境外中概股危机:背景、成因与影响

China Concept Stocks Crisis: Background, Course and the Affect

本文回顾了近期境外中概股遭遇股价暴跌和诚信危机的背景,认为这既有中概股良莠不齐、会计造假、商业模式受质疑以及VIE潜在道德风险等企业层面的原因,亦受境外投资人担忧中国经济放缓、做空利益链集体猎杀和中美跨境监管漏洞等外部因素影响。此次危机将引发中概股私有化退市的"骨牌效应",改变中国企业境外上市的方向及节奏,并令主要国际金融中心争取上市资源的格局有所变化。

This paper reviews the background of the overall declining of China concept stocks value. We analyzed the reasons of China companies＇ credibility crisis from the perspective of macro-economic and micro-economic respectively. The reasons of macro-economic included that the low-quality enterprises, the accounting fraud, the business model being questioned, and the risk of Variable Interest Entity （VIE） structure. The reasons of micro-economic included that the concerns about China＇s economic slowdown, the effects of the interest chain and Sino-US cross-border regulatory loopholes. The crisis will lead to a ＂domino effect＂ of China companies＇ privatization of delisting, and change the direction of Chinese companies listed overseas. It will change the competition pattern of major international capital markets.