民营企业红筹上市相关法律问题研究

发布时间：2018-03-07 01:27

本文选题：民营企业　切入点：红筹上市　出处：《西南大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国相关市场数据统计显示,我国境内民营企业选择境外证券市场上市的数量及融资额有逐年增长的态势,究其原因,是因为资本市场的全球化,以及经济的全球化都要求我国尽早开放国内市场,使国内企业能够在世界舞台上,与其他国家的优秀企业共同竞争与成长。但是由于国内不成熟的资本市场和不完善的法律环境,使得我国为保护处于幼稚产业的资本市场,只能暂缓国际化的步伐。由于国内体制的缺陷造成境内融资渠道狭窄,民营企业在资金周转困难、项目融资不便的情况下,无法获得境内资本市场的青睐,进而获取境内公募市场资金的有力支持。为此,民营企业只能打破资本市场的“二元制”,绕道境外资本市场融资,通过在离岸金融中心设立特殊目的公司,将境内资产置换到特殊目的公司,由特殊目的公司作为上市主体,到国外资本市场寻求融资,即所谓的民营企业红筹上市。由于民营企业到境外红筹上市,对我国经济、资本市场发展、企业间的平等竞争都会造成不小的影响,因此,在对国有企业红筹上市监管多年后,政府逐渐将民营企业境外红筹上市这种融资模式也纳入监管范围,给原本畅通无阻的民营企业境外红筹上市之路造成阻碍。虽然红筹上市对民营企业本身存在很多有利之处,但是从宏观调控角度来看,由于红筹上市需要将企业的资产置换到境外特殊目的公司,再将募集的资金返程投资回国内企业,有人认为这种属于假外资,滥用国家的外商投资优惠政策,容易对国内其他企业造成不公平待遇,同时这种假外资还会造成国家税收流失,同时政府对这种资本的管理将处于真空,严重的还会影响我国的国际收支统计质量。因此,红筹上市的政府监管一直都未停止民营企业选择红筹上市进行融资也已经有近二十年的历史,而政府对民营企业红筹上市的法律监管则亦步亦趋,启蒙相对较晚,监管政策存在较多需要亟待完善的地方。纵观国家就民营企业红筹上市出台的各项法规政策,从名噪一时的“无异议函”到现在的“十号文”,从一年间就同一事项先后出台三个监管文件中,都可以看出政府对民营企业红筹上市的监管正如中国在探索有中国特色的社会主义道路一样,在摸着石头过河。本文共分为五个部门,第一部分,对红筹上市的概念从实务操作和法学理论两个方面进行论述,比较与此相关的各类法律概念,并分析红筹上市存在的必要性。第二部分,认真分析红筹上市的通常具体步骤,与此同时,介绍了两种在政府决定全面监管红筹上市的情况下,实务操作中出现的曲线红筹上市模式。第三部分为本文的重点,即重点分析政府对红筹上市监管的历史沿革、监管的内容及监管部门及监管中存在的问题。第四部分也是本文的重点,提出我们对民营企业红筹上市监管的建议。第五部分,对本文做一个总结。
[Abstract]:Statistics of relevant market data in China show that the number of private enterprises in China choosing overseas securities market listing and the amount of financing have increased year by year. The reason is the globalization of the capital market. And the globalization of the economy requires China to open its domestic market as soon as possible so that domestic enterprises can be placed on the world stage. But because of the immature capital market and imperfect legal environment, our country can only postpone the internationalization step in order to protect the capital market in childish industry. Due to the defects of the domestic system, the domestic financing channels are narrow, and private enterprises are unable to obtain the favor of the domestic capital market when the capital flow is difficult and the project financing is difficult. For this reason, private enterprises can only break the "dualistic system" of the capital market, bypass overseas capital market financing, and set up special purpose companies in offshore financial centers. Replacing domestic assets to special purpose companies, using special purpose companies as the main body of listing, seeking financing in foreign capital markets, that is, so-called private enterprise red chips listing. Because private enterprises go overseas to list red chips, it is of great importance to the economy of our country. The development of the capital market and the equal competition among enterprises will have no small impact. Therefore, after many years of supervision over the listing of state-owned enterprises, the government has gradually brought the financing model of overseas red chips listing of private enterprises into the scope of supervision. To the original smooth private enterprises outside the red chip listing road caused obstacles. Although the listing of red chips has many advantages for private enterprises themselves, from the point of view of macroeconomic regulation and control, because the listing of red chips requires the exchange of assets of enterprises to foreign special purpose companies, Some people think that this kind of false foreign investment, abuse of the preferential policy of foreign investment of the state, will easily cause unfair treatment to other domestic enterprises. At the same time, this kind of fake foreign capital will also cause the loss of national tax revenue, and the management of this kind of capital will be in a vacuum, which will seriously affect the quality of our country's balance of payments statistics. Therefore, the government supervision of the listing of red chips has not stopped. It has been nearly 20 years since private enterprises chose to go public with red chips for financing, but the government's legal supervision on the listing of private enterprises' red chips has followed suit, and the enlightenment has been relatively late. There are many areas that need to be improved urgently. Looking at the various regulations and policies issued by the state on the listing of private enterprises' red chips, From the well-known "no objection letter" to the present "tenth", three regulatory documents have been issued on the same matter in one year. It can be seen that the government's regulation of private enterprises' red chips is crossing the river just as China is exploring the socialist road with Chinese characteristics. This paper is divided into five departments. The first part discusses the concept of red chip listing from the aspects of practical operation and legal theory, compares all kinds of related legal concepts, and analyzes the necessity of the existence of red chip listing. At the same time, the paper introduces two kinds of curve red chip listing modes which appear in practice when the government decides to supervise the listing of red chips. The third part is the focus of this paper. That is to focus on the analysis of the history of the government's supervision of the listing of red chips, the content of the supervision and the problems existing in the supervision and control. Part 4th is also the focus of this paper, and puts forward our suggestions on the regulation of the listing of red chips in private enterprises. 5th, Make a summary of this paper.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.29;F832.51;F276.5

【参考文献】