Program Operation And Effect Evaluation Of VIE Structure Demolished By China Concept Stocks

At the dawn of the Internet,due to the restrictions on Internet enterprises listed by domestic capital markets,a large number of Internet enterprises chose to build VIE structure.In the context of China's continuous economic development,these overseas listed Chinese concept stocks were once popular and attracted the attention of foreign investors.However,with the continuous appearance of the risk abuses of VIE structure,the undervaluation of corporate value caused by the difference of valuation between China and the United States and the multiple rounds of short selling abroad,the development of Chinese stock companies is in dire straits.At the same time,the prosperity of domestic capital market,the national policy's tilt on the internet industry is constantly attracting the return of the stock enterprise.Under the background of this era,the emergence of a wave of Chinese-stock enterprises to dismantle the VIE structure to return to the domestic wave.The enterprise dismantling the VIE structure returns to the domestic,for the company itself,is advantageous to its in the domestic development new business,promotes the enterprise valuation,for our country's capital market,also needs this kind of Internet High-tech enterprise to share the social benefit of the Internet development,promotes the domestic capital market consummation.Qihoo 360,the largest Internet enterprise in China,has returned to the domestic trend in recent years in the stock dismantling vie the shell concept of hot,in the dismantling process formed a clear idea of the operation of the scheme,guiding the VIE structure of the smooth dismantling,to avoid the dismantling process of multiple risks,but also bring certain positive effects.As the largest successful dismantling of Vie architecture in recent years,the whole process dismantling scheme of Qihoo 360 can provide reference for the subsequent attempts to dismantle the VIE structure regression.Firstly,this paper introduces the research background and significance of the split VIE structure of the enterprise,summarizes the research of the domestic and overseas scholars on the privatization and the enterprise dismantling of Vie,and expounds the related concepts and theories about the enterprise dismantling vie structure.At the same time,with the case of Qihoo 360 dismantling the VIE architecture,from the implementation of the prophase arrangement of the Uncoupling Vie architecture,the control of the key link of dismantling the VIE structure and the cleanup of the remaining problems of the VIE architecture three longitudinal angles comprehensively analyzed the scheme operation of Qihoo 360 uncoupling Vie architecture,and evaluated the effect of its dismantling.In the first procedure of the enterprise dismantling the VIE structure,the research finds that Qihoo 360 mainly implements the prophase arrangement of dismantling in three aspects,which is to guarantee the privatization sponsor's high share shareholding,to build the characteristic industry and to maintain the high profit level.In the second procedure of the enterprise dismantling the VIE structure,the analysis shows that Qihoo 360 has controlled the key process of dismantling by means of the negotiation of RMB fund,the prudent source of funds,the innovative financing channel,the design of "dual SPV" platform to raise funds,and the choice of backdoor scheme to realize the rapid listing of four In the final procedure of the enterprise dismantling the VIE structure,it is found that Qihoo 360 has cleaned up the remaining problems in the three levels,such as encouraging the rights and interests of the employees,handling the tax-related matters,and canceling the foreign exchange registration of the safe.At the same time,through the evaluation of the three procedures of the Qihoo 360 dismantling the vie structure,it is found that dismantling vie structurebrings the effect of reducing the financing risk,the enterprise valuation Rising,the cost and time saving and the industrial layout extension.Finally,based on the analysis of the operation of Qihoo 360 longitudinal scheme,this paper sums up the experience of uncoupling vie architecture and the matters needing attention.It is a valuable experience for the company to dismantle the VIE structure by guaranteeing the sponsors high shareholding,prudent innovation of financing channels and promoting tax and foreign exchange compliance.The face of Qihoo 360 in the dismantling process is not to avoid the risk point,should focus on the proposal from the construction of new characteristics of the business model,prevention of "dual SPV" platform under the multi-level distribution risk and optimize the current employee equity incentive plan three aspects to strengthen.