VIE架构长期存在的监管缺位困境似乎在近年来逐渐被突破——我国监管部门已经开始在网络安全、数据合规、经营者集中等领域从政策和实践两个角度入手明确对VIE架构的监管。本文认为，VIE领域强监管时代的来临并非表明对VIE架构的否定，而是体现出监管部门有意完善监管体系从而更好地引导VIE架构朝更加合法合规的方向稳步前进。面对这一监管变化，中美监管部门应当加强合作、促进双赢；而企业应当加强合规建设，同时可以选择回归境内资本市场作为融资新途径。
The long-standing dilemma of the lack
of regulation of VIE structures seems to have been gradually broken through in
recent years—China’s supervisory authorities have started to clarify the
supervision of VIE structures from both policy and practice perspectives in
areas such as network security, data compliance and concentration of
undertakings. This paper argues that the advent of the era of strong supervision
in the VIE sector does not indicate a rejection of VIE structures, but rather
reflects the intention of the supervisors to improve the supervisory system so
as to better guide VIE structures to move steadily in a more legal and
compliant direction. In the face of this supervisory change, the US and Chinese
regulators should strengthen cooperation and promote a win-win situation, while
enterprises should strengthen compliance system, and at the same time may
choose to return to the domestic capital market as a new way to raise capital.
