VIE海外上市模式的选择和利弊分析——以阿里巴巴公司为例.docVIP

PAGE PAGE 26 VIE海外上市模式的选择和利弊分析 ——以阿里巴巴公司为例 摘要：2000年新浪首次使用VIE模式成功在境外上市掀起了一股国内企业赴境外上市的风潮，VIE这一舶来品也在企业间变得越来越炙手可热，它既是金融创新的产物、时代进步的标志，又是企业用来绕过我国法律法规监管的工具。2011年马云通过股权转移私自将支付宝的所有股权转移到了浙江阿里巴巴电子商务公司下，并单方面终止VIE结构中的协议关系，此次事件中马云受到了阿里巴巴集团股东的集体诉讼，其在商业贸易中的诚信品质遭到了媒体大众的不断质疑，同时纠纷过程中公司和投资者遭受的损失也暴露出了VIE模式中所隐藏的违约风险、代理冲突、合法性不明确等问题的严重性。 关键词：VIE模式海外上市阿里巴巴策略分析 The pros and cons of choosing VIE structure to listing overseas —— A case from Alibaba corporation Abstract：S was to first to adopt the VIE structure in 2000 and succeed in overseas listing.It gave rise to a number of Chinese domestic entities appearing on international capital markets.The VIE structure,with exotic origins,has become increasingly popular among domestic enterprises.It is the product of financial innovation,a sign of progress over times,and a tool for enterprises to get rid of censorship from the PRC authorities. In 2011, Jack Ma personally transferred the ownership of Alipay to Alibaba Group, the e-commerce company located in Zhejiang province, and unilaterally terminated the contractual relations in the VIE structure. In this event Ma suffered the lawsuit brought by all the shareholders of Alibaba Group, and his integrity in commercial trades was constantly questioned by the public media. The loss of the company and investors in the disputes has also uncovered the severity of the previously invisible problems in the VIE structure, including the risks of breaking contracts, agency conflicts, ambiguous legality and other hidden issues. Key words:VIE structure, oversea listing, Alibaba corporation, Strategy Analysis 正文目录 一、导论 .（一）VIE的定义 VIE（Variable Interest Entity），译作“可变利益实体”，这一术语来自于美国财务准则委员会解释第46R号《可变权益的财务报表合并》，规定只要一个实体对另一个实体的财务利益拥有实际控制权，即可要求可变利益的首要收益人合并该实体的财务报表。其目的是禁止上市公司使用资产负债表外实体融资。它既可以是债权人权益，也可以是所有者权益，并随着实体净资产价值的变化而变化，给一些被限制外商投资的中国公司提供了在境外上市，融入国际资本市场的可能性。叶建芳、俞悦（2012）。“协议控制”模式又被称作“新浪模式”，它是指在境外设立并上市的壳公司依靠签订一系列的协议控制境内实体公司的一切经营活动和主要收入和利润，从而达到境内实体公司境外间接上市目的的一种特殊方式。虽然VIE结构在国内普遍又被称作“协议控制”模式，但是这两个概念从根本上来讲是具有一定差别的。VIE 结