资本市场真的欢迎“中概股”回归吗?

Does the Capital Market Really Welcome the Return of the China Concept Stocks?

通过分析中概股回归动机、套利回归带来的负面影响及中概股回归受阻现象,本文揭示了中国资本市场动态调整机制与"中概股"套利回归之间的博弈行为,讨论了中概股回归行为中存在的问题。本文发现,中国存托凭证(CDR)等制度创新将为优质中概股回归创造了新的机遇,中国资本市场应适度向优质创新型企业、真正"独角兽"企业开放"即报即审"通道以支持新经济发展;应优化外资管理政策与管制机制,鼓励境内优势行业进行跨境并购,探索分道审核机制,服务实体经济;完善退市制度,建立健全资本市场发行和监管机制。

This study intends to investigate problems in the process of the return of China concept stocks by exploring the underlying motivation of return. This study also analyzes the negative impacts that exist in China concept stocks' arbitrage on capital market and the game behavior between the dynamic institutional adjustment of the market and arbitrage motivation of China concept stocks. This study holds that institutional innovations such as China Depositary Receipt (CDR) have created new opportunities for the return of those high quality China concept stocks and should be appropriately opened up to high quality startup innovative companies; The IPO "Immediate review" channel for the "unicorn" companies has supported the development of new economy, butthe reform of the registration system still has a long way to go. In addition, we ought to optimize foreign management policy and regulatory mechanism, to encourage domestic advantage industries to explore cross-border mergers and acquisitions, explore the separation of services, and serve the real economy. The delisting system should be improved and the capital market issuance and supervision mechanism should be established.