证券交易所跨境上市规则的国际比较与借鉴

The Overseas Listing Rules of Stock Exchanges:International Comparison and Reference

证券交易所跨境上市业务的发展是建设国际金融中心的重要内容,外国证券交易所的跨境上市规范对中国资本市场开放国际板具有很好的借鉴意义,同时,对国外证券交易所上市标准和上市费率差异的了解也有利于企业的境外上市决策。通过对12家世界主要证券交易所上市规范的比较分析,本文发现证券交易所在选择和吸引上市公司资源时,通过对不同行业或发展阶段企业的上市板块的划分,将拟上市企业进行初步归类,然后再提出差异化的上市标准供不同企业选择适用,并且各大交易所的上市费率要求也随其市场定位而有很大差异。

The service for overseas listing is an important sector of international financial centers. Overseas listing provides more equity financing options for foreign enterprises. The listing regulations and rules of foreign stock exchanges give good examples for China capital market＇s international board. Meanwhile, the detailed comparison of the foreign stock exchange ＇s listing standards and listing fee rates is helpful for Chinese firms＇ overseas listing decision -making. Through the comparative analyzing overseas listing standards of 12 world＇s major stock exchanges, this paper found that stock exchanges firstly divide listed boards based on specific industries and firms＇specific development stages and the listing standards vary from businesses. The listing fee rates among major Stock Exchanges are very different because of their diverse market positioning.