摘    要进入新世纪以来，公司尤其是跨国公司，在经济活动中的地位日益加重，全球经济集中依赖于公司的发展。自2000年新浪采用VIE模式海外上市以来，互联网行业进入长达十余年的黄金时期。VIE模式又被称为“协议控制模式”，通过该模式实现盈利主体与实际运营实体相分离，以协议方式实现海外上市融资，便利地绕过国内相关审批与监管，实质上形成了一种法律规避。截至目前，VIE架构已不仅仅限于互联网行业，更是拓展到了能源、电力、教育等各领域。然而近几年来，VIE模式弊端突显，股东为争夺控制权而违约，企业财务作假、被做空等现象数见不鲜，法律风险问题日益突出，一些关于VIE模式的法院判决和仲裁裁决也纷纷对该模式提出了挑战和质疑，社会对政府监管的诉求显得更加迫切。2015年《外国投资法（草案征求意见稿）》的公布，使 VIE模式刹时成为学界和社会研究的核心问题，相关企业纷纷谋求拆除VIE架构回归A股。本文旨在研究VIE模式的法律风险问题，主要从VIE模式在契约和监管上的风险问题出发，结合分析VIE模式存在的合法性争议来提出自己对于VIE模式的看法以及将来如何有效监管以该模式存在的这类企业的合理性建议。89657

毕业论文关键词：VIE模式； 法律风险； 外国投资； 法律监管

Since entering the new century, companies, especially the multinational companies have become more and more important in economic activities and the global economy is heavily dependent on the company's development。 The Sina has been listed overseas by applying VIE mode since 2000, the internet industry has been into the golden age for more than ten years。 The VIE mode is also called "protocol control mode" and it has realized the separation between the profit main bodies and the actual operating entities through the VIE mode。 Besides, it has realized the overseas listing financing through the way of agreement and it has passed the relevant domestic approval and supervision conveniently。 In essence, it has formed a kind of evasion of law。 So far, the VIE architecture has not only limited to the Internet industry, but also expanded to the energy, electricity, education and other fields。 However, in recent years, the drawbacks of VIE mode appeared terribly。 For example, in order to fight for the controlling of the stake, shareholders have broken the contract。 Besides, it is easy to see the phenomenon of enterprise financial fraud, legal risk issues become increasingly prominent, some about the court decisions and arbitration awards on the VIE mode have challenged and questioned the mode and it seemed that social demands for government regulation is more urgent。 The publication of the foreign investment law (draft) in 2015 has made the VIE mode become a core issue of academic and Social Research, so that the relevant enterprises have sought to dismantle the VIE framework return to A shares。This thesis is conducted to studying the legal risks issues of VIE mode, mainly from the risks in the contract and supervision。Combined with the analysis of the legitimacy dispute of the VIE mode to put forward my own opinions on the VIE mode and how to effectively supervise such enterprises in the future。源Q于W优E尔A论S文R网wwW.yOueRw.com 原文+QQ75201,8766

Keywords: VIE mode; legal risks; foreign investment; legal supervision   

目    录

引言 5

一、VIE模式的合法性争议 5

（一）VIE模式的成因 5

（二）对VIE模式的争议 5

二、VIE模式的契约风险 6

（一）对股东的风险