摘 要

国内资本市场的火热，美股投资者的低估值，再加上暴风科技的成功上市让其成为第一家拆除VIE架构在国内上市的互联网公司，而在上市后估计一路涨停，公司市值达到300多亿。让不少在美上市的中概股眼红，纷纷宣布启动私有化进程，准备拆除VIE架构，回归A股，其中也不乏奇虎360这样的大体量公司。但在目前的资本环境下回归A股对于VIE结构公司和中国证券市场来说既是机遇也是挑战。证券市场既火爆又具有不稳定性，对VIE结构公司回国可能产生双重影响；优质的VIE结构公司回归肯定对股票市场发展有推动作用，但如何去更好的接纳VIE结构公司，完善资本市场制度这对中国资本市场也是一个难题。本文拟从国内外资本环境，国内政策，以及途径等多方面探讨VIE架构公司回归。期望寻找到解决方案，对VIE结构公司回归A股作出贡献，共同促进资本市场完善和发展。

关键词：VIE结构；退市；资本

Abstract

The domestic capital market, stock investors low valuations, coupled with the success of the tempest technology listed can be turned into the first dismantled VIE structures in domestic listed Internet companies, and estimate all the way to harden after listed, the company a market he domestic capital market, stock investors low valuations, coupled with the success of the tempest technology listed can be turned into the first dismantled VIE structures in domestic listed Internet companies, and estimate all the way to harden after listed, the company a market value of more than 300. For many in the U.S. listed are jealous, have announced the launch of privatization, ready to dismantle the VIE structure, return to A shares, among them there are such big company QIHOO 360. But in the current environment of capital return to A shares for VIE structure company and China's securities market is both opportunity and challenge. Securities market is booming and instability, returning to VIE structure company may double effect; Quality VIE structure company return must have promoted development of the stock market, but how to better accept VIE structure, improve the system of capital markets for China's capital market is a difficult problem. This article from the domestic and foreign capital environment, domestic policies, as well as ways and other aspects discussion VIE architecture company return. Expect to find the solution, the VIE structure can contribute to the company to return to A shares, promote capital market perfection and development. of more than 300. For many in the U.S. listed are jealous, have announced the launch of privatization, ready to dismantle the VIE structure, return to A shares, among them there are such big company QIHU 360. But in the current environment of capital return to A shares for VIE structure company and China's securities market is both opportunity and challenge. Securities market is booming and instability, returning to VIE structure company may double effect; Quality VIE structure company return must have promoted development of the stock market, but how to better accept VIE structure, improve the system of capital markets for China's capital market is a difficult problem. This article from the domestic and foreign capital environment, domestic policies, as well as ways and other aspects discussion VIE architecture company return. Expect to find the solution, the VIE structure can contribute to the company to return to A shares, promote capital market perfection and development.

Key Words：Variable Interest Entities；delist；capital

目录

摘 要 III

Abstract IV

目录 1

第一章 绪论 2

1.1 研究背景与意义 2

1.1.1 研究背景 2

1.1.2 研究意义 2

1.2 研究思路、内容框架和研究方法 3

1.2.1 研究思路 3

1.2.2 内容框架 3

1.2.3 研究方法 4

1.3 可能的创新和不足 4

1.4 本章小结 4

第二章 文献综述与理论基础 5

2.1 文献综述 5

2.2 理论基础 5

2.2.1 逐利性理论 5

2.2.2 成本理论 6

第三章 VIE结构在中国公司的实现 7

3.1 中国公司赴境外上市动因 7

3.1 红筹模式 8

3.2 VIE结构在中国公司的实现 8

第四章 VIE结构公司在美私有化退市 11

4.1 私有化退市浪潮 11

4.2 私有化退市的动因分析 11

4.2.1 国内原因 11

4.2.2 国外原因 12

4.3 私有化退市操作和可能性 13

第五章 从资本环境、政策、途径去探究VIE结构公司回归热潮 15

5.1 从资本环境的角度 15

5.1.1 资本环境的利好方面 15

5.1.2 资本环境的利差方面 16

5.2 从政策环境的角度 16

5.3 从途径的角度 17

第6章 结论与建议 19

参考文献 20

致谢 22

第一章 绪论

1.1 研究背景与意义

1.1.1 研究背景

由于中国国内证券市场发展时间较短，在发展的初期门槛高、层次少，许多企业无法上市进行融资，很多企业开始寻求在境外上市来进行融资，促进公司的发展。但由于直接前往境外IPO的条件（证监会有限制）过于苛刻，另外一条上市的途径被探索出来——红筹模式，但2006年后中国监管机构的监管政策不断加强，红筹模式直接被阻断，但并没有阻断掉中国企业赴境外上市的热情，红筹模式的衍生品——VIE结构模式被探索出来。众多赴境外上市企业都通过架构VIE结构来完成上市。

与此同时中国资本市场也在不断发展，特别是中国证券市场的发展状况：股民人数和证券资金的不断增加，市场制度不断完善，层次不断丰富；国内对外资的政策也在不断放开；国内中小企业的融资环境也在不断改善。相比远赴境外上市，更多的企业选择在中国国内上市融资。