《中国概念股五部曲（中英文对照）》主要以作者毕秀丽、王贺已经在国内外发表的文章为主要内容，涵盖了境外上市企业和专业人士所关注的中国企业赴境外上市常用方式（VIE模式）、做空机制、制度建设、对赌协议、去红筹回归等内容。同时，为了加深读者的理解，本书收集整理了与文章有直接关联的信息资料附在每篇文章的后面，给读者更为直观的了解。

第一部分 VIE境外上市篇

第一节 VIE模式下的法律风险

第二节 统计表

Part Ⅰ Overseas Listing through VIE Structure

Section 1 Legal Risks of VIE Structure

Section 2 Statistics Form

第二部分 做空机制篇

第一节 不仅仅是做空

一、不仅仅是做空

（一）“做空机制”下的挑战：中国概念股遭“做空”

（二）开启中国的“做空时代”

二、做空机制的适用

（一）正确处理政府与市场的关系

（二）完善法律制度建设

（三）提高投资者风险意识

（四）提高企业素质，参与国际竞争

三、结语

第二节 问答笔录——在中国的转融通与做空

一、问题清单

二、具体回答

（一）转融通在中国的模式

（二）中国转融通业务中的做多和做空

（三）重要意义

（四）相关规则

（五）对于投资者的建议

Part Ⅱ Short Selling

Section 1 Not Merely Short Selling

1 Not Merely Short Selling

1.1 The Challenges under Short Selling：ShortSale Transaction upon Chinese Concept Stock

1.2 The Rise of Short Selling in China

2 Application of Short Mechanism

2.1 Relationship between Government and the Market

2.2 Improve the Buildup of a Legal Regulatory System

2.3 Improving the Risk Awareness of Investors

2.4 Enhancing Enterprise Quality and Involving International Competition

3 Final Thoughts

Section 2 Written Record as to Questions and Answers—Margin Trading and Short Selling in China

1 Schedule：Question List

2 Reply Information

2.1 The Model of Margin Trading in China

2.2 More Doer and Short Selling in Margin Trading of the PRC

2.3 Significance

2.4 Relevant Rules

2.5 Advice to Investors

第三部分 制度建设篇

第一节 重塑信心——有关中国概念股诚信危机下制度建设的几点建议

一、中国企业境外上市模式

二、建立上市前培训制度

三、规范财务制度

四、提高公司治理结构

五、信息披露制度

六、共同监管

七、结语

第二节 私有化小结

一、私有化的含义

二、私有化的方式

三、私有化架构

四、中国概念股私有化

Part Ⅲ Building up of Regulatory System

Section 1 Restoring Confidence—Some Suggestions about the System Construction of China Concept Stocks

Credit Crisis

1 The Overseas Iisting Pattern Adopted by Chinese Companies

2 Training System Prior to an Overseas Listing

3 Regulating the Accounting System

4 Improving the Corporate Management Structure

5 Information Disclosure System

6 Shared Oversight

7 Final Thoughts

Section 2 Brief Summarization of Going Private Transaction

1 The Concept of Going Private Transaction

2 The Mode of Going Private Transaction

3 The Structure of Going Private Transaction

4 Going Private Transaction by Chinese Concept Stock

第四部分 对赌协议篇

对赌协议在中国的合法性

一、对赌协议的基本含义

二、对赌协议的法律性质

（一）对赌协议是射幸合同

（二）保险合同、赌博合同与对赌协议

三、对赌协议在其他国家和地区的适用

四、对赌协议目前在我国的实际应用

（一）海富投资VS甘肃世恒案的启示

（二）对赌协议在境内上市中的应用

五、小结

Part Ⅳ VAM

The Legality of VAM in China

1 The Basic Concept of VAM

2 The Legal Character of VAM

2.1 VAM Being an Aleatory Contract

2.2 Insurance Contract，Gambling Contract and VAM

3 The Application of VAM in other States or Areas

4 The Actual Application of VAM in China at Present

4.1 Inspiration of the Case of Haifu Investment VS Gansu Shiheng

4.2 The Application of the Domestic Listing as to VAM

5 Final Thoughts

第五部分 去红筹篇

第一节 去红筹的法律风险

一、选择“私有化”

二、拆除红筹架构

（一）红筹架构

（二）注销境外公司

（三）上市主体的选择

（四）业绩连续计算

三、税收法律风险

（一）境外特殊目的公司缴纳企业所得税

（二）非居民企业的698号文

四、代扣代缴企业所得税

五、个人所得税

六、外汇法律风险

（一）75号文逃汇法律风险

（二）142号文

七、结论

第二节 去红筹法律法规节选

一、首次公开发行部分

（一）境外发行

（二）境内发行

二、税收部分

（一）企业所得税法

（二）个人所得税法

（三）285号文

（四）698号文

三、外汇部分

（一）总则

（二）专门法规

（三）外汇使用

Part Ⅴ Dismantling Red Chip Structure

Section 1 Legal Risks of Dismantling Red Chip Structure

1 Choice of Privacy

2 Dismantling Red Chip Structure

2.1 Red Chip Structure

2.2 Cancellation of Overseas Companies

2.3 The Choice of Listing Subject

2.4 The Continuous Calculation of Performance

3 The Legal Risks of Tax

3.1 The Enterprise Income Tax of Overseas SPV

3.2 Compliance with Circular No.698

4 Withholding EIT

5 Individual Income Taxes

6 The Legal Risks of Foreign Exchange

6.1 The Legal Risks Concerning Evasion of Foreign Exchange Subject to Circular No.75

6.2 The Legal Risks of Usage of Foreign Exchange—Circular No.142

7 Final Thought

Section 2 Selection from Regulations Regarding Dismantling Red Chip Structure

1 Initial Public Offering Section

1.1 Overseas Listing

1.2 Domestic Listing

2 Tax Section

2.1 Enterprise Income Tax Law

2.2 Individual Income Tax Law

2.3 Circular No.285

2.4 Circular No.698

3 Foreign Exchange Section

3.1 General Principles

3.2 Special Regulations

3.3 Usage of Foreign Exchange

附：最新动态

美国OTCBB对完善我国全国性场外股份交易市场的启示

一、市场范围

二、挂牌条件

三、市场监管者

四、转板

五、做市商制度

六、市场投资主体的限制

七、后记

Attachment：the Newest Article

Inspiration Regarding Bettering National Equities Exchange and Quotations

Market from OTCBB of America

1 Market Scope

2 Listing Condition

3 Market Supervisor

4 The Transition of Board

5 The System of Market Maker

6 The Limitation upon the Investor Subject of the Market

7 Postscript