从“支付宝事件”析VIE模式的法律风险与监管对策

The Legal Risk and Regulatory Measures of the VIE Model from the Alipay Events

马云转让支付宝股权事件发生后,中国企业在境外上市所采用的VIE模式开始进入学界的关注视野。从公司法和金融监管的角度探析VIE模式中的法律风险,在梳理自上世纪90年代开始对企业境外上市的监管法规的基础上,尊重VIE模式的市场生成逻辑,树立实质主义的监管思路,建构对VIE模式的监管体系。

After Ma- yun transferred the Alipay equity, the VIE model adopted by Chinese companies in overseas listing began to attract the attention of academic circles. Analysis the VIE model from the perspective of corporation law and financial regulation in the legal risk, on the basis of regulations on overseas listing since the 1990 s, we should respect the VIE model generation logic of market, set up the essence of socialist supervision train of thought, construct the VIE model for supervision system.