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随着2015年上半年A股市场繁荣,中概股回归的大潮让VIE再次成为资本市场的焦点。但VIE回归之路并非通畅无阻,其中还面临一些法律障碍。本文认为,监管层应该通过制度上的安排明确VIE模式的存在价值,并对VIE模式采取切实、有针对性的监管措施。可变利益实体(Variable Interest Entities,简称VIE)模式在中国始于2000年的新浪赴美上市。此后十多年,它推动了中国互联网企业发展的黄金时代,京东、阿里巴巴等一系列企业在美国成功上市都有VIE的功劳。随
With the A-share market booming in the first half of 2015, the tide of the return of China stocks has once again become the focus of the capital market. However, the road to VIE’s return is not unimpeded, but also faces some legal obstacles. This paper argues that regulators should clarify the existential value of the VIE model through institutional arrangements and take effective and targeted regulatory measures on the VIE model. Variable interest Entities (VIE) model in China began in 2000, Sina listed in the United States. Since then, it has promoted the golden age of the development of China’s Internet companies. The series of VIEs such as JD.com and Alibaba have successfully listed in the United States. With