中小企业境外上市法律困境研究

【作者】 许静晓；

【导师】 马迁；

【作者基本信息】 郑州大学 ， 国际法学， 2009， 硕士

【摘要】 “境外上市”这个词语大家一定不会陌生,自从1993年青岛啤酒发行H股以来,我国企业境外上市已经历过几次高潮,近年来特别是入世后,随着全球经济一体化程度的不断加强,国际资本流动日趋自由化,越来越多的中国企业登陆海外市场。随着中国经济的发展和改革开放的深入,中小企业日益发展壮大,对资金的需求也不断增加,但由于国内证券市场不完善、银行贷款和财政支持又利用有限等原因,中小企业国内融资困难重重；与此同时,国外多层次的证券市场又为中小企业提供了很好的融资平台,再加上境外上市不可比拟的优点,使得越来越多的中小企业选择境外上市。境内企业到境外上市的模式虽然很多,归纳起来也就直接上市与间接上市两种,但不论以任何形式到境外上市,均应报中国证监会审批。1999年7月的《关于企业申请境外上市有关问题的通知》(证监发行字[1999]83号)(即证监会83号文),对境外上市企业设定了著名的"456标准”,不仅超过了某些国外证券交易所要求的条件,而且比国内上市的标准还要高,这就使中小企业不得不选择间接上市的方式绕开我国法律的规定。然而,我国对间接上市的监管日益严格,特别是2006年8月9日,商务部、国资委、国家税务总局、国家工商总局、国家外汇管理局和中国证监会六部委联合发布的《关于外国投资者并购境内企业的规定》(10号文)又使间接上市的难度加大。按照规定,国内企业以股权并购模式间接上市除了在1年内要成功上市外,还要经过商务部和证监会的层层审批。1年的有效时间是对以后间接上市的严峻考验,这使国内企业间接上市的难度进一步加大。所以,我国中小企业的境外上市陷入巨大的法律困境：一方面,海外直接上市的门槛无法逾越,另一方面,我国又不断对间接上市加强监管,使间接上市的难度进一步加大。我本人一直在参与一个中小企业的上市准备工作,对中小企业融资难、上市难的现状深有体会。在境外上市势不可挡的大背景下,这个问题已经迫在眉睫,亟待解决。所以,我的毕业论文就选择了“中小企业境外上市法律困境研究”这个题目,旨在揭露中小企业境外上市的法律困境,并提出自己的浅薄意见,希望能抛砖引玉,希望引起社会各界的关注,帮助中小企业规范上市。本文除引言和结语共分为三个部分,第一部分是中小企业境外上市概况,主要对境外上市和中小企业进行了界定,介绍了中小企业境外上市的历史和现状,并对国内外证券市场进行了比较；第二部分仅仅围绕中小企业境外上市的法律困境展开：一方面是直接上市的高门槛,另一方面是间接上市的严监管,所以使中小企业的境外上市陷入巨大的法律困境；第三部分是解决中小企业境外上市法律困境的相关建议。从立法、国内证券市场、境外上市法律监管的完善和国际监管合作等方面提出了自己的意见和建议。更多还原

【Abstract】 We are not unfamiliar with the word of "overseas listing ", since Qingdao issued H shares in 1993, the overseas listing of Chinese enterprises has experienced a number of high tides in recent years, especially after China joined in WTO,with the increasing development of the global economic and the growing liberalization of international capital flowing, more and more Chinese enterprises land overseas markets. With development of Chinese economy and the depth of reform and opening up, small and medium-sized enterprises develop and expand increasing, so the demand for capital is increasing, but the imperfections of domestic securities market, the limited use of bank loans and financial support and other reasons make small and medium-sized enterprises face many difficulties in financing at domestic market; while, multi-level securities market of developed countries providing a good platform for the financing of small and medium-sized enterprises, coupled with the unparalleled advantage of overseas listing, more and more small and medium-sized enterprises choose overseas listing.The ways to overseas listing of domestic enterprises can be summed up to direct listing and indirect listing, though there are many ways to overseas listing, but either of which should be reported to the China Securities Regulatory Commission for approval. In July 1996, "the notice of the problem in the application for overseas listing of enterprises " (the Securities Regulatory Commission issued the word [1999] No.83) (that is, the SRC No.83 text) set the famous "456 standard", which even higher than the standards Shanghai Exchange, Shenzhen Stock Exchange and foreign stock exchange, and the "456 standard" makes small and medium-sized enterprises have no choice but to list on overseas stock markets in indirect listing way to circumvent the law of our country. However, our country strengthens the regulation of indirect listing increasingly, especially in August 9,2006, the Ministry of Commerce, the SASAC, the State Administration of Taxation, State Administration for Industry and Commerce, State Administration of Foreign Exchange and China Securities Regulatory Commission jointly issued " The provision regarding the merger of foreign investors and domestic enterprises "(the text on the 10th), which increased the difficulty of listing. According to the regulations, the overseas listing of domestic enterprises in share merger in direct listing way should not only be successfully accomplished within one year, but also be reported to the China Securities Regulatory Commission and the Ministry of Commerce for approval. The effective time of one year is the severe test of the indirect listing, which makes the indirect listing more difficult. Therefore, the overseas listing of Chinese small and medium-sized enterprises enters huge legal dilemma:On the one hand, the high threshold of direct listing is insurmountable; on the other hand, China continues to strengthen the supervision of indirect listing, which makes the indirect listing more difficult.I have been taking part in the preparatory work for a small enterprise, experiencing the difficulties of financing of the enterprises. In the context of overwhelming of overseas listing, this problem needs to be solved urgently. Therefore, I choose "The research on legal dilemma in overseas listing of small and medium-sized enterprises" as my thesis, aiming at exposing the legal dilemma in overseas listing of small and medium-sized enterprises, putting forward my own shallow views and hoping to draw all sectors of the community’s attention to help the overseas listing of small and medium-sized enterprises.In addition to the abstract and conclusion, my article is divided into three parts. The first part is the overview of overseas listing of small and medium-sized enterprises, which defines overseas listing and small and medium-sized enterprises, introduced the history and current situation of overseas listing of small and medium-sized enterprises and analyzes the reasons of overseas listing of small and medium-sized enterprises. The second part focus on the difficulties in overseas listing of small and medium-sized enterprises, the high threshold of direct listing and the strict supervision of indirect listing make small and medium-sized enterprises enter huge legal dilemma. The third part is the advice for the solution of the legal dilemma in overseas listing of small and medium-sized enterprises, which puts forward my own comments and suggestions at aspect of the legislation, the domestic securities market, the legal regulation of overseas listing and the international supervision cooperation.更多还原