境内企业境外直接上市:亟需明晰的监管框架和明确的监管标准

Direct Overseas Listing of Chinese Companies:A Clear Regulatory Framework and a Certain Regulatory Requirements are Urgently Needed

随着境外直接上市实践的发展,以《公司法(1993年)》为基础,由有关行政法规、规章和其他规范性文件等构成的监管规范体系逐步建立并不断充实。在新形势下,境外直接上市监管暴露出了诸多问题,如监管框架不尽合理,上市条件过于严格、僵化,监管效率和透明度不高等。现阶段,为了维护国家经济安全和社会公共利益,促进境外上市公司规范运作,确有必要对境外直接上市活动实施一定程度的监管,境内监管应与境外上市地监管合理衔接,并充分尊重市场机制的作用。为此,亟需统筹考虑优化境外直接上市监管框架,完善监管制度,明确监管标准,提高监管效率并增强监管工作的透明度。

With the practice of direct overseas listing of Chinese enterprises, a regulatory framework based on the Company Law （1993） and constituted by other regulatory documents has been gradually established and constantly improved. Under the new landscape, there exist numerous problems in the domestic regulation of direct overseas listing. For example, the regulatory framework is not entirely reasonable, the listing conditions are too strict and rigid, and the regulatory efficiency and transparency are not satisfactory. In order to protect China＇s national economic security and the general interests, and to ensure the compliant operation of H-share companies, it is necessary to regulate direct overseas listing to a certain extent, but the exercise of domestic regulatory power should be self-restrictive and respect the functions of market force. In view of this, there is an urgent need to refine the regulatory framework, clarify the regulatory standards, improve the regulatory efficiency and increase the transparency of regulatory process.