内地企业香港上市的监管合作研究

发布时间：2018-03-07 02:22

本文选题：上市公司　切入点：内地企业　出处：《西华大学》2013年硕士论文　论文类型：学位论文

【摘要】：自中国加入WTO后，在证券金融工作方面取得了显著的成就，使中国的证券业在国民经济中占有非常大的比重。同时，我国正积极推进内地企业在境外上市，许多内地企业也纷纷在香港上市。香港作为一个国际金融中心，受英法等证券体系的影响，已拥有相对有效、成熟的证券市场，备受准备上市的内地企业的关注。然而近年来，已在香港上市的内地企业频繁出现一些非法行为，部分企业自律意识薄弱，上市公司中的个人或家庭有着强烈的控制意识，子公司和母公司的管理混乱，以及国内的资产评估机构、会计和审计制度不完善等因素，不仅极大地影响了内地企业在香港证券市场持续融资的能力，而且也严重挫伤了投资者的积极性投资。上述现象和问题突出了证券监管合作的现状，，在这样的监管合作下大陆仍然存在一个很大的差距，对大陆和香港之间明确各自的监管责任，细化在实践中的证券监管措施和两地实现互利合作提出了更高的要求，这使得证券监管部门非常有必要进一步加强证券监管合作。至于香港不完整的证券监管体制改革，对香港目前的证券监管系统有了进一步的发展和完善，却严重阻碍了证券监管合作。香港证交所的决策的双重身份是追求自身的利益，努力扩大在香港上市的内地公司总数量和融资的数量，使一些质量较低的内地企业也可以成为香港证券市场上市公司的一员。此外，香港证券交易所强硬的手段缺乏执行力，且上市审批制度也存在较大的漏洞。因此，借鉴国际证券监管合作的先进经验，在内地企业大量赴香港证券市场上市的情况下，成为两地证券监管合作日益完善的重点。这些优秀的国际经验，包括单边立法规制，双边的美国和加拿大之间的谅解备忘录、信息披露制度的启示、区际刑事司法协助条约，欧盟地区的国际监管合作，以及证券交易委员会的法律文件。本文借鉴国内外证券监管合作的有益经验，强调加强两个证券监管部门的分工和协调，明确各自的监管责任，探讨如何进一步加强证券监管制度建设和监管合作，填补在香港上市的内地企业监管合作的空白，进一步完善内地企业在香港上市的监管合作。
[Abstract]:Since China's entry into WTO, remarkable achievements have been made in securities financial work, which has made China's securities industry take a very large proportion in the national economy. At the same time, China is actively promoting the listing of mainland enterprises overseas. Many mainland enterprises have also listed in Hong Kong. As an international financial centre, Hong Kong, under the influence of the British and French securities systems, already has a relatively effective and mature securities market, which has attracted the attention of mainland enterprises preparing for listing. However, in recent years, Mainland enterprises listed in Hong Kong frequently appear some illegal activities, some enterprises have weak sense of self-discipline, individuals or families in listed companies have a strong sense of control, and the management of subsidiaries and parent companies is chaotic. The imperfect accounting and auditing systems of domestic asset appraisal institutions have not only greatly affected the ability of mainland enterprises to continue to raise funds in Hong Kong securities market, but also seriously discouraged the enthusiasm of investors to invest. The above phenomena and problems highlight the current situation of securities regulatory cooperation. Under such regulatory cooperation, there is still a big gap between the mainland and Hong Kong regarding their respective regulatory responsibilities. The refinement of securities regulatory measures in practice and the realization of mutually beneficial cooperation between the two places put forward higher requirements. This makes it very necessary for securities regulatory authorities to further strengthen cooperation in securities supervision. As for the incomplete reform of the securities regulatory system in Hong Kong, The current securities regulatory system in Hong Kong has been further developed and improved, but it has seriously hindered cooperation in securities supervision. The dual identity of the Hong Kong Stock Exchange is to pursue its own interests. Efforts will be made to expand the total number of mainland companies listed in Hong Kong and the amount of financing, so that some lower-quality mainland enterprises can also become members of listed companies on the Hong Kong stock market. In addition, the Hong Kong Stock Exchange lacks executive power in its tough approach. And listing examination and approval system also has bigger loophole. Therefore, drawing lessons from the advanced experience of international securities regulatory cooperation and listing mainland enterprises on the Hong Kong stock market, they have become the focus of increasingly perfect securities regulatory cooperation between the two places. These excellent international experiences, Including unilateral legislative regulations, bilateral memorandums of understanding between the United States and Canada, revelations from the information disclosure system, interregional treaties on judicial assistance in criminal matters, international regulatory cooperation in the EU region, As well as the legal documents of the Securities and Exchange Commission. This paper draws lessons from the beneficial experience of domestic and foreign securities regulatory cooperation, emphasizes the strengthening of the division of labor and coordination between the two securities regulatory authorities, and clarifies their respective regulatory responsibilities. This paper discusses how to further strengthen the construction of securities regulatory system and regulatory cooperation, fill the gap of supervision and cooperation between mainland enterprises listed in Hong Kong, and further improve the regulatory cooperation of mainland enterprises listed in Hong Kong.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F279.23;F832.51

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