现阶段外国公司在A股市场上市条件的分析

Analysis of the Condition of Foreign Listed Companies on A Share Market

现阶段,由于中国股市尚未实现全流通,出现股票高发行价、高市盈率等现象;由于人民币资本项目没有放开,造成现行名义汇率与实际汇率仍存在较大差距,人民币存在强烈升值预期,美元计价资产被高估。因此,现阶段外国公司在A股市场上市的条件仍不成熟,只有解决股市全流通问题、放开人民币汇率管制后,外国公司的上市问题才能提上议事日程。

Nowadays China A share market has not made all shares tradable, so the price-earnings ratio is still too high. Chinese government has not let RMB＇s capital items freely exchanged, so huge hikes exist between nominal exchange rate and true exchange rate, and RMB assets is welcomed in oversea market. It is still not the right time to let foreign companies list on A share market, as this paper suggests, only when all shares can be tradable on A share market and deregulation the RMB exchange rate, can we talk about this items.