B股市场的未来出路及相关外汇管理问题研究

国家对于B股市场的未来出路一直没有定论。B股市场筹集外资的功能目前已基本被H股和红筹股取代,B股市场完全失去了存续理由。在对回购注销B股、推出国际板并与B股市场合并以及A、B股合并3种出路优劣进行比较的基础上,我们认为A、B股合并是最优出路,并提出了先允许发行B股投资基金,再允许境内合法持有外汇的机构投资B股,最后实现A、B股合并的"三步走"的思路。对于A、B股在合并过程中可能涉及到的几个相关外汇管理问题,我们都提出了明确的研究结论。

The future outlet of B-share market has not yet been determined. The function of B-share market of raising foreign capital has basically been replaced by H shares and red chips, B-share market completely lost all reasons for existence. On the basis of comparison of the cancellation of the repurchased B shares, launching international board and merging with B-share market and A, B shares merger, we think A, B shares merge is the optimal way, and submit the first step is issuing B shares investment fund, and then allow domestic legal holding foreign institutions to invest B shares, the final step is the realization of A, B shares merger. We call it the three-step idea. During the merger of A and B shares a few relevant foreign exchange management problems may involve, we all put forward definite conclusion.