外资双重身份进入我国证券市场的立法完善

发布时间：2018-06-13 12:23

本文选题：外资双重身份 + 外资战略性并购　；参考：《宁波大学》2013年硕士论文

【摘要】：外资双重身份进入我国证券市场，是在我国证券市场逐渐对外开放的过程中形成的，是指外资战略投资并购上市公司，和外资以合格境外机构投资者（简称QFII）身份或者通过合格境外机构在股票二级市场等领域进行财务投资。由于历史原因，我国对外资在证券市场的这两种身份的法律监管，是分别用关于企业并购、外资并购的法规，和关于QFII的法规进行规范和监管的；然而，同为外资，两者在资本性质和所有权控制上可以出现归属一致的情况。因此，法律规制监管的分体性在面临资本的一致性和灵活性时，会出现一定的监管漏洞和法律风险。目前国内对两者的研究都比较充分，但对于二者规制和监管模糊地带的研究，则不多并且不够深入。本文试从这个角度进行系统、深入的研究，并提出具体的立法完善建议。首先，对外资双重身份进入我国证券市场的相关概念进行界定，阐述外资双重身份进入我国证券市场的成因及其风险。主要从我国证券市场对外开放的历程和分业经营分业监管的模式分析原因，并指出会在证券市场开放战略和法律制度整体层面、证券市场和并购市场的运行层面等方面产生一系列风险。其次，从外资双重身份间的联系这一侧重点分析了外资战略性投资并购我国上市公司的现行法律规定，以及关于QFII的现行法律制度；并分析这样的双重身份立法存在以下问题，即我国并购法律相关规定的缺失使得各种投资主体的关系模糊，，外资并购制度与合格境外投资者制度存在衔接漏洞，以及法律制度的分割与外资资本控制权的统一性要求存在矛盾。立法现状及存在问题的阐述，为下文如何具体进行立法完善打好基础。最后，针对前文分析的风险及立法现状存在的问题，文章深入论述完善外资双重身份进入我国证券市场风险监管体系的总体思路和具体立法建议。主要从我国资本市场开放战略，我国监管模式面临的挑战，法律位阶和统一性问题，以及合格境外机构投资与外资战略投资并购两个制度的衔接性，等这几方面，提出立法完善的总体思路；进而从五个相互独立又有关联的角度提出具体的立法完善建议。
[Abstract]:The dual status of foreign capital entering the securities market of our country is formed in the course of gradually opening up to the outside world in our country's securities market. It refers to the strategic investment of foreign capital in mergers and acquisitions of listed companies. And foreign investors as qualified foreign institutional investors (QFIIs) or through qualified foreign institutions in the secondary stock market and other areas of financial investment. For historical reasons, China's legal supervision of these two identities of foreign capital in the securities market is regulated and regulated by the laws and regulations on enterprise M & A, foreign capital M & A and QFII respectively; however, they are both foreign capital. Both in capital nature and ownership control can appear to belong to the same situation. Therefore, in the face of the consistency and flexibility of capital, there will be certain regulatory loopholes and legal risks. At present, the domestic research on both of them is quite sufficient, but the research on the regulation and regulation of fuzzy zone is not enough and not deep enough. This article tries to carry on the system, the thorough research from this angle, and puts forward the concrete legislation consummation suggestion. First of all, the paper defines the concept of the dual identity of foreign capital into the securities market of our country, and expounds the causes and risks of the dual identity of foreign capital entering the securities market of our country. Mainly from the course of opening up to the outside world of China's securities market and the mode of separate operation and supervision, it is pointed out that it will be in the overall level of the opening strategy and the legal system of the securities market. There are a series of risks in the operation of securities market and M & A market. Secondly, from the point of view of the connection between the dual identities of foreign capital, this paper analyzes the current legal provisions of foreign capital strategic investment in mergers and acquisitions of listed companies in China, as well as the current legal system on QFII, and analyzes the following problems in such dual identity legislation. That is, the lack of laws and regulations on mergers and acquisitions in China makes the relationship between various investment subjects blurred, and there are some loopholes in the connection between foreign M & A system and qualified foreign investors system. There are contradictions between the division of legal system and the unity of the control right of foreign capital. The current situation of legislation and the exposition of existing problems lay a good foundation for how to make legislation perfect. Finally, in view of the risk analysis and the problems existing in the legislation, the article deeply discusses the overall idea and specific legislative suggestions of perfecting the dual status of foreign capital entering the risk supervision system of China's securities market. Mainly from the aspects of the opening strategy of China's capital market, the challenges faced by China's regulatory model, the problems of legal rank and unity, as well as the convergence of the two systems of qualified foreign institutional investment and foreign strategic investment M & A, and so on. The author puts forward the general idea of legislative perfection, and then puts forward specific suggestions for legislative perfection from five independent and related angles.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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