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现行境内企业境外间接上市监管框架由两套相对独立的监管制度组成,分别适用于国有企业和非国有企业境外间接上市的情形。基于20世纪90年代初资本市场为国有企业改革服务的历史背景,我国建立了针对国有企业境外间接上市的监管制度,旨在通过证监会的审批程序防控国有资产权益非法跨境移转和境外上市。21世纪初,随着民营经济的发展壮大,我国建立了针对非国有企业境外间接上市的监管制度;受防控国有资产流失、限制资本外逃等多重政策因素的影响,这一监管制度先后发生了两次较大的变动,并形成了多部门协同配合、齐抓共管的权力配置格局。上述监管框架的演进历史与国际、国内资本市场环境的发展变化息息相关。长期的监管实践以及本次中国概念公司财务信息造假丑闻均表明,上述监管框架存在诸多缺陷和不足。为适应国际、国内资本市场环境的新形势,应适时修订完善境外间接上市监管框架,包括准确定位监管宗旨、统筹规划监管框架、协调完善监管制度、合理配置监管权力、增强监管标准和监管实践的透明度等。
The current offshore regulatory framework for domestic enterprises is composed of two relatively independent regulatory systems, which apply respectively to the indirect listing of state-owned enterprises and non-state-owned enterprises overseas. Based on the historical background of the capital market for state-owned enterprises reform in the early 1990s, China has established a regulatory regime for the indirect listing of state-owned enterprises overseas. The purpose is to prevent illegal cross-border transfer of state-owned assets and interests and overseas Listing. At the beginning of 21st century, with the development of the private economy, China has established a regulatory regime for the indirect listing of non-state-owned enterprises overseas. This regulatory system has been followed by multiple policy factors such as the prevention and control of the loss of state-owned assets and the restriction of capital flight Two major changes, and formed a multi-sectoral coordination, make concerted efforts to configure the pattern of power. The evolution of the above regulatory framework is closely linked to the development and changes in the international and domestic capital markets. Long-term regulatory practices and the scandal of faking financial information in this China concept company all indicate that there are many deficiencies and deficiencies in the above regulatory framework. In order to meet the new situation of international and domestic capital market environment, the regulatory framework for indirect overseas listing should be revised and perfected in time, including the accurate positioning of regulatory purposes, the overall planning of the regulatory framework, the coordination and improvement of the regulatory system, the rational allocation of regulatory powers, the enhancement of regulatory standards and regulatory practices Transparency and so on.