中国公司在美上市：信任危机与对策

发布时间：2019-05-13 19:19

【摘要】：自2010年末爆发的绿诺事件始，中国在美上市公司遭遇了严重的信任危机，至今影响仍存。本文希望通过查找此次信任危机的原因为中国在美上市公司提供对策并对中美两国证券监管合作进行展望。本文在梳理了绿诺事件的基础上归结了危机产生的不同原因，从中国公司自身的角度来说，公司诚信的缺失是主观方面的原因，中国公司的失信行为在美国证券市场屡有发生，如夸大利润、错报数据、关联交易不披露、合同造假等。这些问题本应在公司内部监察环节被发现，但是公司内部治理的不规范使得不论是公司内部审计委员会、独立董事还是监事会都未能充分发挥监督职能。另外一个重要原因是活跃在美国证券市场的市场调查机构的做空行为，尤其是浑水和香橼这两家紧盯中国公司的机构，这类机构的调查通常采用数据对比和实地调查的方式，所以对一些作假的中国公司杀伤力很大。还有不能忽视的是中美两国证券监管制度的差异，不论是证券发行制度、招股说明书、持续信息披露还是监管体系都存在诸多不同，这也会使得中国在美上市公司不习惯。最后，中美双方国内法的冲突将使得中国在美上市公司左右为难。美国的《塞班斯法案》依据“长臂管辖原则”要求为上市公司提供审计服务的会计师事务所提交审计底稿，但是中国的相关法律要求不能够向外提供审计底稿。这就需要双方的证券监管部门在协商的基础上化解这个矛盾。在对策部分，本文从公司和监管合作两个角度给出了若干条建议。在公司部分，需要树立诚实信用的理念、选择首次公开发行的方式、熟悉美国证券市场的制度规范、建立良好的沟通制度、完善公司的治理结构并采取反制措施应对做空。在监管合作部分，，本文在对比中美证券监管合作的《执法合作备忘录》（以下简称《备忘录》）同美国和其他国家/地区签订的类似合作协议之后，认为我们不能一直回避同美方的“联合调查”问题，但调查需由我方主导。而一直困扰各方的“国家秘密和商业秘密”的问题应该有明确的界限，给出一份清单，不能笼统把涉密当作有关公司作假的保护伞。另外，“提供帮助的范围”可以适当扩大，把只针对个案的帮助扩大到全面的帮助。最后本文认为中美两国应该在国际证监会组织这个平台下开展更加广泛的合作。
[Abstract]:Since the Luno incident broke out in late 2010, Chinese listed companies in the United States have suffered a serious crisis of trust, and the impact is still there. This paper hopes to provide countermeasures for Chinese listed companies in the United States and look forward to the securities regulatory cooperation between China and the United States by finding out the causes of the trust crisis. On the basis of combing the Luno incident, this paper sums up the different causes of the crisis. From the point of view of the Chinese company itself, the lack of corporate integrity is the subjective reason, and the breach of trust behavior of the Chinese company occurs frequently in the American securities market. Such as exaggerating profits, misreporting data, related transactions are not disclosed, contract fraud and so on. These problems should have been found in the internal supervision link of the company, but the non-standard internal governance of the company makes it impossible for the independent directors or the board of supervisors to give full play to the supervision function of the internal audit committee of the company. Another important reason is the short-selling behavior of market researchers active in the US securities market, in particular muddy waters and Citron, two institutions that focus on Chinese companies, which usually conduct surveys in the form of data comparisons and on-the-spot surveys. Therefore, some fake Chinese companies are very lethal. It can not be ignored that there are many differences in the securities regulatory system between China and the United States, whether it is the securities issuance system, the IPO statement, the continuous information disclosure or the regulatory system, which will also make Chinese listed companies in the United States not used to it. Finally, the conflict of domestic laws between China and the United States will make it difficult for Chinese listed companies in the United States. The Saibanes Act of the United States requires accounting firms that provide audit services to listed companies to submit audit papers in accordance with the principle of long-arm jurisdiction, but the relevant laws of China require that audit papers cannot be provided to the outside world. This requires the securities regulatory authorities of both sides to resolve this contradiction on the basis of negotiation. In the part of countermeasures, this paper gives some suggestions from the perspective of company and regulatory cooperation. In the part of the company, it is necessary to establish the concept of good faith, choose the way of initial public offering, be familiar with the institutional norms of the American securities market, establish a good communication system, improve the corporate governance structure and take countermeasures to deal with short selling. In the part of regulatory cooperation, after comparing the similar cooperation agreements signed between China and the United States in the Memorandum of Law Enforcement Cooperation (hereinafter referred to as the Memorandum) with the United States and other countries / regions, We do not think that we can always avoid the issue of "joint investigation" with the US side, but the investigation should be led by us. The problems of "state secrets and trade secrets", which have been perplexing all parties, should have clear boundaries and give a list of secrets that should not be used in general terms as umbrellas for companies to falsify. In addition, the scope of help can be expanded appropriately to extend case-only help to comprehensive help. Finally, this paper holds that China and the United States should carry out more extensive cooperation under the platform of the International Securities Regulatory Commission (CSRC).
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D971.2

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