中国民营企业海外上市的监管法律问题研究

【作者】 何文娟；

【导师】 陈力；

【作者基本信息】 复旦大学 ， 法律， 2012， 硕士

【摘要】 近年来,越来越多的中国民营企业选择到海外去上市,这在推动中国经济发展的同时也给中国的法律监管带来了巨大的挑战。既要实现民营企业海外上市融资的目的,又要避免跨国资本流动对中国经济造成不利的影响。如何实现开放证券市场与合理监管的完美结合,如何解决不同国家对境外上市公司监管的法律冲突,如何完善中国对民营企业境外上市的法律监管制度,是引发本文讨论的几个问题。第一章,中国民营企业海外上市的概况。首先,对民营企业的定义进行界定,明确什么是民营企业；其次,再次,介绍我国民营企业海外上市的模式,即直接上市、间接上市和其他模式。对这直接上市模式和间接上市模式进行比较分析,指出民营企业应根据自身情况选择适合本企业的海外上市模式；然后介绍民营企业常见的间接上市模式-红筹上市,从红筹股公司定义的界定、红筹上市的特点和步骤以及红筹上市的基本情况阐述了红筹上市的历程。第二章,上市地对海外上市企业的法律监管。首先,介绍各国证券监管的三种类型,即：集中型监管、自律型监管和混合型监管；其次,阐述了上市地对中国民营企业上市监管的基本特征；然后分析了民营企业主要上市地证券市场的法律监管情况；最后,形成对上市地的法律监管情况有一个基本的认识。第三章,中国对民营企业海外上市的监管法律。首先,分析了我国对民营企业海外上市的监管法律体系；然后,介绍了我国证券市场的监管主体和监管对象；最后,从我国对民营企业海外直接上市的监管和间接上市的监管两个方面,了解我国对民营企业海外上市的法律监管情况。第四章,母国与上市地的监管冲突与协调。首先,分析了母国与上市地的监管存在着冲突；其次,分析了如何解决监管冲突,通过采取单边立法,谅解备忘录和证券监督合作组织三种方式,实现母国与上市地监管的协调；最后,笔者针对我国的法律监管现状中存在的不足,提出了几点完善法律监管的建议。更多还原

【Abstract】 Nowadays more and more Chinese private enterprises are making decisions to enter the oversea markets. This, on one hand, facilitates the development of China economy, but on another it brings great challenges to the supervisions of Chinese laws and regulations. It not only requires achieving the aim of Chinese private enterprises to successfully enter the oversea markets, but also requires avoiding the bad impacts that may be caused by the transnational capital flows. This essay tries to analyze the following issues, that is, how to get the perfect combination of the securities market opening and the rational supervisions, how to resolve the conflicts between the different laws that various countries use to supervise the oversea listed enterprises, how to perfect the Chinese regulations on the oversea listed enterprises.The first chapter is mainly about the general situations of Chinese private enterprises entering oversea markets. First, it gives the definition of private enterprises, pointing out what belongs to this category. Second, introduce the three models of Chinese private enterprises entering oversea markets, direct listed, indirect listed and other model. It then gives simple introduction of these three models, telling the differences between he direct listed and indirect listed, pointing that when Chinese private enterprises decide to enter oversea markets, they should to choose the proper model in accordance with their actual situations. Next it is followed by the most common model of indirect listed, the red chips listed, giving the definition of the red chips listed enterprises, the characteristics of the red chips listed and the general situations of the red chips listed.The second chapter is mainly about the different legal supervisions of listing places on Chinese private enterprises. First, introduce the three main models of securities regulatory, that is, centered supervision, supervision with self-discipline and mixed supervision. Second, it deals with the basic features of the listing supervisions of listing places on Chinese private enterprises. Then introduce the legal supervisions of the listing places of Chinese private enterprises. Finally it forms the general situations of the legal supervisions of the listing places.The third chapter is mainly about Chinese regulatory systems on Chinese private enterprises entering oversea markets. First, analyze Chinese regulatory systems on Chinese private enterprises entering oversea markets. Then introduce the overseeing bodies and the overseen bodies of Chinese securities market. At last, it gives concrete descriptions of direct listed and indirect listed situations on Chinese private enterprises entering oversea markets, so as to present the legal regulatory situations of Chinese private enterprises entering oversea markets.The fourth chapter is mainly about the conflicts and reconciliations of the regulatory systems between the home countries and the listing places. First, analyze the conflicts between the home countries and the listing places. Then analyze how to resolve these regulatory conflicts, that is, by adopting unilateral legislation, the memorandum of understanding and the building of the organization of securities regulatory cooperation to achieve the coordination of the regulatory between the home countries and the listing places. At last, the writer gives her suggestions on perfecting the legal regulatory in accordance with the defects in Chinese legal regulatory.更多还原