境外企业境内上市若干法律问题研究
发布时间：2018-07-24 11:46
【摘要】：本文主要分析境外企业到我国境内国际板上市会产生的若干法律问题。从分析我国的制度现状和境外发达市场的发展经验角度，试图对相关法律问题提出合理的制度设计意见。本文各章的主要内容如下： 第一章从国际板的基本概念入手，分析了国际板上市主体的定义和范围，认为我国国际板上市主体应为红筹企业和境外大型的在我国有业务的跨国企业；同时本章讨论了国际板的内涵及定义，即国际板应是一个较为独立的版块，有独立的审核和监管。本章还分析了我国国际板的定位，并且对国际板建设的路径选择进行了分析。 第二章分析了境外企业境内上市法律制度的基础理论。本章从如下几方面展开分析：首先，本章分析了企业跨境上市的产生与动因，包括追求流动性和企业声誉提高等；其次，本章分析了境外企业境内上市法律制度的目标。法律目标的基础在于衡量和考察跨国上市发行中各方参与人的利益冲突，从而实现价值选择和制度设置的目标。本章还进一步分析了法律制度目标选择的两种学界观点即从发行人或者从投资人角度来设置法律制度。最后，本章分析了我国国际板法律制度的目标应是以投资人的利益需求来定位。 从第三章开始，本文分析了境外企业到我国上市的若干法律制度。第三章分析了境外公司境内上市监管模式的选择。此部分首先分析了跨国证券法律监管的目标、国际市场现有的监管模式以及发行人选择上市地时对监管模式的偏好。随后，本章分析了我国应选择中端型的监管模式类型。 第四章分析了国际板发行审核模式的选择。本章分别阐述了注册制与核准制各自的概念、特点、优势劣势以及代表国家的制度设计特点，并分析了我国发审制度的改革方向及制度选择，，即我国应逐步从核准制过渡到注册制，最终实现完全的注册制。 第五章为境外企业境内上市发行模式的选择，分别分析了直接模式即在境内A股市场直接发行股票和CDR等间接模式。本章还指出我国现行法律制度中存在的与直接上市相关的一系列法律冲突，包括信息披露、公司治理、会计制度等存在的法律冲突问题，并对相关制度提出完善意见。
[Abstract]:This paper mainly analyzes some legal problems arising from overseas enterprises listing on international boards in China. From the point of view of analyzing the present situation of our country's system and the development experience of overseas developed markets, this paper tries to put forward reasonable system design opinions on relevant legal issues. The main contents of each chapter are as follows: the first chapter starts with the basic concept of international board, and analyzes the definition and scope of international board listing subject. The author thinks that the main body of international board listing in China should be red chip enterprise and large multinational enterprise with overseas business in our country, at the same time, this chapter discusses the connotation and definition of international board, that is, international board should be a relatively independent section. Independent audit and supervision. This chapter also analyzes the location of China's international board, and the choice of international board construction path. The second chapter analyzes the basic theory of domestic listing legal system of overseas enterprises. This chapter analyzes the following aspects: first, this chapter analyzes the emergence and motivation of cross-border listing of enterprises, including the pursuit of liquidity and corporate reputation; secondly, this chapter analyzes the objectives of the legal system of domestic listing of overseas enterprises. The legal objective is based on the measurement and investigation of the conflicts of interest of the participants in the multinational listing and issuance, thus realizing the goal of value selection and system setting. This chapter also further analyzes the two academic views of the choice of legal system, that is, from the perspective of the issuer or the investor to set up the legal system. Finally, this chapter analyzes the goal of China's international board legal system should be based on the interests of investors. From the third chapter, this paper analyzes the legal system of foreign enterprises listing in China. The third chapter analyzes the choice of overseas companies' domestic listing supervision mode. This part first analyzes the objectives of transnational securities legal regulation, the existing regulatory model in the international market, and the issuer's preference for the regulatory model when choosing the place of listing. Then, this chapter analyzes that China should choose the middle-end type of regulatory model. The fourth chapter analyzes the choice of international board issue audit mode. This chapter expounds the concepts, characteristics, advantages and disadvantages of the registration system and the approval system, as well as the characteristics of the system design on behalf of the country, and analyzes the reform direction and system choice of the national development and audit system. That is, our country should gradually transition from approval system to registration system, and finally achieve a complete registration system. The fifth chapter is about the choice of the domestic listing mode of overseas enterprises, and analyzes the direct mode, that is, the direct mode of issuing stocks directly in the domestic A-share market and the indirect mode such as CDR and so on. This chapter also points out a series of legal conflicts related to direct listing in our current legal system, including information disclosure, corporate governance, accounting system and so on, and puts forward some suggestions on how to improve the relevant systems.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.295;D922.287;F832.51
本文编号：2141277
[Abstract]:This paper mainly analyzes some legal problems arising from overseas enterprises listing on international boards in China. From the point of view of analyzing the present situation of our country's system and the development experience of overseas developed markets, this paper tries to put forward reasonable system design opinions on relevant legal issues. The main contents of each chapter are as follows: the first chapter starts with the basic concept of international board, and analyzes the definition and scope of international board listing subject. The author thinks that the main body of international board listing in China should be red chip enterprise and large multinational enterprise with overseas business in our country, at the same time, this chapter discusses the connotation and definition of international board, that is, international board should be a relatively independent section. Independent audit and supervision. This chapter also analyzes the location of China's international board, and the choice of international board construction path. The second chapter analyzes the basic theory of domestic listing legal system of overseas enterprises. This chapter analyzes the following aspects: first, this chapter analyzes the emergence and motivation of cross-border listing of enterprises, including the pursuit of liquidity and corporate reputation; secondly, this chapter analyzes the objectives of the legal system of domestic listing of overseas enterprises. The legal objective is based on the measurement and investigation of the conflicts of interest of the participants in the multinational listing and issuance, thus realizing the goal of value selection and system setting. This chapter also further analyzes the two academic views of the choice of legal system, that is, from the perspective of the issuer or the investor to set up the legal system. Finally, this chapter analyzes the goal of China's international board legal system should be based on the interests of investors. From the third chapter, this paper analyzes the legal system of foreign enterprises listing in China. The third chapter analyzes the choice of overseas companies' domestic listing supervision mode. This part first analyzes the objectives of transnational securities legal regulation, the existing regulatory model in the international market, and the issuer's preference for the regulatory model when choosing the place of listing. Then, this chapter analyzes that China should choose the middle-end type of regulatory model. The fourth chapter analyzes the choice of international board issue audit mode. This chapter expounds the concepts, characteristics, advantages and disadvantages of the registration system and the approval system, as well as the characteristics of the system design on behalf of the country, and analyzes the reform direction and system choice of the national development and audit system. That is, our country should gradually transition from approval system to registration system, and finally achieve a complete registration system. The fifth chapter is about the choice of the domestic listing mode of overseas enterprises, and analyzes the direct mode, that is, the direct mode of issuing stocks directly in the domestic A-share market and the indirect mode such as CDR and so on. This chapter also points out a series of legal conflicts related to direct listing in our current legal system, including information disclosure, corporate governance, accounting system and so on, and puts forward some suggestions on how to improve the relevant systems.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.295;D922.287;F832.51
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