建立我国证券市场国际板的策略研究

Strategy of Establishing International Board in China's Stock Market

国际板是中国建立多层次证券市场结构的重要组成部分。国际板是各国证券交易所在面对各自国内优质上市公司资源趋于减少的情况下,采取的一种专门招揽境外优质上市公司资源的行为。一个国际板市场的地位是国际板的供给者(即各国证券交易所或各国证券业监管者)与国际板的需求者(即境外上市企业)之间利益博弈的一个均衡。严格的市场监管与高效的资本形成机制,是各国证券市场国际板组织设计者理想的或最优的目标。中国未来的国际板同样会面临金融安全与融资效率双重目标的两难选择。对国际板推出过程应从以下几方面加强:选择优质的上市公司、改革新股发行定价机制、充分的风险揭示、建立上市公司对投资者的回报机制、完善投资者侵权救济制度等。

The intemational board is an important part establishing multi-level stock market structure in China. The international board is a specific behavior which attract foreign high-quality resources of listed companies under the circumstances which the respective domestic high-quality resources of listed companies tends to reduce. The market standing of the intemational board is a balance between the supply and the demand for the international board. The supply is the respective national stock exchange or securities industry regulators. The demand is the overseas listed companies. The ideal or optimal target is the strict market supervision and efficient capital formation mechanism for the respective national designer of the international board. The international board in China will also face the dilemma of financial security and financial efficiency dual goals in the future. The following aspects about the international board should be strengthened： selecting the high quality of the listed companies, reforming the pricing mechanism of the IPO, disclosing fully the risk, establishing the pay back mechanism of the listed companies to the investors, improving the infringement and relief system.