从互联网企业海外上市看我国创业板上市标准及制度的完善

发布时间：2018-01-02 17:25

本文关键词：从互联网企业海外上市看我国创业板上市标准及制度的完善　出处：《上海交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：中国企业境外上市开始于20世纪90年代。随着全球经济一体化潮流的推进以及中国经济的迅速发展，中国企业越来越多地通过各种途径走出国门，在境外资本市场寻求上市。中国企业的境外上市，有利于促进企业积极利用国际资本，帮助企业更好的参与到国际竞争和合作，提升中国经济的竞争力，并且也促使企业建立现代企业制度，完善公司治理结构。但是，这么多的中国企业放弃在占据地利人合优势的中国本土而选择于去异国他乡的海外市场上市，而这个现象是值得深思的。顾名思义，境外上市是跨国或者跨地区上市。证券发行人和投资者分处不同的国家或者区域，由此也带来比境内上市更加复杂的法律关系和法律问题。不同国家和地区出于对本国利益的考虑，都制定了不同的标准及制度。对境外上市企业而言，既要满足来自所属国的标准，也要接受来自上市地国的标准。本文共分为三章，将以不同角度分析从互联网企业海外上市看我国创业板上市标准及制度的完善。第一章从我国互联网企业的四次赴美上市热潮入手，阐述了互联网企业的上市浪潮有愈演愈烈之势。其次例举了典型例证：百度在美上市的成功记录。回顾了百度的发展历史。在这一节当中，通过对比的手法，说明了一个从小企业如何发展成为到市值超上海机场的过程。然后抱砖引玉，举例了由百度引发互联网企业趁美上市热潮，说明了中国互联网企业境外上市轰轰烈烈的现象。本章第三节讲述了中国企业海外上市的方式，具体分析了三种不同境外上市方式的利弊。第二章主要分析的是国互联网企业选择海外上市的原由。首先第一节介绍了我国互联网企业国内创业板上市的法律规则。通过法条来阐述了我国互联网企业国内创业板上市的具体条件。然后是国内创业板上市条件的具体法律分析，说明了企业为什么热衷于去海外上市的一个法律背景。本章的第二节，，先是说明了互联网企业海外上市的“准出”法律规则，即中国为企业境外上市所设置的硬性条件，这些规则主要是由中国证券监督管理委员会、国家外汇管理局、国资委、商务部、国家税务总局来进行的法律制定与监管。其次是境外主要上市地对我国企业上市的“准入”规则。在这个环节当中，介绍了境外各大证券市场的上市基本条件，并以美国证券市场和新加坡证券市场为例加以展开。本章第三节分析了我国互联网企业热衷海外上市的原因。主要分为四大理由并进行了具体分析。第三章主要分析了我国互联网企业创业板准入标准法律反思与制度完善。首先提出了我国互联网企业创业板上市标准的法律缺陷。主要从两个方面进行了分析。第一点是创业板对于互联网企业的盈利要求过高。通过与美国纳斯达克的比较来加以论证此观点。第二点是由杭州顺网科技股份有限公司的例子说明了互联网企业国内上市费用过高。其次，提出了自己的观点，即我国互联网企业国内创业板法律制度上的改进建议，包括降低创业板上市标准，引入做市商制度，降低互联网企业入市门槛，以及加强审核监管，降低企业上市费用。
[Abstract]:Beginning in 1990s China overseas listed companies. With the global economic integration and the rapid development of economy Chinese Chinese, more and more enterprises through various channels to go abroad, to seek a listing in the overseas capital market. China overseas listed enterprises, is conducive to the promotion of enterprises to actively take advantage of international capital, to help enterprises to better participate in international competition and cooperation, enhance the competitiveness of the economy China, and urge enterprises to establish modern enterprise system, improve corporate governance structure. However, so many companies listed on the Chinese local people give up advantages and choose to go to the local Chinese exotic overseas market, and this phenomenon is worthy of careful consideration.
As the name implies, overseas listing is international or regional market. Issuers and investors from different countries or regions, which also leads to more complex than domestic market relations and legal issues. Different countries and regions based on their interests, both for different standard and system of overseas listed companies in terms of both to meet the standards from own country, but also to accept from the listed standard. This paper is divided into three chapters, will be different from the perspective of China's gem listing standards and system perfection of overseas listed Internet companies.
The first chapter from four times of our Internet companies listed on the United States with the boom of Internet companies listed, expounds the wave trend. Secondly illustrates the typical example: Baidu in the successful record of U.S. listed. Reviews the development history of Baidu. In this section, based on the ratio of the technique, explains how to become a young enterprise to the market value of over Shanghai airport. Then hold a brick to attract jade, for example caused by Baidu Internet IPO boom, the Chinese Internet enterprises listed overseas with vigour and vitality of the phenomenon. The third section of this chapter describes the China enterprises listed overseas, analyzes three different ways listed overseas the pros and cons.
The second chapter mainly analyze the cause of China's Internet companies listed overseas. The first section introduces the legal rule of the domestic GEM listed Internet companies. Through the law to elaborate the specific conditions of domestic GEM listed Internet companies. Then is the analysis of specific legal record industry domestic board listed conditions, that the reason why enterprises keen to a legal background to overseas listing. The second section of this chapter, first describes the Internet overseas listing of the "quasi" rule of law, which is set to China enterprises listed overseas hard conditions, these rules are mainly by the Chinese Securities Regulatory Commission, the State Administration of foreign exchange. The SASAC, the Ministry of Commerce, the State Administration of taxation law and supervision. Second is the main overseas listing of Chinese companies listed on the "access" rules. In this section Which introduces the basic conditions of the major oversea stock market listing, and the US securities market and Singapore stock market as an example to be carried out. The third section of this chapter analyzes the reasons of China's Internet companies keen to overseas. It is divided into four major reasons are analyzed.
The third chapter mainly analyzes the improvement of China's Internet enterprise access standards gem legal system. Firstly, reflection and puts forward the legal defects of China's growth enterprise board listing standards. Mainly from the two aspects of the analysis. The first point is the gem for the Internet company's profit requirements. To demonstrate this view by comparing with the the United States NASDAQ. The second is by the Hangzhou Polytron Technologies Inc Shun network examples of domestic Internet companies listed high cost. Secondly, put forward their own point of view, the suggestions to improve the domestic gem legal system of Internet enterprises in our country, including reducing the gem listing standards, the introduction of market maker system, Internet companies reduce barriers to entry and strengthen auditing supervision, reduce listing fees.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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