我国跨境上市公司监管的法律协调模式研究——以公司治理为视角

Legal Coordination Model of the Regulation of Cross-border Listed Companies in China——From the Perspective of Corporate Governance

我国2020年新修订的《证券法》已允许在证券市场引入跨境上市公司,但不同国家的上市公司治理规定往往差异明显,不利于市场开放的持续推进。选择合理的法律协调模式将有利于促进法律冲突的化解。相对于国际上已经形成的几种传统法律协调模式,等效模式在公司治理问题上更能兼顾有效控制市场风险、合理分配上市公司成本以及适应公司治理"弱趋同"的特点,是我国跨境上市公司治理监管法律协调模式的最优选择。在国际上已有使用等效模式的具体实践可供参考且我国也有相关法律基础的情况下,等效模式在我国的使用也具有可行性。但在我国选择使用等效模式后,还需要进一步明确等效认定的实体标准,建立完整的程序性配合机制,并与跨境监管合作机制相结合,以保证实现安全目标与效率目标的平衡。

The newly revised Securities Law in 2020 has allowed the introduction of cross-border listed companies into China’s securities market,but the corporate governance regulations of listed companies in different countries are often significantly diverse,which is not conducive to the advancement of market opening.Choosing a reasonable legal coordination model will effectively promote the resolution of legal conflicts.Compared with several traditional legal coordination models,the equivalence model can better take the particularity of corporate governance issues into consideration and realize effective management of market risks,rationally allocate listed company costs and adapt to the"weak convergence"characteristics of corporate governance.It fits China’s actual situation and legal basis,and may be the best choice for the legal coordination model of corporate governance regulation of cross-border listed companies in China.Given that there are specific practices abroad and relevant legal basis in China,the application of the equivalent model is also feasible.In applying the equivalence model,it is necessary to further clarify the substantive standards for equivalence identification,establish a complete procedural mechanism,and combine it with the cross-border regulatory cooperation mechanism,which help to balance the goals of safety and efficiency in China’s stock market.