Page 34 - CCFA Journal - 8th Issue

合规 Governance 加中金融

Governance: The Bottom-line on VIE

合规：可变权益实体(VIE) 的底线

【Daye Deng 有 10 年的全球股票投资经验，他最近在香港的麦肯锡投资公司工作。目
前，他为独立的股票研究期刊 Value Punks 撰稿，该期刊每月发布一则有深度的股票

见解(“公司详解”)。您可以在 Valuepunks.substack.com 上查看该出版物，或在
Twitter 上关注 Daye @dengusa】

Daye has a decade of global equities investing experience, most recently at Mackenzie
Investments based in Hong Kong. Currently he writes for Value Punks, an independent
equity research newsletter which publishes one in-depth stock idea (“company deep dive”)
every month. You can check out the publication at Valuepunks.substack.com, or follow
Daye on Twitter at @dengusa

本文由志愿者 Sarah 翻译

对于许多中国股票的海外投资者来说，可变权益实体(VIE)是一个难以捉摸的话题。在过去的 20 年里，这个话题在“VIE 恐
慌周期”中反复出现。在最近的 2021 年底，也就是在中国科技行业监管压力加大的一年后，VIE 再次成为热门话题。不
幸的是，许多投资者对 VIE 缺乏良好的背景知识，甚至缺乏基本的专业理解，所以他们很容易被主流媒体的报道所左右。
媒体对 VIE 的报道通常存在偏差，它会优先传播恐慌情绪和不确定性，而不是对这个话题采取更细致和客观的处理。

事实上如果不是迫不得已，没人愿意和 VIE 打交道。但对于中国科技公司的海外投资者来说，这是不可避免的妥协。VIE
代表了发行人(公司)、中国政府和海外投资者之间的妥协。在本文中，我们基于 VIE 的事实和政治中立的立场进行分析，
为投资者对 VIE 有效的理解奠定了一定的基础。同时，我们还分析了一些普遍存在的误解。我们希望投资者能够利用本文
提供的信息，就这个问题得出自己的结论。免责声明:本文仅供参考，不构成投资建议。

Variable Interest Entities (VIE) is a subject that has proved elusive for many overseas investors of Chinese equities. For the past
two decades, the topic has resurfaced from time to time, in what can perhaps be characterized as “VIE scare-cycles”. Most
recently, in late 2021, after a year which saw intensified regulatory pressure on China’s tech sector, VIE became a hot topic once
again. Unfortunately, many investors lack a good contextual and even basic technical understanding of the subject, and are easily
swayed by mainstream media reporting. It does not help the fact that media coverage of the topic is often of poor quality,
prioritizing spreading fear and uncertainty over taking a more nuanced and objective treatment of the subject.

Let’s be real – nobody wants to deal with a VIE if they don’t have to. But for overseas investors of Chinese tech companies, this is
a compromise that cannot be avoided. VIE represents a compromise between the issuer (company), the PRC government, and
overseas investors. In this article, we lay some groundwork for investors to have a functioning understanding of VIE, based on a
fact-based and politically neutral treatment of the subject. We also debunk some commonly held misconceptions along the way.
We hope investors can use the information presented here to arrive at their own conclusions on the subject. Disclaimer: this
article is for informational purposes only and nothing here constitutes investment advice.

CCFA JOURNAL OF FINANCE August 2022
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