Variable Interest Entities（VIEs）
　　可變利益實(shí)體(Variable Interest Entities；VIEs)，即“VIE結(jié)構(gòu)”，也稱為“協(xié)議控制”，是指境外上市實(shí)體與境內(nèi)運(yùn)營實(shí)體相分離,境外上市實(shí)體通過協(xié)議的方式控制境內(nèi)運(yùn)營實(shí)體,使該運(yùn)營實(shí)體成為上市實(shí)體的可變利益實(shí)體.這種安排可以通過控制協(xié)議將境內(nèi)運(yùn)營實(shí)體的利益轉(zhuǎn)移至境外上市實(shí)體,使境外上市實(shí)體的股東（即境外投資人）實(shí)際享有境內(nèi)運(yùn)營實(shí)體經(jīng)營所產(chǎn)生的利益，此利益實(shí)體系指合法經(jīng)營的公司、企業(yè)或投資。這是USCPA考試中的考點(diǎn)之一，跟著高頓網(wǎng)校USCPA小編來了解一下吧。
　　Variable Interest Entities are entities that either does not have equity investors with voting rights or lacks the sufficient financial resources to support its activities.
　　In IFRS，it is called special purpose entities（SPE，特殊目的公司/返程投資公司）
　　The equity holders of VIE have below strange characteristics：
　　Insufficient level of equity investment at risk
　　Inability to make decisions or direct activities
　　No obligation to absorb entity‘s expected losses
　　No right to receive expected residual returns
　　Disproportional voting rights
　　The primary beneficiary is the entity that has the power to direct the activities of a VIE that most significantly impact the entity‘s economic performance，and absorbs the expected VIE losses，or receives the expected VIE residual returns.
　　Primary beneficiary的特點(diǎn)
　　Absorb the expected VIE losses，OR
　　Receives the expected VIE residual returns.
　　Identifying a variable interest in a business entity
　　Company an business entity have an arrangement
　　Business entity is a legal entity（not a person）
　　Business entity fails to qualify for exclusion
　　Interest is more than insignificant
　　Company has an explicit or implicit variable interest in the entity.
　　Under US GAAP，all consolidation decisions are *uated
　　1st under the VIE model
　　2nd under the voting interest model.
　　GAAP中設(shè)立VIE的本意，是防止公司通過設(shè)立影子單位，進(jìn)行人為操控。堵塞的漏洞是“應(yīng)該合并，而不合并”的情況。
　　實(shí)務(wù)中primary beneficiary（通常為一個(gè)WFOE）與VIE registered shareholders（代持股東）典型的兩類四個(gè)合同安排
　　Agreements that provide the company effective control over the VIE entities
　　Power of attorney.不可撤銷的任命WFOE為代持股東的全權(quán)、*10、排他的代表，代行全部VIE股東權(quán)利
　　Exclusive equity option agreement.一旦法律允許，WFOE有權(quán)在自行決定的時(shí)間，以法律所允許的最低價(jià)格，從代持股東手中收購VIE的全部股份。代持股東必須無條件配合出售，并辦理工商過戶。
　　Agreements that transfer economic benefits to the company
　　Exclusive services agreement. 由WFOE，按其獨(dú)自決定的價(jià)格（*6等于VIE的全部凈利），排他性的向VIE提供管理咨詢服務(wù)。
　　Equity Interest Pledge Agreement. 代持股東將全部代持股份抵押給WFOE. 一旦代持股東未能履行職責(zé)，WFOE有權(quán)出售抵押股份。