我国企业境外借壳上市的法律问题研究

发布时间：2018-06-15 22:05

本文选题：境外借壳上市 + 法律监管现状　；参考：《华侨大学》2012年硕士论文

【摘要】：作为境内企业境外间接上市的一种模式，借壳上市是境内企业通过在境外收购一家已上市公司，，并由其反向收购境内企业,将境内资产注入境外的壳公司，从而实现境内企业境外借壳上市的一种融资途径。我国从20世纪80年代末的“红筹股”开始，至今已有百余家知名企业通过这种方式完成了境外上市。境外借壳上市在实现融资的同时拓宽了境内企业的发展空间，也提高了企业的国际形象。然而这种以牺牲境内监管为代价的行为，在为众多企业带来便利的同时也引发了一系列的法律问题。例如：关联交易导致的资本外逃；返程投资引发的“假外资”以及上市企业虚假信息披露酿制的重大财务丑闻等问题。因此，笔者试图通过从法律层面来研究和分析境外借壳上市这一行为的利弊，并针对当前的监管现状提出了一系列的改进措施。本文第一章，首先介绍了境外上市的相关概念。并通过将境外间接上市的模式同境外直接上市（IPO）相比较，从而引出境外间接上市的主要形式——“借壳上市”。并以此作为研究的对象，从境内外上市条件和程序以及日后的监管情况三方面比较分析，着重论述了境外借壳上市的法律动因。本文第二章，重点分析了境外借壳上市过程中关于壳资源，成本效益以及壳公司取得境内企业控制权的基本问题。并结合国美电器香港借壳上市的实例具体描述了境外借壳上市的操作步骤，并辅助相应的构架图来形象表述。本文第三章，论述了目前境外借壳上市存在的法律问题，从关联交易、假外资和虚假信息披露三个角度深入分析借壳上市存在的弊端。本文第四章，首先论述了我国对境外借壳上市法律监管的基本理论及其必要性。其次在分析和评价三个不同时期我国对境外借壳上市的法律监管政策的基础上，重点分析了境外借壳上市监管过程中的离岸公司的设立、反向收购和资本进出境三个重要环节。并总结出，当前法律对其监管在监管主体、依据和体制以及国际法律冲突解决上的不足之处。本文第五章，文章前四部分全面的分析了我国境内企业境外借壳上市的现状并深入其本质研究出当前法律监管存在的问题。以此为基础，本章从监管主体，监管法律依据，监管体制改革及国际合作方面，对完善我国境外借壳上市法律监管提出了几点建议和对策。
[Abstract]:As a mode of indirect overseas listing of domestic enterprises, backdoor listing means that domestic enterprises inject domestic assets into overseas shell companies by acquiring a listed company abroad and buying it in reverse. In order to achieve the domestic enterprises overseas backdoor listing of a financing approach. Since the "Red chips" in the late 1980s, more than 100 well-known enterprises have listed overseas in this way. Offshore backdoor listing not only broadens the development space of domestic enterprises, but also improves the international image of enterprises. However, this behavior at the expense of domestic regulation not only brings convenience to many enterprises, but also raises a series of legal problems. For example: capital flight caused by related party transactions, "false foreign investment" caused by return investment and major financial scandals caused by false information disclosure of listed enterprises. Therefore, the author tries to study and analyze the advantages and disadvantages of offshore backdoor listing from the legal level, and puts forward a series of improvement measures in view of the current regulatory situation. The first chapter introduces the concept of overseas listing. By comparing the mode of overseas indirect listing with that of foreign direct listing (IPO), the main form of overseas indirect listing is "backdoor listing". Taking this as the object of study, this paper makes a comparative analysis of the domestic and foreign listing conditions and procedures, as well as the supervision situation in the future, and emphatically discusses the legal causes of offshore backdoor listing. In the second chapter, the paper analyzes the basic problems of shell resource, cost benefit and the control right of the shell company in the process of offshore backdoor listing. Combined with the case of Gome Hong Kong backdoor listing, the paper describes the operation steps of overseas backdoor listing, and adjusts the corresponding frame diagram to describe the image. In the third chapter, the author discusses the legal problems existing in offshore backdoor listing, and analyzes the disadvantages of backdoor listing from three angles: related party transaction, false foreign capital and false information disclosure. In the fourth chapter, the author first discusses the basic theory and necessity of legal supervision of offshore backdoor listing in China. Secondly, on the basis of the analysis and evaluation of the legal supervision policies of China's offshore backdoor listing in three different periods, this paper focuses on the establishment of offshore companies, reverse takeover and capital entry and exit in the process of offshore backdoor listing supervision. It concludes that the current legal supervision of its regulatory body, basis and system as well as the international conflict of law on the shortcomings of the settlement. In the fifth chapter, the first four parts of the article comprehensively analyze the current situation of domestic enterprises listed through backdoor borrowing, and further study the existing problems of current legal supervision. On the basis of this, this chapter puts forward some suggestions and countermeasures to perfect the legal supervision of China's offshore backdoor listing from the aspects of the subject of supervision, the legal basis of supervision, the reform of supervision system and the international cooperation.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F831.51

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