美国《外国公司问责法案》对中概股跨境融资的影响及对策研究

Research on the Impact of American Holding Foreign Companies Accountable Act on Cross-Border Financing of Chinaconcept Shares and Its Countermeasures

随着全球经济一体化的加深,企业跨境融资行为愈加常见。1992年以来,累计有逾500家中概股公司赴美上市。近年来,贸易保护主义和逆全球化有所抬头,美国相继出台针对在该国上市的外国证券发行人严格的监管措施。其中,2021年12月2日,美国证券交易委员会(SEC)正式通过《外国公司问责法案》(Holding Foreign Companies Accountable Act,HFCAA)修正案,要求美国证券交易委员会(SEC)禁止连续三年未经美国公众公司会计监督委员会(PCAOB)检查的外国发行人证券进行交易。该法案以及其额外信息披露要求将提高中资企业赴美上市门槛,增大中概股退市风险,对跨境证券融资环境产生深远影响,亟待关注。本文通过梳理《外国公司问责法案》的出台背景和主要内容,引申分析美国金融安全审查以及金融制裁的发展趋势,进而从多个维度就该法案对中概股跨境融资带来的潜在影响进行全面阐述,并提出政策建议。

With the deepening of global economic integration,cross-border financing of enterprises is becoming more and more common.Since 1992,more than 500 Chinese stock companies have been listed in the United States.In recent years,trade protectionism and anti globalization have risen.The United States has successively introduced strict regulatory measures against foreign securities issuers listed in the country.On December 2,2021,the American Securities and Exchange Commission(SEC)formally passed the amendment to the holding foreign companies accountability act(HFCAA),requiring the American Securities and Exchange Commission to prohibit the trading of securities of foreign issuers that have not been inspected by the American public company accounting oversight board(PCAOB)for three consecutive years.The act and its additional information disclosure requirements will raise the threshold for Chinese enterprises to list in the United States,increase the delisting risk of China-concept shares,and have a far-reaching impact on the cross-border securities financing environment,which requires urgent attention.By combing the background and main contents of the holding foreign companies accountability act,this paper analyzes the development trend of financial security review and financial sanctions in the United States,and then comprehensively expounds the potential impact of the accountability act on cross-border financing of China-concept shares from multiple dimensions,and puts forward policy suggestions.