| 致谢 | 第3-4页 |
| 摘要 | 第4-5页 |
| ABSTRACT | 第5页 |
| 1. Introduction | 第8-9页 |
| 1.1 The significance of topic | 第8页 |
| 1.2 The background | 第8-9页 |
| 2. Related studies | 第9-10页 |
| 2.1 Researches in china | 第9-10页 |
| 2.2 Researches abroad | 第10页 |
| 3. The innovations and shortcomings of this article | 第10-11页 |
| 4. The introduction of VIE structure | 第11-21页 |
| 4.1 Pre-VIE foreign investment | 第11-12页 |
| 4.2 Post-VIE foreign investment | 第12页 |
| 4.3 The usual pattern of constructing VIE | 第12-14页 |
| 4.4 The risks of VIE structures | 第14-17页 |
| 4.4.1 Insider Misappropriation | 第14-16页 |
| 4.4.2 The other risk of VIE | 第16-17页 |
| 4.5 The reason for Chinese concept stocks dismantling VIE structure and returning | 第17-20页 |
| 4.5.1 listed companies facing the pressure from regulation and other costs | 第17页 |
| 4.5.2 Chinese concept stocks didn't adapt to overseas markets well | 第17-18页 |
| 4.5.3 Policy guidance in china | 第18-19页 |
| 4.5.4 Domestic capital markets are turning better | 第19-20页 |
| 4.5.5 Some fraud companies are compulsory to get delisted | 第20页 |
| 4.6 The procedure and other considerations of dismantling VIE | 第20-21页 |
| 4.6.1 Some considerations of dismantling VIE | 第20页 |
| 4.6.2 The procedures of dismantling VIE | 第20-21页 |
| 5. Case introduction | 第21-30页 |
| 5.1 The introduction of GA's development | 第21页 |
| 5.2 The motivation of building VIE structure | 第21-22页 |
| 5.3 The process of building and dismantling VIE structure | 第22-27页 |
| 5.3.1 Building VIE structure period | 第22-23页 |
| 5.3.2 Overseas listing and development period | 第23页 |
| 5.3.3 Overseas privatization delisting period | 第23-25页 |
| 5.3.4 Dismantling VIE agreements period | 第25-27页 |
| 5.4 The procedure of reverse merger | 第27-30页 |
| 5.4.1 The introduction of reverse merger | 第27页 |
| 5.4.2 The advantages of reverse merger | 第27-28页 |
| 5.4.3 The disadvantages of reverse merger | 第28页 |
| 5.4.4 The definition of "shell" company in reverse merger | 第28页 |
| 5.4.5 "Shell" company in the reverse merger of Giant Network | 第28-29页 |
| 5.4.6 The process of Giant Network's reverse merger | 第29-30页 |
| 6. Case analysis | 第30-34页 |
| 6.1 Considerations on ways of returning | 第30-31页 |
| 6.2 Debates about removing VIE structure | 第31-32页 |
| 6.3 Considerations on attitudes of regulatory institutes to VIE structure companies planning to return | 第32-33页 |
| 6.4 Deal with tax during the removing VIE | 第33页 |
| 6.5 Make the equity structure simple, clear and stable | 第33-34页 |
| 7. Case Revelation | 第34-35页 |
| 7.1 Balance shareholders' interests | 第34页 |
| 7.2 Strictly abide by the national approval process | 第34-35页 |
| 7.3 have a clear understanding upon the effects brought by Chinese concept stocks returning | 第35页 |
| 8. Suggestions | 第35-38页 |
| 8.1 The suggestions for governments | 第35-36页 |
| 8.2 The suggestions for domestic capital market regulation | 第36-37页 |
| 8.3 The suggestions for Chinese concept stocks with VIE structure | 第37页 |
| 8.4 The suggestions for investors joining in privatization of Chinese concept stocks | 第37-38页 |
| 9. Conclusions | 第38-40页 |
| References | 第40-41页 |
