| With the trend of economic globalization continues to strengthen, more and moreChinese enterprises began to use foreign capital markets to obtain the necessary funds anddevelop the domestic industries. Since the beginning of Sina Company listed on NASDAQin2000, the contractual control mode becomes the core characteristics legal framework formost private enterprises indirect overseas listing. There is no clear legal definition ofcontractual control mode, and its legal supervision is in a grey zone. In2011, the AliPayincident has aroused intense discussion on the legal issues of this model. As thecombination product with U.S. variable interest entity, contractual control mode plays animportant role in easing the financial difficulties of domestic enterprises. But there is also ahuge legal risk. We should study this pattern in point of legal, provide theoretical basis fornational legal supervision, and promote the development of socialist market economy andlegal system.In this paper, the first part, mainly introduces the thesis and significance, presentresearch achievements of contractual control mode of legal supervision in this field athome and abroad, put forward research ideas and innovations of this article. The secondpart, comparative analysis contractual control and variable interest entities, studycontractual control mode works, analysis the legal effect and to evaluate the model. Thethird part, research motivation generated by this model, discusses the legal risks of itsexistence, and proposed risk solution. The fourth part discusses the theoretical basis oflegal supervision, put forward the defects of legal supervision, and describe the suggestions.The fifth part discusses our country should admit the legal status of the contractual controlmode, perfect the legal supervision system, prevent the legal risk effectively, and protectthe legitimate rights and interests of market participants, promote efficient, fair, sustainabledevelopment of our country market economy. |
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