艾布姆斯(Stan Abrams): VIE结构暗藏巨大风险

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本期的中国金融播客,嘉宾艾布姆斯(Stan Abrams)讨论了VIE结构,以及为什么他在VIE存在早期就对此发出过警示。

您可以在音频播客节目中收听完整的采访,或者阅读下面的采访摘要。

- VIE的构建迫于中国对外资限制的法律环境

- 外国投资者在VIE结构中权益保障极低,甚至为零

-未来投资者在运用VIE时需格外谨慎,并需积极探讨如何通过法律途径保障投资者权益

本期嘉宾:
艾布姆斯(Stan Abrams)是一位长居中国的美国律师,主要关注科技,知识产权和互联网相关的法律咨询。他目前在北京中央财经大学教授知识产权法。

 

10 意见

  1. Stan, thanks for the update on whether VIE is entity or equity. I have heard both, and they both apply to BIDU, SOHU,GIGM, SINA, LTON, and the new youku and tudou listings of course. But what you and others give me no insight into is WHEN will the PRC govt make VIE illegal. I know that is a god awful stretch to predict but what would you think could instigate the govt to make these structures non grata?
    Cheers!

  2. Malcolm,

    I don’t expect the government to do anything so formal as to make VIE structures illegal. They have the flexibility now to pick and choose which firms they wish to enforce against.

    When might VIE become even more risky? As I said in the podcast, if the gov’t decides that the domestic industry doesn’t need foreign investment/expertise anymore. (No guess on when that might be.)

  3. Hi Stan,

    Thanks for this clear description of VIEs. I am a law school student in the U.S., and just spent this past summer at an international law firm in Shanghai learning all about VIEs. This podcast really contributed to my understanding of the structure.

  4. Thanks for the great overview of the VIE structure Nina and Stan!

    Stan’s comment to Malcolm is a reasonable response but one that still does not help me in my own risk analysis. Whilst you provide other thoughts on what would be the end-game for VIEs in China? There must be risk scenarios under which some sort of government pronouncement encourages local nationalistic officials to state these VIE are illegal.

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