论中概股危机下中美跨境审计监管合作

On the Cooperation between China and the United States in Cross-border Audit Supervision during the China Concept Stock Crisis

瑞幸咖啡公司财务造假事件导致在美上市中概股面临集体被强制退市的风险。中概股公司财务审计质量是中美两国监管机构的共同关注点,但两国在跨境审计监管合作执法方式、审计工作底稿交接上存在分歧并久未解决。中美跨境审计监管合作分歧源于两国对国家主权的不同态度、审计工作底稿保密性要求的差异、证券监管机构执法权限的不同。遵循国际证券监管合作惯例,在双边或多边合作框架下共同推进联合检查,是破解中美跨境审计监管合作僵局的有效方式。为顺利有效开展联合检查,可以采取分流中概股公司、分类处理审计工作底稿的措施。此外,加强境外上市中国公司的境内监管、提升中概股公司整体质量,则是预防中概股危机的治本之策。

Chinese companies listed in the United States are at risk of being collectively delisted as a result of Luckin Coffee’s financial fraud.The financial audit quality of Chinese companies is a common concern of both Chinese and American regulators.However,differences between the two countries in cross-border supervision cooperation and law enforcement as well as in the audit working papers have made it impossible to effectively solve the problem.The different attitudes of China and the United States towards national sovereignty,the differences in law enforcement authority between China and the United States securities regulators,and the confidentiality requirements of audit working papers have collectively contributed to the current predicament of cross-border audit regulatory cooperation between China and the United States.Following the practice of international securities regulatory cooperation,carrying out joint inspections under the framework of bilateral or multilateral cooperation is an effective way to break the deadlock of cross-border audit regulatory cooperation between China and the United States.In order to carry out joint inspections smoothly and effectively,measures may be taken to separate Chinese companies and classify audit working papers.In addition,strengthening the domestic supervision of Chinese companies listed abroad and improving the overall quality of Chinese-listed companies are the ultimate solution to the delisting crisis.