境内企业境外直接上市:亟需明晰的监管框架和明确的监管标准

发布时间：2018-02-02 11:21

本文关键词： 证券监管境外上市直接上市监管框架监管标准　出处：《国际金融研究》2010年10期 　论文类型：期刊论文

【摘要】：随着境外直接上市实践的发展,以《公司法(1993年)》为基础,由有关行政法规、规章和其他规范性文件等构成的监管规范体系逐步建立并不断充实。在新形势下,境外直接上市监管暴露出了诸多问题,如监管框架不尽合理,上市条件过于严格、僵化,监管效率和透明度不高等。现阶段,为了维护国家经济安全和社会公共利益,促进境外上市公司规范运作,确有必要对境外直接上市活动实施一定程度的监管,境内监管应与境外上市地监管合理衔接,并充分尊重市场机制的作用。为此,亟需统筹考虑优化境外直接上市监管框架,完善监管制度,明确监管标准,提高监管效率并增强监管工作的透明度。
[Abstract]:With the development of the practice of overseas direct listing, based on the Company Law (1993), relevant administrative laws and regulations have been adopted. The regulatory system composed of regulations and other normative documents is gradually established and constantly enriched. Under the new situation, the supervision of foreign direct listing has exposed many problems, such as the unreasonable regulatory framework. The conditions of listing are too strict, rigid, supervision efficiency and transparency are not high. At this stage, in order to safeguard the national economic security and social public interests, promote the overseas listed companies to regulate the operation. It is necessary to supervise the activities of overseas direct listing to a certain extent, and the domestic supervision should be connected with the supervision of overseas listed places reasonably, and the role of market mechanism should be fully respected. It is urgent to optimize the regulatory framework, perfect the regulatory system, clarify the regulatory standards, improve the efficiency of supervision and enhance the transparency of regulatory work.
【作者单位】：南开大学经济学院;
【基金】：2009年度国家法治与法学理论研究项目(批准号:09SFB3036)的研究成果中国博士后科学基金会的特别资助
【分类号】：F279.2
【正文快照】： 随着我国经济的迅猛发展和对外开放程度的日益提高,境内企业到境外发行证券和上市已成为其接触国际成熟资本市场,实施国际化战略的重要方式。通过到境外发行上市,境内企业拓宽了融资渠道,完善了治理结构,规范运作水平和国际竞争力不断提升,并树立了良好的国际形象。①近几年,

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