我国对境外证券发行人身份的法律界定与制度选择

China's Rational Defining and System Choice of Foreign Issuers in Supervision of Cross-Border Financin

受证券市场国际竞争的影响,在跨国证券融资监管中,各国开始放松对境外证券发行人的监管,由此所产生的境内与境外证券发行人在东道国证券市场的融资成本差诱使东道国境内证券发行人变相更改国籍,继而以境外企业身份迂回本国进行融资,意图享受境外发行人的融资优惠。这种行为扰乱了东道国证券市场秩序,偏离了东道国的证券监管目标,混淆了信息披露的效果,因此,应对境外证券发行人的身份进行合理界定。"红筹股"企业在本质上属于国内企业,我国在跨国证券融资监管立法中,应借鉴美国证券法界定境外发行人的经验,并结合"红筹股"企业的特征,以"股份比例实际控制标准"、"整体资产国籍标准"、"营业中心所在地标准"以及"主营业务利润来源地标准"所组成的复合标准来界定境外证券发行人。

Affected by international competition in securities market,in supervision of cross-border financing,most countries start to loosen their supervisions on foreign issuers,which creates a financing cost gap between domestic issuers and foreign issuers in host country＇s securities market.The gap baits domestic issuers to change their nationalities,then return to their own countries and pretend to be foreign issuers.Such act distorts the securities market order of host country,deviates from the host country＇s supervision target,and confuses the effect of information disclosure.Therefore,foreign issuers should be rationally defined.Red Chip Enterprises are in fact domestic enterprises.In the legislation of cross-border financing supervision,China should learn lessons from what U.S.securities law does in defining foreign issuers and features of Red Chip Enterprises.We should apply the synthetic standard that is composed of ＂shares ratio substantial control＂,＂overall assets nationality＂,＂operating center domicile＂,and ＂ the place of major business profit＂ to define foreign issuers.