互联网行业VIE协议控制的法律效力

随着《外国投资法（草案征求意见稿）》的发布，互联网行业VIE协议的法律效力问题再次成为业内人士关注的焦点。不同于一般协议，VIE架构通过一系列协议构成，各协议均有其特定目的，通过系列协议组合实现VIE协议控制的目的。从学说和司法实务来看，单一协议的效力问题并无争议，争议的焦点在于VIE协议网络的目的是否非法且导致协议无效。互联网VIE协议网络效力如何，不可一概而论，需要具体分析VIE协议规避的规定内容和性质，确实属于《合同法》第52条第5项“以合法形式掩盖非法目的”的协议，方为无效。在解释论上，规避外资禁入互联网产业规定或者规避外国投资者并购境内企业规定的VIE协议并非全部无效。在立法论上，限制外资进入互联网产业既无助于解决可能存在的国家安全问题，也无益于推动互联网行业的进一步发展。

Legal Effect of VIE Contract in Internet Industry

With the issuing of Foreign Investment Law, the issue of legal effect of VIE contract in internet industry turns into focus of attention once again. Different from normal contracts, VIE framework is made up with a series of contracts with specific purposes, by which the VIE framework realizes its specific purpose. From the perspective of doctrine and judicial practice, the legal effect single contract is of effect. The focus of controversy is the legality of VIE framework. As to the legal effect of VIE framework, it depends on different content and characteristics of the provisions evaded by VIE framework. In interpretation of provisions, the contract is not absolutely void in evading provisions concerning prohibiting foreign investment in internet industry or limiting foreign investment to merger domestic enterprise in internet industry. In future legislation,it is not wise to limit foreign investment in internet industry, which makes no contribution to solve potential problems of national security and to drive the development of internet industry.