VIE模式企业的公司治理风险分析及应对措施  

Risk Analysis and Responding Measures for Corporate Governance under the VIE Model

作　　者：王聪 韩金红[1] WANG Cong;HAN Jin-hong(Xinjiang University of Finance and Economics,Urumqi,Xinjiang 830012)

机构地区：[1]新疆财经大学,新疆乌鲁木齐830012

出　　处：《天津商务职业学院学报》2021年第4期10-14,共5页Journal of Tianjin College of Commerce

基　　金：国家自然科学基金项目“VIE境外上市模式、盈余质量及企业价值”(项目编号:71662030);新疆维吾尔自治区天山青年计划优秀青年科技人才项目“VIE上市模式与企业资本结构动态调整”(项目编号:2019Q024)阶段性研究成果。

摘　　要：目前,VIE模式已成为我国TMT公司进行境外上市的首要选择,不仅可以为其境内实体拓宽融资途径,还可为境外投资者输送经济利益,以此来吸引更多境外投资者的资本投入。但VIE模式企业在其公司治理过程中需要遵循境内外两套不同的公司治理制度,在制度执行过程中势必存在分歧,从而引发公司治理风险。本文分析了VIE模式企业存在的风险特征,并从协议控制、董事会治理及信息披露三个角度分别提出相应的措施,通过分散境内VIE实体股权、确保境内外董事会利益一致、两职分离逐步放权、完善境内VIE企业的信息披露制度来更好地规避风险,以期为VIE模式企业进行有效的公司治理提供有益借鉴。At present,the VIE model has become the primary choice for Chinese TMT companies to list overseas,which can not only broaden the financing channels for its domestic entities,but also provide economic benefits for overseas investors by attracting more capital investment from overseas investors.However,enterprises under the VIE model need to follow two different sets of systems at home and abroad in the process of corporate governance,which is bound to cause differences in the process of system implementation resulting in corporate governance risks.This paper analyzes the risk characteristics of VIE model,and puts forward corresponding measures from the perspectives of protocol control,board governance and information disclosure.Risk aversion depends on dispersing the domestic VIE entity equity,ensuring the same interests for board at home and aboard and separation of the two position,which will provide useful reference for effective corporate governance of enterprises under the VIE model.

关 键 词：VIE模式 公司治理风险 应对措施 

分 类 号：F272.35[经济管理—企业管理]