[1]
[美] Douglas C. North, Institutions, Institutional Change and Economic Performance,Cambridge University Press, 1990, Chaps. 5 and 6; John McMillan & Christopher M. Woodruff, Private Order under Dysfunctional Public Order, 98 Michigan Law Review 2421 (2000).

[2] 有关合同的非正式实施,参见
[美] Lester Telser, A Theory of Self-enforcing Agreement, 53(1) Journal of Business 24 (1980);
[美] Oliver Williamson, Credible Commitments: Using Hostage to Support Exchange, 73 American Economic Review 519 (1983);
[美] Lisa Bernstein, Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry, 21 Journal of Legal Studies 115 (1992);
[美] Greif, Avner, Contract Enforceability and Economic Institutions in Early Trade: The Maghribi Traders' Coalition, 83 (3) American Economic Review 525 (1993).

[3] 有关合同的正式实施,参见
[美] Christopher Clague et al., Contract-Intensive Money: Contract Enforcement, Property Rights, and Economic Performance, 4 Journal of Economic Growth 185, 188 (1999);
[美] Rafael La Porta et al., Legal Determinants of External Finance, 52 Journal of Finance 1131, 1132 和1149 (1997);
[美] Ross Levine et al.; Financial Intermediation and Growth: Causality and Causes, 46 Journal of Monetary Economics 31 (2000).

[4] 有关财产权正式和非正式实施的文献分析,参见
[加] Michael Trebilcock and Paul-Erik Veel, Property Rights and Development: The Contingent Case for Formalization, 30 University of Pennsylvania Journal International Law 397 (2008).

[5]
[加] Michael J. Trebilcock and Jing Leng, The Role of formal Contract Law and Enforcement in Economic Development, 92 Virginia Law Review 1517, 1573 (2006).

[6]
[加] Michael Trebilcock and Paul-Erik Veel, Property Rights and Development: The Contingent Case for Formalization, 30 University of Pennsylvania Journal International Law 397 (2008).

[7]
[中] Guanghua Yu, The Roles of Law and Politics in China’s Development,New York, Heidelberg and Singapore: Springer, 2014, Chaps 2 to 5;
[中] Guanghua Yu, Adaptive Efficiency and Economic Development in China: The Definition and Enforcement of Property Rights, 11 Australian Journal of Asian Law 82 (2009).

[8] 参见
[中] Jiahua Che and Yingyi Qian, Insecure Property Rights and Government Ownership of Firms, 113 The Quarterly Journal of Economics 467 (1998);
[美] Donald Clarke, Economic Development and the Rights Hypothesis: The China Problem, 51 American Journal of Comparative Law 89, 109 (2003);
[美] Allen, F, Qian Jun and Qian, Meijun, Law, Finance, and Economic Growth in China, 77 Journal of Financial Economics 57 (2005);
[中] Xiaobo Zhang, Asymmetric Property Rights in China’s Economic Growth, 33 William Mitchell Law Review 567, 584 (2007);
[美] Donald Clarke, Peter Murrell and Susan Whiting, The Role of Law in China’s Economic Development, in China’s Great Economic Transformation in Loren Brandt and Thomas G Rawski (eds), China’s Great Economic Transformation, Cambridge University Press, 2008;
[美] Frank K. Upham, From Demsetz to Deng: Speculations on the Implications of Chinese Growth for Law and Development Theory, 41 New York University Journal of International Law and Politics 551 (2009).

[9]
[美] David Schindelheim, Variable Interest Entity Structures in the People’s Republic of China: Is Uncertainty for Foreign Investors Part of Economic Development Plan? 21 Cardozo Journal of International and Comparative Law 195, 207 (2012).

[10]
[美] Markensie Larson, Alibaba’s VIE Structure and Erosion of BEPS Goals in China’s E-Commerce Industry, 33 Temple International and Comparative Law Journal 201, 209 (2019).

[11]
[中] Li Guo, Chinese Style VIEs: Continuing to SNEAK under Smog? 47 Cornell International Law Journal 596, 573 (2014).

[12]
[中] Li Guo, Chinese Style VIEs: Continuing to SNEAK under Smog? 47 Cornell International L Journal 596, 573 (2014).

[13] 刘燕:《企业境外间接上市的监管困境及其突破路径 – 以协议控制模式为分析对象》,载《法商研究》,2012年第5期,第14页.

[14]
[美] Douglas C. North, Institutions, Institutional Change and Economic Performance,Cambridge University Press, 1990, p. 80.

[15]
[美] Douglas C. North, Institutions, Institutional Change and Economic Performance,Cambridge University Press, 1990, p. 81.

[16]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 433 (2023);
[中] Li Guo, Chinese Style VIEs: Continuing to SNEAK under Smog? 47 Cornell International Law Journal 596, 574 (2014); 和刘燕,《企业境外间接上市的监管困境及其突破路径 – 以协议控制模式为分析对象》,载《法商研究》,2012年第5期,第17页. 

[17] 唐应茂:《国际金融法-跨境融资和法律规则》(第二版),北京大学出版社,2020年版,第77-91页.

[18] A股历次IPO暂停时间及背景,https://weibo.com/ 1482739370/5065774196853132,2025年2月15日访问；重磅！刚刚证监会定调！保持IPO、再融资常态化,https://mp.weixin.qq.com/s?__biz=MzA4NjM2ODEyNw==&mid=2661257236&idx=1&sn=7096eb085dd3999faedbc16eabb06561&chksm=84a2fa04b3d57312e7a2dde0b2a8b7a5eb3fd1a5b56cfcaf1504436d181d3290ed50d3320868&scene=27, 2025年2月15日访问.

[19] 王啸和何秦:《当前企业发行上市体制下的若干问题探讨》,载《证券市场导报》,2010年12月号,第5页.

[20] 王啸和何秦:《当前企业发行上市体制下的若干问题探讨》,载《证券市场导报》,2010年12月号,第9页.

[21] 孙立,《对“无异议函时代”的分析报告》,载《金融法苑》,2003年第5期,第80页.

[22] 孙立,《对“无异议函时代”的分析报告》,载《金融法苑》,2003年第5期,第81页.

[23] 王仁荣,《VIE模式:山雨欲来风满楼》,载《上海金融》2011年10月,第23页.

[24] 励杨,《可变利益实体架构境外上市企业的全球最低税风险分析》,载《税务研究》2024年第8期,第102页；《中国上市企业在美国面临的监管与诉讼挑战》,https:// www.takungpao.com/special/239159/2024/0729/995651.html#:~:text= 2025年6月6日访问..

[25]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 450 (2023).

[26]
[美] W. Tyler Perry, Development and Distrust: A Critique of the Orthodox Path to Economic Development,110 Northwestern University Law Review 477, 490 (2016).

[27] 刘燕,《企业境外间接上市的监管困境及其突破路径 – 以协议控制模式为分析对象》,载《法商研究》,2012年第5期,第18-19页.

[28]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 442 (2023).

[29] 刘燕,《企业境外间接上市的监管困境及其突破路径 – 以协议控制模式为分析对象》,载《法商研究》,2012年第5期,第20 页.

[30]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 438 (2023).

[31]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 434 (2023).

[32]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 439-40 (2023).

[33]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 446 (2023).

[34]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 468 (2023).

[35]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 453-54 (2023).

[36] 孔焕志、隋雪芹:《贸仲上海第一起VIE仲裁案》,载《商法》,2012年12月-2013年1月,第90页.

[37]
[中] Shitong Qiao, Finance against Law: The Case of China, 64 Harvard International Law Journal 431, 451 (2023).

[38] 《证监会有关负责人答记者问》2021年12月24日,http://www.csrc.gov.cn/csrc/c100028/c1662240/content.shtml,2025年2月16日访问.

[39] 《证监会有关负责人答记者问》2021年12月24日,http://www.csrc.gov.cn/csrc/c100028/c1662240/content.shtml,2025年2月16日访问.

[40]
[美] Justin J. Hopkins, Mark Lang & Donny Zhao, The Rise of VIEs in China: Balancing State Control and Access to Foreign Capital, Journal of Financial Reporting 105, 125 (2022).

[41] 《企业境外发行上市备案2024年度盘点》,载《国浩律师事务所》,https://www.grandall.com.cn/ghsd/info.aspx? itemid=30427,2025年2月17日访问；也请参见《中国证券期货统计年鉴》相关年份的IPO数据.

[42]
[美] W. Tyler Perry, Development and Distrust: A Critique of the Orthodox Path to Economic Development, 110 Northwestern University Law Review 477, 482 (2016).