evasion of the policy on management buyouts of state-owned enterprises. As far as the round-trip investment is concerned, there are three types in the view of the actual operation: new foreign-invested enterprises, foreign mergers and acquisitions, agreements control.
In the ChapterⅡ, we mainly talk about that round-trip investment results in three major problems: Overseas investment regulation, taxation, foreign exchange management. The round-trip investment result in capital return, and makes the investment from the Tax Heaven increase rapidly, triggering a management vacuum. Through the case that China Resource acquired the share of the HuaYuan Real Estate, we can see that residents use the round-trip investment to seek interest distorts the China’s foreign policy. At the same time, the government will make false judgement on the macroeconomic policy-making and some country will create the“China Threat Theory”to provide the pretext.
Nowadays people focus on the taxation problem the round-trip investment causes. Residents use the round-trip investment in the form of transfer pricing to complete the transfer of assets to avoid taxes links, which results in the loss of state revenue and makes seriously damages to China's tax sovereignty. Through the transformation of foreign-funded enterprises, the residents enjoy the preferential treatment in the area of income tax, land tax, customs duties, capital gains tax and other preferential treatment in taxation. This is a typical example of the original use of the loopholes in corporate income tax preferential policies for policy rent-seeking behavior, distorting the company's business practices, resulting in the loss of state revenue.
Given that the round-trip investment completes its capital operation in the offshore and escapes the supervision, it may trigger capital flight and put the international balance of payments on the burden. At the same time, through the round-trip investment residents complete identity transformation, and that creates the condition for the capital’s return. This may not lead to the country's external liabilities increase, but also influence the effectiveness of monetary policy, and it may increase the difficulty of regulating international payments.
In the ChapterⅢ, we try to introduce the advanced regulations on the round-trip investment, and list the regulations on the round-trip investment in China, then we put forward the proposal to regulate the round-trip investment. According to the advanced experience of other countries, we learn that in the respect of investment review, the Government of India makes regulations on the enterprises which make use of round-trip investment to evade the market accession. At the same time, India revised the definition of FDI and changed the standard of foreign capital in order to exclude the round-trip investment from scope of the FDI. In the taxation regulation, the United States, Japan, New Zealand and other countries establish "specific sense of the controlled foreign corporations" system, in which the United States focuses on the transaction respect, the Japan focuses on the definite areas, the New Zealand aims to abolish any given tax benefits. Despite the CFC is different, the idea of "actual control" that CFC reflects was accepted by the countries all over the world.
Then, we list the regulation on the round-trip investment in China and highlight the“NO.75”, the new“Corporation Law”, the regulation on the“Foreign Acquisitions Provisions”, the new“Enterprise Income Tax Law”.
“NO.75”gives the procedure for the SPV registration, the road for the fund raised through the cross-border listing to come back home and payment of capital between the SPV and residents.
The new“Corporation Law”incorporate the definition of“controlling shareholder”,“actual control”,”association”and other terms related to the round-trip investment, which not only resolves the issues that controlling shareholders make use of the status of foreign-invested enterprise to evade the market accession, but also provides the“Foreign Acquisitions Provisions”with supersede law assumptions.
According to the round-trip investment, the“Foreign Acquisitions Provisions”makes appropriate adjustments to the management of foreign direct investment, and realizes the idea of "actual control". When people submit the materials to the approval authority, which should be the MOFCOM., they should disclose the actual controller of the company .The“Foreign Acquisitions Provisions”reflects that the authority recognizes the status of the round-trip investment and shows us the clear treatment, which leads to the expectation of the individuals to come to nothing.
The new "Enterprise Income Tax Law, which makes distinctions between "resident enterprises" and "non-resident enterprises,”adopts the criteria of“registration”and“actual control”to distinguish the taxpayer. According to the CFC, the new "Enterprise Income Tax Law" sets up a chapter named "Special Tax Adjustment,”which includes eight articles, to rebuild an anti-avoidance system.
After that, we can organize the frame of regulations on the round-trip investment. And above all, the author put forward the proposal to regulate the round-trip investment, pointing out that we should change the idea to regulate the round-trip investment and make clear criteria; then we should strengthen the linkage between legal norms and its coordination; finally, we should formulate our legal system and make the regulations practical.
In recent years, the phenomenon of round-trip investment has been focused on. From the work experience of the author, the author attempts to analyze the round-trip investment and the problem it caused under the China's current foreign legal system, and then the author tries to put forward his own proposal, the full text is divided into three chapters.
In the ChapterⅠ, the author describes the definition of round-trip investment, reasons and the type of the round-trip investment. What is the round-trip investment? From the different perspective, there are different answers. This paper analyzed the definition from the academia’s view to the national legislation’s view. Both economic academics and law experts are concerned about the round-trip investment, but they attribute their concerns to different priorities: in the eyes of economics they focus on the capital and the capital cross-border flow. While in the view of legal experts, the round-trip investment is considered as that the interest held by the residents in the territory is moved from the off-shore territory to the on-shore, focusing on the subjective purpose and control to define the concept of the round-trip investment.
The regulation that we called NO.75 awarded by the State Administration of Foreign Exchange, gives the definition of the round-trip investment and the concepts related to the round-trip investment. Then we use the comparative method, we can find that the definition of NO.75 is accurate and we adopt that definition the round-trip investment refers to that the resident give foreign investment to the territory by the means of special purpose vehicles (SPV).
Despite of a variety of reasons that round-trip investment results from, nothing more than the following reasons: One is that in order to meet the need of capital, the residents list abroad to bring a great deal of money; The other reason is that residents search for Policy Tenants, residents in the realization of investment through round-trip investment and then becomes foreign-funded enterprises, which enjoys the preferential treatment on taxation; Except that, there are several reasons, such as cross-border restructuring, evasion of the policy on management buyouts of state-owned enterprises. As far as the round-trip investment is concerned, there are three types in the view of the actual operation: new foreign-invested enterprises, foreign mergers and acquisitions, agreements control.
In the ChapterⅡ, we mainly talk about that round-trip investment results in three major problems: Overseas investment regulation, taxation, foreign exchange management. The round-trip investment result in capital return, and makes the investment from the Tax Heaven increase rapidly, triggering a management vacuum. Through the case that China Resource acquired the share of the HuaYuan Real Estate, we can see that residents use the round-trip investment to seek interest distorts the China’s foreign policy. At the same time, the government will make false judgement on the macroeconomic policy-making and some country will create the“China Threat Theory”to provide the pretext.
Nowadays people focus on the taxation problem the round-trip investment causes. Residents use the round-trip investment in the form of transfer pricing to complete the transfer of assets to avoid taxes links, which results in the loss of state revenue and makes seriously damages to China's tax sovereignty. Through the transformation of foreign-funded enterprises, the residents enjoy the preferential treatment in the area of income tax, land tax, customs duties, capital gains tax and other preferential treatment in taxation. This is a typical example of the original use of the loopholes in corporate income tax preferential policies for policy rent-seeking behavior, distorting the company's business practices, resulting in the loss of state revenue.
Given that the round-trip investment completes its capital operation in the offshore and escapes the supervision, it may trigger capital flight and put the international balance of payments on the burden. At the same time, through the round-trip investment residents complete identity transformation, and that creates the condition for the capital’s return. This may not lead to the country's external liabilities increase, but also influence the effectiveness of monetary policy, and it may increase the difficulty of regulating international payments.
In the ChapterⅢ, we try to introduce the advanced regulations on the round-trip investment, and list the regulations on the round-trip investment in China, then we put forward the proposal to regulate the round-trip investment. According to the advanced experience of other countries, we learn that in the respect of investment review, the Government of India makes regulations on the enterprises which make use of round-trip investment to evade the market accession. At the same time, India revised the definition of FDI and changed the standard of foreign capital in order to exclude the round-trip investment from scope of the FDI. In the taxation regulation, the United States, Japan, New Zealand and other countries establish "specific sense of the controlled foreign corporations" system, in which the United States focuses on the transaction respect, the Japan focuses on the definite areas, the New Zealand aims to abolish any given tax benefits. Despite the CFC is different, the idea of "actual control" that CFC reflects was accepted by the countries all over the world.
Then, we list the regulation on the round-trip investment in China and highlight the“NO.75”, the new“Corporation Law”, the regulation on the“Foreign Acquisitions Provisions”, the new“Enterprise Income Tax Law”.
“NO.75”gives the procedure for the SPV registration, the road for the fund raised through the cross-border listing to come back home and payment of capital between the SPV and residents.
The new“Corporation Law”incorporate the definition of“controlling shareholder”,“actual control”,”association”and other terms related to the round-trip investment, which not only resolves the issues that controlling shareholders make use of the status of foreign-invested enterprise to evade the market accession, but also provides the“Foreign Acquisitions Provisions”with supersede law assumptions.
According to the round-trip investment, the“Foreign Acquisitions Provisions”makes appropriate adjustments to the management of foreign direct investment, and realizes the idea of "actual control". When people submit the materials to the approval authority, which should be the MOFCOM., they should disclose the actual controller of the company .The“Foreign Acquisitions Provisions”reflects that the authority recognizes the status of the round-trip investment and shows us the clear treatment, which leads to the expectation of the individuals to come to nothing.
The new "Enterprise Income Tax Law, which makes distinctions between "resident enterprises" and "non-resident enterprises,”adopts the criteria of“registration”and“actual control”to distinguish the taxpayer. According to the CFC, the new "Enterprise Income Tax Law" sets up a chapter named "Special Tax Adjustment,”which includes eight articles, to rebuild an anti-avoidance system.
After that, we can organize the frame of regulations on the round-trip investment. And above all, the author put forward the proposal to regulate the round-trip investment, pointing out that we should change the idea to regulate the round-trip investment and make clear criteria; then we should strengthen the linkage between legal norms and its coordination; finally, we should formulate our legal system and make the regulations practical.
引文
1.冯雁秋:《返程投资及其监管探究》,《外汇管理》2006 年第 6 期,第47 页。
2.陈杰:《FDI 中的返程投资:现状、成因及规制》,《西南金融》2007 年第 1 期,第 48 页。
3.笔者主要查阅的国际投资法教科书如下:王贵国:《国际投资法》,北京大学出版社 2001 年第 1 版;余劲松主编:《国际投资法》,法律出版社 2003 年第 2 版;吕岩峰等:《国际投资法》,高等教育出版社 2005年第 1 版;车丕照:《国际经济法概要》,清华大学出版社 2003 年第
1 版;余劲松、吴志攀教授主编《国际经济法》,北京大学出版社、高等教育出版社 2005 年第 2 版。
4.谢岚:《晚近中国居民个人境外返程投资外汇管理制度变革刍议》,载陈安主编《国际经济法学刊》(第十四卷),北京大学出版社 2007 年第 1 版,第 281 页。
5.叶军、鲍治:《外资并购境内企业的法律分析》(2008 年修订增补版),法律出版社 2008 年第 2 版,第 350 页。
6.2006 年商务部第 7 次会议对该规定做出修订,修订后《关于外国投资者并购境内企业的规定》于同年 9 月 8 日起实施。
7.北大法意:法律法规数据库,http://edu.lawyee.net/Act/Act_Result.asp,2008 年 1 月 10 日。
8.参见王文宇:《控股公司与金融控股公司法》,中国政法大学出版社2003 年第 1 版,第 21 页—第 24 页。
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10.参见梅新育:《中国与离岸金融中心跨境资本流动问题研究报告》,载《中国对外经济贸易蓝皮书》,中国商务出版社 2004 年第 1 版,第35 页。
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14.中国投资指南:http://www.fdi.gov.cn/pub/FDI/wztj/wstztj/lywzfgbdqtj/t20080121_89051.htm,2008 年 1 月 10 日。
15.参见张诗伟:《离岸公司法—理论、制度与实务》,法律出版社 2004年第 1 版,第 17 页。
16.参见李兴文:《返程投资"假外资"现象严重危害经济发展》,“新华网”,http://news.xinhuanet.com/newmedia/2005-12/26/content_3971691.htm,2008 年 1 月 15 日。
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18.冯雁秋:《返程投资及其监管探究》,《外汇管理》2006 年第 6 期,第 49 页。
19.参见刘剑文主编:《国际税法学》,北京大学出版社 2004 年第 2 版,第 241 页。
20.参见单文华:《欧盟对华投资的法律框架解构与建构》,蔡从燕译,北京法学出版社 2007 年第 1 版,第 145 页。
21.许鹃:《我国民营企业返程投资问题研究》,西南财经大学 2007 年硕士学位论文,第 23 页。
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24.参见马少波:《返程投资主旋律:透明、公平、秩序—评〈关于外国投资者并购境内企业的规定〉》,《中国外汇》2006 年第 10 期,第 24页。
25.参见王保树、崔勤之:《中国公司法原理》(最新修订第三版),社会科学出版社 2006 年第 3 版,第 384 页。
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27.参见谢岚:《晚近中国居民个人境外返程投资外汇管理制度变革刍议》,载陈安主编《国际经济法学刊》(第十四卷),北京大学出版社2007 年第 1 版,第 290 页。
28 张文显主编:《法理学》,高等教育出版社 2003 年第 2 版,第 78 页。
29.张文显:《法哲学基本范畴研究》(修订版),中国政法大学出版社2001 年第 1 版,第 40 页。
30.周小川:《国内居民对外投资的限制和审批将减少》,“中国新闻网”,http://www.chinanews.com.cn/cj/hgjj/news/2008/03-06/1184136.shtml,2008 年 3 月 7 日。
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2. 陈杰:《FDI 中的返程投资:现状、成因及规制》,《西南金融》2007 年第 1 期。
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6. 淤子龙等:《离案控股公司的发展及其监管》,《货币银行》2005年第 2 期。
7. 张美红:《建立我国 CFC 所得税课税制度的构想》,《涉外税收》2006 年第 6 期。
8. 赵莉:《论外资并购投资行为的法律规制》,《河南师范大学学报(哲学社会科学版)》2007 年第 4 期。
9. 张文春、张飞飞:《受控外国公司法律制度的比较与借鉴》,《比较税收》2005 年第 6 期。
10. 孙鲁军:《规范境内企业境外间接上市》,《中国金融》2005 年第24 期。
11. 刘红霞:《中国境外投资风险及其防范研究》,《中央财经大学学报》2006 年第 3 期。
12. 孙效敏:《我国判断外国投资者国籍刍议》,《政法论丛》2005 年第 4 期。
13. 何鹰:《离岸公司“绕道投资”税收法律对策分析》,《华南师范大学学报(社会科学版)》2005 年第 1 期。
14. 孙效敏:《外资并购投资准入监管研究》,《甘肃政法学院学报》2005 年第 2 期。
15. 丁丁等:《离岸公司并购国内企业的法律分析》,《国际商务-对外经济贸易大学学报》2004 年第 5 期。
1. 刘兴康:《境外间接上市监管问题研究》,对外经济贸易大学 2006 年硕士学位论文。
2. 许鹃:《我国民营企业返程投资问题研究》,西南财经大学 2007 年硕士学位论文。
2.陈杰:《FDI 中的返程投资:现状、成因及规制》,《西南金融》2007 年第 1 期,第 48 页。
3.笔者主要查阅的国际投资法教科书如下:王贵国:《国际投资法》,北京大学出版社 2001 年第 1 版;余劲松主编:《国际投资法》,法律出版社 2003 年第 2 版;吕岩峰等:《国际投资法》,高等教育出版社 2005年第 1 版;车丕照:《国际经济法概要》,清华大学出版社 2003 年第
1 版;余劲松、吴志攀教授主编《国际经济法》,北京大学出版社、高等教育出版社 2005 年第 2 版。
4.谢岚:《晚近中国居民个人境外返程投资外汇管理制度变革刍议》,载陈安主编《国际经济法学刊》(第十四卷),北京大学出版社 2007 年第 1 版,第 281 页。
5.叶军、鲍治:《外资并购境内企业的法律分析》(2008 年修订增补版),法律出版社 2008 年第 2 版,第 350 页。
6.2006 年商务部第 7 次会议对该规定做出修订,修订后《关于外国投资者并购境内企业的规定》于同年 9 月 8 日起实施。
7.北大法意:法律法规数据库,http://edu.lawyee.net/Act/Act_Result.asp,2008 年 1 月 10 日。
8.参见王文宇:《控股公司与金融控股公司法》,中国政法大学出版社2003 年第 1 版,第 21 页—第 24 页。
9.张文显主编:《法理学》,高等教育出版社 2003 年第 2 版,第 131 页。
10.参见梅新育:《中国与离岸金融中心跨境资本流动问题研究报告》,载《中国对外经济贸易蓝皮书》,中国商务出版社 2004 年第 1 版,第35 页。
11.关景欣:《中国企业海外上市操作实务》,法律出版社 2007 年第 1 版,第 7 页。
12.参见刘兴康:《境外间接上市监管问题研究》,对外经济贸易大学 2006年硕士学位论文,第 8 页。
13.参见申林平、刑会强:《中国企业境外上市法律实务》,法律出版社2006 年第 1 版,第 339 页。
14.中国投资指南:http://www.fdi.gov.cn/pub/FDI/wztj/wstztj/lywzfgbdqtj/t20080121_89051.htm,2008 年 1 月 10 日。
15.参见张诗伟:《离岸公司法—理论、制度与实务》,法律出版社 2004年第 1 版,第 17 页。
16.参见李兴文:《返程投资"假外资"现象严重危害经济发展》,“新华网”,http://news.xinhuanet.com/newmedia/2005-12/26/content_3971691.htm,2008 年 1 月 15 日。
17.参见盛洪主编:《最新中国企业并购经典案例》,中国轻工业出版社1999 年第 1 版,第 50 页。
18.冯雁秋:《返程投资及其监管探究》,《外汇管理》2006 年第 6 期,第 49 页。
19.参见刘剑文主编:《国际税法学》,北京大学出版社 2004 年第 2 版,第 241 页。
20.参见单文华:《欧盟对华投资的法律框架解构与建构》,蔡从燕译,北京法学出版社 2007 年第 1 版,第 145 页。
21.许鹃:《我国民营企业返程投资问题研究》,西南财经大学 2007 年硕士学位论文,第 23 页。
22.卢进勇、杜奇华:《国际经济合作》,对外经济贸易大学出版社 2000年第 1 版,第 429 页。
23.参见金人庆:《关于〈中华人民共和国企业所得税法(草案)〉的说明》,“中国新闻网”,http://www.chinanews.com.cn/cj/gncj/news/2007/03-08/886620.shtml,2008 年 2 月 18 日。
24.参见马少波:《返程投资主旋律:透明、公平、秩序—评〈关于外国投资者并购境内企业的规定〉》,《中国外汇》2006 年第 10 期,第 24页。
25.参见王保树、崔勤之:《中国公司法原理》(最新修订第三版),社会科学出版社 2006 年第 3 版,第 384 页。
26.参见叶军、鲍治:《外资并购境内企业的法律分析》(2008 年修订增补版),法律出版社 2008 年第 2 版,第 362 页。
27.参见谢岚:《晚近中国居民个人境外返程投资外汇管理制度变革刍议》,载陈安主编《国际经济法学刊》(第十四卷),北京大学出版社2007 年第 1 版,第 290 页。
28 张文显主编:《法理学》,高等教育出版社 2003 年第 2 版,第 78 页。
29.张文显:《法哲学基本范畴研究》(修订版),中国政法大学出版社2001 年第 1 版,第 40 页。
30.周小川:《国内居民对外投资的限制和审批将减少》,“中国新闻网”,http://www.chinanews.com.cn/cj/hgjj/news/2008/03-06/1184136.shtml,2008 年 3 月 7 日。
1. 韦经建等主编:《国际经济法概论》,吉林大学出版社 2000 年第 1版。
2. 曹建明等主编:《国际经济法专论》(第六卷),法律出版社 2000年第 1 版。
3. 车丕照:《国际经济法概要》,清华大学出版社 2003 年第 1 版。
4. 余劲松等主编:《国际经济法》,北京大学出版社、高等教育出版社2005 年第 2 版。
5. 吕岩峰等:《国际投资法》,高等教育出版社 2005 年第 1 版。
6. 王贵国:《国际投资法》,北京大学出版社 2001 年第 1 版。
7. 余劲松主编:《国际投资法》,法律出版社 2003 年第 2 版。
8. 张庆麟主编:《国际投资法问题专论》,武汉大学出版社 2007 年第
1 版。
9. 张文显:《法哲学基本范畴研究》(修订版),中国政法大学出版社 2001 年第 1 版。
10. 张文显主编:《法理学》,高等教育出版社 2003 年第 2 版。
11. 那力:《国际税法学》,吉林大学出版社 1999 年第 1 版。
12. 刘剑文主编:《国际所得税法研究》,中国政法大学出版社 2000 年第 1 版。
13. 刘剑文主编:《国际税法学》,北京大学出版社 2004 年第 2 版。
14. 刘隆亨主编:《国际税法》,法律出版社 2007 年第 2 版。
15. 王保树、崔勤之:《中国公司法原理》(最新修订第三版),社会科学出版社 2006 年第 3 版。
16. 戈宇:《公司股权转让操作指南》,法律出版社 2005 年第 2 版。
17. 邱海洋:《公司利润分配法律制度研究》,中国政法大学出版社 2004年第 1 版。
18. 沈四宝主编:《中国涉外经贸法》,首都对外经济贸易大学出版社2006 年第 3 版。
19. 陈安主编:《国际经济法论丛》(第四卷),法律出版社 2001 年第1 版。
20. 陈安主编《国际经济法学刊》(第十二卷),北京大学出版社 2005年第 1 版。
21. 盛洪主编:《最新中国企业并购经典案例》,中国轻工业出版社 1999 年第 1 版。
22. 张远忠:《外资并购国有企业中的法律问题分析》,法律出版社 2004年第 1 版。
23. 曹洪军著:《外资并购与中国外资政策》,人民出版社 2005 年第 1版。
24. 史建三等:《中国并购法律环境与实务操作》,法律出版社 2006 年第 1 版。
25. 吴伟央等主编:《跨国公司并购法律实务》,法律出版社 2007 年第1 版。
26. 叶军、鲍治:《外资并购境内企业的法律分析》(2008 年修订增补版),法律出版社 2008 年第 2 版。
27. 王文宇:《控股公司与金融控股公司法》,中国政法大学出版社 2003年第 1 版。
28. 张诗伟:《离岸公司法—理论、制度与实务》,法律出版社 2004 年第 1 版。
29. 许海峰主编:《境外上市》,人民法院出版社 2005 年第 1 版。
30. 申林平、刑会强:《中国企业境外上市法律实务》,法律出版社 2006年第 1 版。
31. 关景欣:《中国企业海外上市操作实务》,法律出版社 2007 年第 1版。
32. 陈长文等著:《财经法律与企业经营—兼述两岸相关财经法律问题》,北京大学出版社 2003 年第 1 版。
33. 单文华:《欧盟对华投资的法律框架解构与建构》,蔡从燕译,法律出版社 2007 年第 1 版。
34. 杨海珍:《资本外逃——国际趋势与中国问题》,中国金融出版社2005 年第 1 版。
35. 中华人民共和国商务部国际贸易经济合作研究院编:《中国对外经济贸易白皮书 2004》,中信出版社 2005 年第 1 版。
36. Sornarajah.M:The International Law on Foreign Investment, Cambridge Press, 2004.
1. 冯雁秋:《返程投资及其监管探究》,《外汇管理》2006 年第 6 期。
2. 陈杰:《FDI 中的返程投资:现状、成因及规制》,《西南金融》2007 年第 1 期。
3. 何龙斌:《我国民营企业外资化问题初探》,《财会月刊(理论)》2006 年第 9 期。
4. 马少波:《返程投资主旋律:透明、公平、秩序—评〈关于外国投资者并购境内企业的规定〉》,《中国外汇》2006 年第 10 期。
5. 孙效敏、胡晓军:《我国外资并购立法研究》,《法治论丛》2004年第 1 期。
6. 淤子龙等:《离案控股公司的发展及其监管》,《货币银行》2005年第 2 期。
7. 张美红:《建立我国 CFC 所得税课税制度的构想》,《涉外税收》2006 年第 6 期。
8. 赵莉:《论外资并购投资行为的法律规制》,《河南师范大学学报(哲学社会科学版)》2007 年第 4 期。
9. 张文春、张飞飞:《受控外国公司法律制度的比较与借鉴》,《比较税收》2005 年第 6 期。
10. 孙鲁军:《规范境内企业境外间接上市》,《中国金融》2005 年第24 期。
11. 刘红霞:《中国境外投资风险及其防范研究》,《中央财经大学学报》2006 年第 3 期。
12. 孙效敏:《我国判断外国投资者国籍刍议》,《政法论丛》2005 年第 4 期。
13. 何鹰:《离岸公司“绕道投资”税收法律对策分析》,《华南师范大学学报(社会科学版)》2005 年第 1 期。
14. 孙效敏:《外资并购投资准入监管研究》,《甘肃政法学院学报》2005 年第 2 期。
15. 丁丁等:《离岸公司并购国内企业的法律分析》,《国际商务-对外经济贸易大学学报》2004 年第 5 期。
1. 刘兴康:《境外间接上市监管问题研究》,对外经济贸易大学 2006 年硕士学位论文。
2. 许鹃:《我国民营企业返程投资问题研究》,西南财经大学 2007 年硕士学位论文。