吉林金融研究
吉林金融研究
길림금융연구
JILIN FINANCE RESEARCH
2012年
7期
19-21
,共3页
股权转让%价款管理%思考
股權轉讓%價款管理%思攷
고권전양%개관관리%사고
Equity Transfer%Price Management%Thinking
外方股权转让是指外商投资企业的外方将所持有的股权按照一定的价格转让给中方的行为。允许外商投资企业自由转让外方股权是市场经济制度的一个特征，但在目前资本项目实施管制的框架下，对外方股权转让价款的运用受到外汇政策上的限制。为了规避外汇管理，企业利用交易双方的关系、定价机制的不完善，通过私下交割等手段运作股权转让价款，并将其滞留在境内，谋求人民币升值的收益，隐蔽性较强，一旦外汇形势发生变化，容易出现资金集中流出冲击实体经济的后果。所以进一步完善对此类业务的管理，具有现实意义。
外方股權轉讓是指外商投資企業的外方將所持有的股權按照一定的價格轉讓給中方的行為。允許外商投資企業自由轉讓外方股權是市場經濟製度的一箇特徵，但在目前資本項目實施管製的框架下，對外方股權轉讓價款的運用受到外彙政策上的限製。為瞭規避外彙管理，企業利用交易雙方的關繫、定價機製的不完善，通過私下交割等手段運作股權轉讓價款，併將其滯留在境內，謀求人民幣升值的收益，隱蔽性較彊，一旦外彙形勢髮生變化，容易齣現資金集中流齣遲擊實體經濟的後果。所以進一步完善對此類業務的管理，具有現實意義。
외방고권전양시지외상투자기업적외방장소지유적고권안조일정적개격전양급중방적행위。윤허외상투자기업자유전양외방고권시시장경제제도적일개특정，단재목전자본항목실시관제적광가하，대외방고권전양개관적운용수도외회정책상적한제。위료규피외회관리，기업이용교역쌍방적관계、정개궤제적불완선，통과사하교할등수단운작고권전양개관，병장기체류재경내，모구인민폐승치적수익，은폐성교강，일단외회형세발생변화，용역출현자금집중류출충격실체경제적후과。소이진일보완선대차류업무적관리，구유현실의의。
The transfer of foreign equity referring to foreign-invested enterprises, means that foreign shareholding is transferred to Chinese shareholder with a certain price. Free transfer of foreign equity is a feature of the market economy system, but under the framework of capital account control, the use of foreign shareholding transfer price is subjected to the restrictions of foreign exchange policy. To avoid foreign exchange management,the operation of transfer is often by means of private delivery and at other equity transfer price, and transfer fund remains in the territory, seeking RMB appreciation. Once the foreign exchange situation change, there may be the consequences of intense capital outflows impacting the real economy. So it has practical significance to further improve the price management of foreign equity transfer.
