外资进入中国股市的途径研究

Study on the Way of Foreign Capitals Entering into Chinese Securities Market

中国股市正渐进式地对外资开放,外资已可通过多种途径进入中国股市。由于是渐进式、分层次、分阶段的开放,关于外国投资者进入中国股市的规范性文件较多且略显凌乱。本文对目前为止有关外资进入中国股市的法律法规做了梳理和研究,并厘清了外国投资者进入中国股市的路径。根据现行法律法规,若以进入的时间为划分标准,外资进入中国股市的途径可分为以设立外商投资股份有限公司再申请股票公开发行并上市、一级市场交易和二级市场交易三种途径。

Chinese securities market is gradually opening to foreign capitals.For foreign capitals,Chinese securities market is accessible in several ways.As the opening of the securities market is step by step,the rules and regulations governing the opening are many and somewhat in disorder.This paper analysises the rules and regulations,and makes clear the road and way in which foreign capitals are allowed to enter into Chinese securities market.According to the rules and regulations,to take the entering time point as standards,there are three ways of entrances for foreign capitals： the first is establishing a foreign invested company limited by shares and then apply for IPO;the second is primary market placement;the third is secondary market buyout.