從灰色地帶到規範化－－VIE架構在負面清單時代下的再審視

From the Gray Area to Standardization: A Reassessment of the VIE Structure in the Era of the Negative List

VIE（可變利益實體）架構長期以來作為中國企業繞過外資准入限制、實現境外融資與上市的重要工具，然而，其合法性一直處於法律的灰色地帶。隨著中國監管機構加強審查，特別是在外商投資法指導目錄、外商投資准入負面清單及境外上市監管規範的推動下，VIE企業的監管環境正發生重大變化。本研究旨在探討改革開放之初吸引外商投資的變通手段及其對於吸引外商投資做出的重大貢獻，VIE架構在負面清單時代的法律地位、監管趨勢及其面臨的風險與挑戰，並分析未來可能的發展方向。
文章首先回顧VIE的發展背景，並分析中國政府對VIE從默許到監管強化的歷程，特別關注2021年後出台的監管措施，如中國證監會的境外上市規範、數據安全審查、新版負面清單等，對VIE企業境外上市的影響。其次，研究從監管法規風險、協議法律風險、公司治理風險、投資人權益保障等角度剖析VIE模式的潛在風險，並探討政府未來可能的監管方向。
結論指出，VIE企業若希望從「灰色地帶」邁向「規範化」，需適應中國監管環境的變化，強化內部治理，提高財務透明度，並考慮轉向更合規的境外上市模式（如紅籌架構或直接外資投資）。此外，投資者亦需審慎評估VIE企業的合規風險與市場不確定性，降低可能的財務與法律風險。本研究強調，在負面清單時代，VIE模式的生存空間正逐步縮小，其未來發展將取決於監管機構的進一步指導與市場適應能力。

Investment Law catalog, the foreign investment negative list, and regulations on overseas listings, the regulatory environment for VIE companies is undergoing significant changes. This study aims to explore the flexible means used to attract foreign investment at the beginning of China’s reform and opening-up policies, the significant contributions made by foreign investment, the legal status of VIE structures in the era of negative lists, regulatory trends, and the risks and challenges they face, as well as analyze possible future development directions.
The article first reviews the development background of VIEs and analyzes the process by which the Chinese government shifted from tacit approval to strengthened regulation of VIEs, with a particular focus on regulatory measures introduced after 2021, such as the China Securities Regulatory Commission’s overseas listing regulations, data security reviews, and the new version of the negative list, and their impact on VIE companies’overseas listings. Secondly, the study analyzes the potential risks of the VIE model from perspectives such as regulatory and legal risks, corporate governance risks, investor protection, and explores possible future regulatory directions by the government.
The conclusion points out that if VIE companies wish to transition from the“gray area”to“standardization,”they must adapt to changes in China’s regulatory environment, strengthen internal governance, improve financial transparency, and consider shifting to more compliant overseas listing models (such as red-chip structures or direct foreign investment). In addition, investors must also carefully assess the compliance risks and market uncertainties of VIE companies to mitigate potential financial and legal risks. This study emphasizes that, in the era of the negative list, the space for the survival of the VIE model is gradually shrinking, and its future development will depend on further guidance from regulatory authorities and the market’s adaptability.