VIE(Variable Interest Entity协议控制)

VIE(Variable Interest Entity control agreement)

　　其实质是，通过合作协议的方式，境外壳公司实际控制境内牌照公司(为保护境外壳公司投资人的“安全”，通常牌照公司的全部股权也被抵押给技术公司，进而由壳公司全权控制)，将收入和利润转移到境外壳公司，规避了外资机构不能拥有ICP牌照的问题(即互联网络的外资行业禁入政策)，使外资机构得以大量进入原本对其封闭的互联网行业，并控股行业中的龙头企业。

The essence of which is,Through the way of a cooperation agreement,Shell companies outside the territory of actual control the licensing company(To protect investors outside the shell company"security",Usually the licensing company full ownership has been mortgaged to technology companies,And then by the shell company full control),Transfer the revenue and profit to shell companies overseas,Avoid the problem of foreign institutions can't have the ICP licence(The Internet off-limits to foreign industry),Allow foreign institutions to pile into the closed the Internet industry,And controls in the industry leading enterprises.

　　本报讯 （记者薛松）昨日，全国政协委员、百度CEO李彦宏在提案中建议，应鼓励民营企业利用VIE海外上市，商务部应取消投资并购和资质发放等方面的限制。无独有偶，另一位全国政协委员、苏宁云商集团董事长张近东却提出相左的建议，他认为VIE带来经济隐患，应纳入监管，并呼吁商务部、证监会正研究制定针对VIE模式的监管规定能够尽早出台。

Report from our correspondent (The reporter xue song)yesterday,The CPPCC national committee/Baidu CEO robin li suggested in the proposal,Private enterprises should be encouraged to use the VIE listed overseas,The mofcom shall cancel restrictions in terms of the investment in mergers and acquisitions and certificate issued.similarly,Another member of the CPPCC national committee/Su Ningyun quotient group chairman zhang near east were contrary Suggestions are put forward,He thinks the VIE bring economic concerns,Should be included in the regulatory,And called on the ministry of commerce/Securities regulatory commission (CSRC) are working on developing the VIE model regulations could come as early as possible.

　　这种外资模式已被百度等数百家海外上市的企业广泛采用，其他的海外投资者对中国本土公司展开的数千起投资中也都采取了同样的模式。到底该叫停还是鼓励，两位委员截然不同的建议昨日引发了业界热议。

The foreign model has been baidu hundreds of overseas listed companies such as widely used,Other foreign investors to invest in local companies launched thousands of were taken in the same pattern.Should I stop or should encourage,Two members distinct suggested yesterday triggered a hot industry.

　政策不明：困扰数千家企业 Policy is unknown:Thousands of companies

　　目前，中国已有250多家中国企业利用VIE(协议控制)在境外上市，数千家企业以VIE结构接受PE、VC投资。其他非高科技领域的传统企业也越来越多地采取这种非股权控制的模式。截至目前，上述协议控制模式几乎完全规避了现有商务部、发改委及证监会的相关审批。然而，监管部门对VIE监管的态度一直不明，困扰中国企业十多年。

At present,China has more than 250 Chinese companies make use of the VIE(Protocol control)Listed on the outside,PE to VIE structure acceptance for thousands of companies/VC investment.Other than traditional in the field of high-tech enterprises are increasingly taking the non-equity control mode.Up to now,The deal almost completely avoid the existing control pattern of commerce/Development and reform commission and the relevant examination and approval of securities regulatory commission.however,Regulators to VIE attitude regulation has been unknown,Chinese enterprises more than ten years.

　　记者昨日从百度公司获悉，李彦宏已经向大会提交了“关于鼓励民营企业海外上市（VIE），取消投资并购、资质发放等方面政策限制的建议”的提案。李彦宏在提案中称，我国尚未出台任何针对VIE的法律法规，相关政府部门在涉及VIE问题上多采取“一刀切”不予批准或长期搁置的做法，在诸多方面对VIE企业存在实质性的政策壁垒。以国内投资并购领域为例，企业投资并购对象为年营业额4亿元以上企业时，需按规定向商务部申请经营者集中审查，一旦涉及VIE问题均无法被正常受理。

Yesterday, reporters learned from baidu,Mr. Li has been submitted to congress"About to encourage private enterprises listed overseas(VIE),Cancel the investment in mergers and acquisitions/Qualification in aspects such as policy suggestion"The proposal of.Mr. Li said in the proposal,Our country has not yet issued any according to the laws and regulations of the VIE,Relevant government departments in relation to VIE issue take more"One size fits all"Shall not be approved or put on hold for a long time,In many ways to VIE enterprise exists substantive policy barriers.In domestic investment and mergers and acquisitions, for example,Enterprise mergers and acquisitions investment object for an annual turnover of 400 million yuan of above business,Must be reviewed in accordance with the provisions, apply to the ministry of commerce for concentration,When it comes to VIE problem can't be normal to accept.

　　他估算，国内对于VIE的政策限制，直接影响到估值规模数万亿元的资金和数千家高科技企业。他建议：在支付牌照发放、投资并购审查等方面，取消对VIE结构企业的限制，给予VIE结构企业完全的国民待遇。

He estimates,Domestic policy restrictions on the VIE,Directly affect the valuation of the scale of tens of thousands of one hundred million yuan of money, and thousands of high-tech enterprises.He suggested that:In pay for licences/Investment in mergers and acquisitions and other aspects,Cancel the limitation on the VIE structure enterprise,Give the VIE structure enterprise full national treatment.

　　境外资本：良药还是毒药？ Foreign capital:Medicine or poison?

　　昨日，另一位全国政协委员、苏宁云商集团董事长张近东却提出了相左的建议。他在提案中称，要高度关注境外资本，警惕他们以产业投资概念为跳板，“不以产业盈利为目的，而以境外上市溢价套现为目的”的盈利模式。“部分电商为吸引境外资本，一味追求增速、追求规模，导致电商行业恶性竞争。VIE威胁我国经济安全。”

yesterday,Another member of the CPPCC national committee/Su Ningyun quotient group chairman zhang near east were contrary Suggestions are put forward.He said in his proposal,Attention to foreign capital,Alert to their industry investment concept as the springboard,"Don't aim at industry profitability,By listing abroad cash premium for the purpose"The profit pattern of."Part of the electrical contractor to attract foreign capital,Blindly pursuing growth/The pursuit of size,Lead to vicious competition in the electricity industry.VIE threat to economic security in our country."

　　苏宁的矛头被认为指向其竞争对手。据了解，阿里巴巴、京东、当当等电商采用的都是VIE模式。张近东在提案中建议，完善外资准入监管，明确将协议控制定性为企业并购行为，将协议控制模式纳入监管部门的管理范畴进行规范。

Suning grievance is considered with their competitors.We have learned,alibaba/jingdong/Dangdang, etc. Electricity use is under the VIE model.Zhang near east suggested in the proposal,Perfect the foreign investment access regulation,Clear the protocol control qualitative behavior for the enterprise m&a,Protocol control mode should be brought into the regulatory management specification.

　　而李彦宏的观点恰恰相反，他认为，VIE曾帮助很多民营企业、高科技企业解决了融资难和上市难的问题，还提升了这些企业的国际形象和品牌。并且，与一般股权投资模式相比，VIE让创始人及管理团队更能掌控企业的利润分配、实际经营、控制权，另外，企业以VIE结构引入的多是“弱势外资”，与我国利用外汇储备对外投资类似，“弱势外资”以保值增值为目的，较少干预企业日常运营，因此利用“弱势外资”相比“强势外商”更具总体效益。

But li's opinion is just the opposite,He thinks that,VIE who helped a lot of private enterprises/High-tech enterprises to solve the problem of difficult financing difficulties and listed,Also to raise the international profile of these companies and brands.and,Compared with the general equity investment model,VIE to founders and management team to control the enterprise's profit distribution/Actual operation/Control of the,In addition,Enterprise to VIE structure is introduced"The weak foreign",Similar to China's foreign exchange reserves of foreign investment,"The weak foreign"To the value for the purpose,Less intervention in the enterprise the daily operation,So using"The weak foreign"Compared to the"Strong foreign"More overall benefits.

　　业界： In the industry:

　　鼓励还是限制？ Encourage or restrict?

　　望尽快有说法 Hope is as soon as possible

　　两位委员的隔空过招也在业界中引起了很大反响，李彦宏的VIE案也得到了很多业界人士的支持，比如易凯资本CEO王冉、新浪董事长曹国伟等人。王冉称，过于严苛的行业准入限制，导致大量迫不得已的中国民营企业在VIE的路上越走越远，该给VIE一个说法了。

Two members of distance training also caused a great sensation in the industry,Li VIE case is supported by many in the industry,For example, China ecapital CEO ecapital/Sina's chairman, Mr. Chao et al.Ecapital said,Too harsh industry access restrictions,Forced, resulting in a large number of private enterprises in China VIE way more walk more far,It's time to VIE a statement.

　　相比较全国政协委员、苏宁董事长张近东抛出的加强VIE模式监管的观点，互联网观察家信海光认为：“他们两人的提案表面看观点相左，但实际只是关注的角度不同，但李彦宏的提案对国家经济全局的推动影响更值得期待。VIE是中国民营企业、尤其是高科技企业十年发展摸索的一套创新模式，并帮助大批企业取得国际化发展。政府部门应重视VIE问题的解决，这是扶持战略性新兴产业、加快转型的重要一步，也是延续三十多年中国经济丰硕成果，让中国企业真正成为市场主体的关键举措。”

Compared to the CPPCC national committee/Su ning, chairman zhang near east of strengthen the regulation of the VIE model point of view,Think Internet watch letter from sea ray:"Opposition to the proposal that surface view both of them,But the actual just focus on different angles,But robin li, the proposal of the country's economic global push effect is worth looking forward to more.VIE is China's private enterprises/Especially the high-tech enterprise development for 10 years an innovative mode,And to help large enterprises internationalization.Government departments should attach importance to VIE the solution of the problem,This is supporting the strategic emerging industries/To speed up the transformation of the important step,And for more than thirty years the Chinese economy fruitful results,Let Chinese enterprises become the key of market main body."

　　至今，监管态度一直不明。2011年曾有一份监管部门内部报告指出，协议控制实质上规避了《关于外国投资者并购境内企业的规定》(简称10号文)对外资并购的规定。一些监管建议认为，应由商务部牵头，明确“协议控制”属于10号文中“以外商投资企业境内投资或其他方式规避前述要求”的情形，要求采取协议控制模式赴海外上市的企业必须经过商务部审批，并签证监会。此事一直未有下文。

So far,Regulatory attitude has been unknown.In 2011, has a regulatory department report said,The protocol control aversion in essence[Provisions on foreign investors m&a of domestic enterprises](Referred to as the no. 10)To the provisions of the foreign capital merger and acquisition.Think some regulatory Suggestions,Should be led by the ministry of commerce,clear"Protocol control"Belong to no. 10 in this"With investment of foreign-funded enterprises in China or other ways to circumvent the aforementioned requirements"The situation,Mandates a protocol control mode of overseas listed companies must go through the ministry of commerce for examination and approval,And sign the CSRC.It has been no below.