论境外公司上市融资规制中的审慎原则

On the Prudential Principle in the Legal Regulation of Overseas Company Seeking Financing by Listing on the Stock Exchange

在中国融资市场开放的谈判中,中方承诺将按照审慎监管原则允许境外公司在境内上市融资。这一审慎监管原则与金融领域中传统的审慎监管存在本质区别,并受制于建构论和生产主义基调的影响。在建构论生产主义基调下,中国的融资市场开放将采取"进口替代"策略,这与建立国际金融中心的目标背道而驰。从提升本国融资市场竞争力的角度出发,中国应适时调整审慎监管原则的基调,或采取建构论消费主义,或采取进化论生产主义,以期建立一个能够与纽约、伦敦鼎足而立的国际金融中心。

During the negotiation of opening China＇s financing market,the government of China promised that overseas companies would be permitted to list on the stock exchange according to prudential supervision principle.However,the so-called prudential principle is different from the traditional finance prudential supervision principle in nature and influenced by the domestic fundamental key of constructivism and producerism.Under the fundamental key of constructivism-producerism,the China＇s opening of financing market will take the strategy of ＂import substitution＂,which runs in the opposite direction of establishing a international financial center.In terms of promoting the country＇s competitiveness of financing market,the government of China should timely adjust the fundamental key of prudential supervision principle by selecting constructivism-consumerism or evolutionism-producerism,which would contribute to establishing a international financial center comparable to New York and London.