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跨境证券融资是指企业或其他经营主体在注册设立地以外的国家或地区的证券市场发行证券并筹集资金的行为。该行为具有资本的双向流动特性。就我国而言,跨境证券融资既包括我国企业跨越国境在国外证券市场发行证券实施融资行为,也包括国外企业进驻我国证券市场实施相应的融资行为。跨境证券融资是一国证券市场国际化进程的重要组成部分,是实现证券投资国际化和证券服务业国际化的实践基础。
Cross-border securities financing refers to the act of issuing securities and raising funds by the enterprises or other business entities in the securities markets of countries or regions other than the place of incorporation. This behavior has the bi-directional flow of capital. For our country, cross-border securities financing includes not only the financing of securities issuance in foreign securities markets by Chinese enterprises across borders but also the entry of foreign enterprises into China’s securities market to implement corresponding financing activities. Cross-border securities financing is an important part of the internationalization of a securities market in a country, and is the practical basis for the internationalization of securities investment and the internationalization of the securities service industry.