中概股回归A股的法律风险分析及其对策研究

发布时间：2018-06-29 22:43

本文选题：中概股 + 回归A股　；参考：《北京交通大学》2017年硕士论文

【摘要】：中概股起初赴境外上市,主要由于A股上市条件严格,审核时间长,且2009年之前,证券市场板块单一。2011年前后,境外做空机构如浑水、香橼公司对中概股的市值造成严重打击。近几年,创业板、中小板陆续推出,监管层也表达了有利于中概股回归的政策风向,A股市场必将迎来中概股回归浪潮。这不仅对我国经济发展提出了新的挑战,也对法律层面提出了相应的学术和实务要求。中概股回A必先经历私有化、拆除红筹架构,其回境内上市的途径除了传统的借壳上市、A股IPO,还有A2A等新模式。在这些层出不穷的回归路径中,中概股面临诸多法律风险。目前,已有的国内研究主要侧重于中概股如何避免做空危机,或者VIE结构如何拆分,又或者仅研究国内上市、退市机制;国外主要的研究成果集中于中概股是否应当退出美国市场的理论分析、中概股如何私有化回归回A股的技术解析以及中概股如何面对投资者维权的困境等。这些研究不能为当下中概股回A股的实务操作提供充分的理论依据、对证券市场的完善提出具有现实意义的建议。而本文对中概股及中概股回归的相关法律概念进行系统和全面的比较分析,有别于金融学、会计学和只进行片面讨论的法学文章中的定义,这也是本文创新点之一。本文既从微观角度分析了中概股回归遭遇的法律风险和应对问题,也从宏观法理角度对所讨论的法律现象背后的证券法、公司法、法经济学基础作简要阐述,并辅以经济法、行政等相关法律理论,为中概股回归A股所遇到法律风险背后的原由及应对方法寻找科学、体系的法理基础。通过概念解释、中外对比、案例分析等研究方法,为中概股回归A股提出应对法律风险的方案,其中包括建立健全内部控制体系、防范证券市场行为道德风险、完善财务披露和信息披露制度和重视自身发展实力等。笔者认为仅凭中概股企业自身的努力还不够,相关法律制度还需跟进。我国当下证券市场波动因素较多,不稳定性较大,这既给证券市场参与者带来巨大挑战,也不利于证券市场本身的发展。因此,本文最后也对促进证券市场机制完善提出了制度改进建议,以达到从根本上化解回归风险的效果。
[Abstract]:Chinese shares initially went overseas, mainly due to strict conditions for A-shares listing, long review time, and before 2009, the stock market was single. Around 2011, foreign short sellers such as muddy Waters, Citron shares in the market value has been a serious blow. In recent years, the gem, small and medium-sized boards have been launched, the regulatory level has also expressed the policy trend conducive to the return of Chinese stocks, A share market will usher in a wave of return to Chinese stocks. This not only poses a new challenge to the economic development of our country, but also puts forward the corresponding academic and practical requirements on the legal level. Chinese companies must go through privatization and dismantle the red chip structure first. The way to return to the domestic market is not only the traditional backdoor listing, A-share IPO, but also the A2A and other new models. In these endless return path, Chinese shares face a lot of legal risks. At present, the existing domestic studies mainly focus on how to avoid the risk of short selling, or how to split the vie structure, or only study the mechanism of domestic listing and delisting. The main research results in foreign countries focus on the theoretical analysis of whether the Chinese shares should withdraw from the American market, the technical analysis of how the Chinese shares are privatized and returned to A shares, and how the Chinese general shares face the dilemma of protecting the rights of investors and so on. These studies can not provide a sufficient theoretical basis for the practical operation of A shares in China, and provide practical suggestions for the improvement of the securities market. This paper makes a systematic and comprehensive comparative analysis of the legal concepts related to the return of Chinese and Chinese almost shares, which is different from the definitions in finance, accounting and only one-sided discussion of law, which is one of the innovations of this paper. This paper not only analyzes the legal risks and problems encountered in the return of Chinese stocks from a micro perspective, but also briefly expounds the basis of securities law, company law, law and economics behind the legal phenomena discussed from the angle of macro legal theory, and is supplemented by economic law. The related legal theories such as administration seek the legal basis of science and system for the legal risk that the Chinese stock returns to A shares. By means of conceptual explanation, comparison between China and foreign countries, case analysis and other research methods, this paper puts forward a plan to deal with legal risks for the return of Chinese stock market to A shares, including establishing and perfecting internal control system to prevent moral hazard of behavior in the securities market. Improve the financial disclosure and information disclosure system and attach importance to their own development strength. I believe that only with the efforts of the enterprise itself is not enough, the relevant legal system still needs to follow up. There are many fluctuating factors and instability in the securities market in our country, which not only brings great challenges to the participants of the securities market, but also is not conducive to the development of the securities market itself. Therefore, finally, the paper puts forward some suggestions to improve the mechanism of securities market, so as to resolve the risk of return fundamentally.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.28

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