Variable Interest Entities（VIEs）
　　可变利益实体(Variable Interest Entities；VIEs)，即“VIE结构”，也称为“协议控制”，是指境外上市实体与境内运营实体相分离,境外上市实体通过协议的方式控制境内运营实体,使该运营实体成为上市实体的可变利益实体.这种安排可以通过控制协议将境内运营实体的利益转移至境外上市实体,使境外上市实体的股东（即境外投资人）实际享有境内运营实体经营所产生的利益，此利益实体系指合法经营的公司、企业或投资。这是USCPA考试中的考点之一，跟着高顿网校USCPA小编来了解一下吧。
　　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/返程投资公司）
　　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的特点
　　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中设立VIE的本意，是防止公司通过设立影子单位，进行人为操控。堵塞的漏洞是“应该合并，而不合并”的情况。
　　实务中primary beneficiary（通常为一个WFOE）与VIE registered shareholders（代持股东）典型的两类四个合同安排
　　Agreements that provide the company effective control over the VIE entities
　　Power of attorney.不可撤销的任命WFOE为代持股东的全权、*10、排他的代表，代行全部VIE股东权利
　　Exclusive equity option agreement.一旦法律允许，WFOE有权在自行决定的时间，以法律所允许的最低价格，从代持股东手中收购VIE的全部股份。代持股东必须无条件配合出售，并办理工商过户。
　　Agreements that transfer economic benefits to the company
　　Exclusive services agreement. 由WFOE，按其独自决定的价格（*6等于VIE的全部净利），排他性的向VIE提供管理咨询服务。
　　Equity Interest Pledge Agreement. 代持股东将全部代持股份抵押给WFOE. 一旦代持股东未能履行职责，WFOE有权出售抵押股份。