VIE（可變利益實體）架構通俗解析 —— 以阿里巴巴為例
什么是 VIE 架構？
VIE（Variable Interest Entity，可變利益實體）是一種特殊的法律結構，主要用于中國企業在海外上市，特別是受中國法律限制的行業（如互聯網、教育、傳媒等）。
由于中國法規不允許外資直接持有某些行業的公司，VIE 結構提供了一種“變通”方式，讓海外投資者可以通過合同控制這些公司，而不是直接持股。
VIE 架構的三大核心部分
以 阿里巴巴（BABA.US） 為例，它在美國上市采用的就是 VIE 結構。
1. 境外上市公司（Alibaba Group Holding Limited）
- 這個公司注冊在 開曼群島，因為這里稅收優惠，法律體系也適合國際投資。
- 這個公司是實際在美國上市的主體，阿里巴巴的BABA.US 就是在納斯達克上市的。
- 海外投資者購買的 阿里股票，其實買的是這個境外公司的股份，而不是真正持有阿里巴巴中國業務的股權。
2. WFOE（外商獨資企業，阿里巴巴（中國）網絡技術有限公司）
- WFOE 全稱：Wholly Foreign-Owned Enterprise（外商獨資企業），由境外上市公司 100% 控股。
- WFOE 不能直接持有阿里巴巴的核心業務公司（VIE）的股權，但它可以與 VIE 簽訂合同，控制其經營權和利潤分配。
- WFOE 通常注冊在自由貿易區（如上海自貿區），方便跨境業務和資金結算。
3. VIE 公司（阿里巴巴（中國）有限公司）
- 這家公司才是真正運營阿里巴巴中國業務的公司，比如淘寶、天貓、支付寶等核心業務。
- 由于政策限制，VIE 公司的股東必須是中國公民或本土企業，不能直接由外資持股。
- WFOE 通過協議控制 VIE，而不是直接持股，這樣既符合監管要求，又能讓境外投資者享受公司的收益。
VIE 結構如何運作？
VIE 結構依賴一系列法律協議，讓 WFOE “間接控制” VIE 公司的經營權和財務權。
關鍵協議
- 獨家業務合作協議：VIE 公司承諾只與 WFOE 進行業務合作，并將全部利潤支付給 WFOE，以“管理費”等名義轉移資金。
- 股權質押協議：VIE 公司的實際股東（比如馬云）將自己的股權抵押給 WFOE，確保他們不會違約或者隨意變更控制權。
- 投票權委托協議：VIE 公司的股東必須把自己的投票權全權委托給 WFOE 指定的人（通常是上市公司控制的個人）。
- 購股權協議：如果法律允許，WFOE 有權以極低的價格購買 VIE 公司的股權，從而最終實現真正控股。
這樣做的結果是：
? WFOE 不直接持有 VIE 的股份，但實際上控制了 VIE，保證了阿里巴巴集團的整體運作。
? 海外投資者買的不是阿里中國的股權，而是開曼公司的股權，但因為 WFOE 控制 VIE，公司整體仍然統一運作。
為什么要用 VIE 結構？
? 繞開政策限制：中國不允許外資直接控股互聯網公司，VIE 讓公司能在海外上市融資。
? 吸引全球投資者：VIE 結構讓阿里巴巴、騰訊、百度等公司能在美股上市，獲得全球資本支持。
? 創始團隊保留控制權：即使上市，創始團隊依然能通過 VIE 結構掌控公司的決策權。
VIE 結構的風險
? 法律風險：VIE 結構是“打擦邊球”，中國政府如果修改法規，VIE 可能被認定為非法。
? 投資者權利風險：海外投資者買的是開曼群島公司股票，而不是真正持有阿里巴巴的中國業務股份，合同如果失效，投資者可能失去控制權。
? 中美監管壓力：美國證監會（SEC）要求 VIE 結構的公司增加信息透明度，而中國監管層也加強了對 VIE 公司的審查。
總結
VIE 結構是一種繞開政策限制的上市模式，讓中國企業能在海外融資，同時維持國內業務的合規性。
? 阿里巴巴、騰訊、百度等公司都采用了 VIE 結構，成功在美國上市。
? VIE 讓投資者“間接持有”中國公司，而不是直接持股，投資前需要清楚合同的風險。
? VIE 結構并非永久安全，未來政策變化可能會影響其合法性。
簡單來說，VIE 是一個讓外資“間接持股”的法律設計，但它本身存在政策和合約風險，投資者需要謹慎考慮！
VIE (Variable Interest Entity) Structure Explained — Alibaba as an Example
What is the VIE Structure?
A Variable Interest Entity (VIE) is a legal structure commonly used by Chinese companies to list on overseas stock markets, especially in industries restricted by Chinese regulations (such as internet, education, and media).
Since Chinese law does not allow foreign investors to directly own companies in certain sectors, the VIE structure provides a workaround by allowing foreign investors to control the company through contractual agreements rather than direct ownership.
The Three Key Components of a VIE Structure
Alibaba (BABA.US) is a prime example of a Chinese company that went public using the VIE structure. Here’s how it works:
1. Offshore Holding Company (Alibaba Group Holding Limited)
- This company is registered in the Cayman Islands, a popular jurisdiction due to tax benefits and favorable corporate laws for international investors.
- This is the actual entity listed on the U.S. stock market, meaning that the Alibaba shares (BABA.US) traded on NASDAQ belong to this offshore company.
- Foreign investors buying Alibaba stock are actually purchasing shares of this Cayman-based entity, not Alibaba’s Chinese operations.
2. WFOE (Wholly Foreign-Owned Enterprise - Alibaba (China) Network Technology Co., Ltd.)
- WFOE (Wholly Foreign-Owned Enterprise) is a wholly owned subsidiary of the offshore holding company and is typically incorporated in a Chinese free trade zone (e.g., the Shanghai Free Trade Zone).
- WFOE cannot directly own shares in Alibaba’s Chinese business due to legal restrictions.
- Instead, WFOE signs contracts with the VIE to control its business and financial operations.
3. VIE (Alibaba (China) Co., Ltd.)
- The VIE is the company that operates Alibaba’s core business in China, including Taobao, Tmall, and other key services.
- Due to Chinese regulatory restrictions, the VIE’s equity is held by Chinese nationals or local entities, typically the company’s founders.
- Instead of owning the VIE outright, WFOE controls it through a series of legal agreements, creating an indirect but effective ownership structure.
How Does the VIE Structure Work?
The VIE structure relies on a set of contractual agreements that allow WFOE to “control” the VIE’s financial and operational decisions.
Key Agreements
- Exclusive Business Cooperation Agreement: The VIE agrees to conduct business exclusively with WFOE and transfer all profits to it in the form of service fees.
- Equity Pledge Agreement: The actual shareholders of the VIE (such as Alibaba’s founders) pledge their equity to WFOE as collateral, ensuring they cannot act against WFOE’s interests.
- Voting Rights Proxy Agreement: The VIE shareholders agree to grant their voting rights to WFOE or its designated persons.
- Call Option Agreement: WFOE is granted the right to purchase the VIE’s equity at a nominal price whenever legally permissible.
What This Means in Practice
? WFOE does not directly own the VIE, but it effectively controls it through these agreements.
? Foreign investors do not own Alibaba’s core Chinese business, but they invest in a Cayman entity that controls the business via contracts.
Why Use the VIE Structure?
? Bypasses Regulatory Restrictions: VIE allows Chinese tech companies to list on foreign stock exchanges despite restrictions on foreign ownership.
? Access to Global Capital: Companies like Alibaba, Tencent, and Baidu use the VIE structure to raise billions from international investors.
? Preserves Founder Control: Even after going public, the company’s founders can retain operational and decision-making control.
Risks of the VIE Structure
? Legal Risks: The VIE structure is a loophole rather than a legally protected model—Chinese regulators could declare it invalid at any time.
? Investor Protection Risks: Foreign investors do not own Alibaba’s Chinese business but rather rely on contractual agreements, which may not be enforceable if challenged.
? Regulatory Scrutiny: The U.S. SEC and Chinese regulators have tightened their oversight of VIE structures, increasing compliance risks.
Conclusion
The VIE structure is a workaround that allows Chinese companies to list on foreign stock markets while complying with local regulations.
? Major Chinese companies like Alibaba, Tencent, and Baidu use the VIE model to raise capital globally.
? Foreign investors don’t own the actual Chinese business—only shares in an offshore company that controls it via contracts.
? The structure is vulnerable to policy changes, so investors should carefully assess potential risks before investing.
In simple terms, the VIE structure allows foreign investors to “indirectly” own Chinese companies without direct equity ownership, but it comes with legal and regulatory uncertainties.
后記
2025年2月17日15點47分于上海。在GPT4o大模型輔助下完成。
——代理)
