境外中资控股上市公司回归A股市场法律问题研究

发布时间：2018-02-16 13:12

本文关键词： 境外中资控股上市公司红筹回归境内上市　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：20世纪90年代,中国的国营和民营企业在经过十余年改革开放洗礼之后逐渐做强、做大,并随之产生了巨大的融资需求。但是,当时的国内A股市场尚未完成股权分置改革,A股市场容纳能力也远远不能满足大型企业的融资需求。因此,国企和民企中的佼佼者相继走上了境外上市融资的“资本朝圣之路”。我们将这些企业称之为“境外中资控股上市公司”,或者业界俗称的“红筹股公司”。随着我国证券市场股权分置改革的完成,资本市场的参与者逐渐成熟,各项配套措施也相继完善,A股市场也进入了一个高速发展期。A股市场的高市盈率以及不可估量的市场容量令一些大型红筹国企萌生了回归A股市场的想法。与此同时,自2010年以来,国际资本市场环境逐渐恶化,特别是“中国概念股”在美国证券市场遭受的冷遇,也使得一部分民企红筹选择拆除已经搭建的红筹架构,重新回归A股上市。然而,由于红筹股公司在法律上属于外国公司法人,而我国现行证券法律体系却没有外国公司法人发行A股的制度安排,因此红筹股回归面临着诸多法律问题,例如：红筹股公司的法律属性是什么?红筹股公司应当选择何种回归模式?回归之后的法律监管应当如何进行?本文着眼于通过分析问题并提出一些建议来对红筹回归的脉络加以梳理。本文主要包括四个部分：第一部分从研究对象的概念分析入手,首先澄清几对容易混淆的概念,如H股、红筹股、境外中资控股上市公司、红筹架构等,同时简要分析红筹回归的动因。第二部分主要介绍红筹回归可能会采用的三种回归模式,即联通模式、A股直接发行模式和CDR模式,分析其中可能产生的法律问题,并对回归模式的选择提出笔者的建议。第三部分就红筹架构回归的特殊问题进行研究,分析其中的各种法律风险并提出相应对策。第四部分着重分析红筹回归后的法律监管问题。
[Abstract]:In 1990s, after more than a decade of reform and opening up to the outside world, Chinese state-owned and private enterprises gradually became stronger and bigger, with which huge financing needs arose. At that time, the domestic A-share market had not yet completed the reform of the split share structure, and the capacity of the A-share market was far from being able to meet the financing needs of large enterprises. The leaders of state-owned enterprises and private enterprises have successively embarked on the "pilgrimage of capital" to overseas listing and financing. We call these enterprises "overseas Chinese holding and listed companies", or "red chips companies" commonly known in the industry. The completion of the reform of the split share structure in the securities market, Participants in the capital markets are maturing, Various supporting measures have been improved one after another, and the A-share market has entered a period of rapid development. The high price-to-earnings ratio and inestimable market capacity of the A-share market have led some large red-chip state-owned enterprises to come up with the idea of returning to the A-share market. At the same time, Since 2010, the international capital market environment has deteriorated gradually, especially the cold reception of the "Chinese concept stocks" in the U.S. stock market, which has also made some private enterprises choose to dismantle the red chip structure that has been built and return to A-share listing. However, due to the fact that the red chip company is a legal person of a foreign company, but the current securities legal system of our country does not have the system of issuing A shares of a foreign company, the return of the red chip stock is faced with many legal problems. For example: what is the legal attribute of red chip company? What kind of regression model should red chip companies choose? How should the legal supervision be carried out after the reunification? This paper focuses on the analysis of the problem and puts forward some suggestions to sort out the context of red chip regression. This paper mainly includes four parts:. The first part begins with the conceptual analysis of the object of study. First of all, it clarifies several confusing concepts, such as H shares, red chips, overseas Chinese holding listed companies, red chips structure, etc. The second part mainly introduces three possible regression models of red chip regression, that is, Unicom mode, A-share direct issue model and CDR model, and analyzes the possible legal problems. And put forward the author's suggestion on the choice of regression model. The third part studies the special problems of red chip structure regression. Analysis of the various legal risks and put forward the corresponding countermeasures. 4th part focuses on the red chip after the return of legal supervision.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.291.91;F832.51

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