中国存托凭证制度的规制逻辑与完善路径

The Regulation Logic and Improvement Path of Chinese Depositary Receipt System

存托凭证是基于信托制度创新的国际资本市场间的金融投资工具。中国存托凭证制度解决了所有港股、中概股、双重股权结构公司、VIE结构公司回A的难题,对于中国资本市场的发展和完善意义深远。中国存托凭证在市场监管、外汇管制、投资者保护等方面存在制度性障碍。美国完善的证券监管体系和丰富的监管经验对我国存托凭证规制体系的建立极具参考价值。借鉴国际存托凭证制度尤其是美国存托凭证(ADR)的监管经验,规范和完善中国存托凭证发行制度并防范运作中可能对我国资本市场带来的潜在风险,提出相应的制度完善建议,从而进一步通过引入存托凭证制度加快推进我国证券市场国际化进程。

Depository receipts are financial investment instruments among international capital markets based on trust system innovation. The depository receipt system in China has solved the problem of all Hong Kong stocks, Chinese Concept stocks, dual-class share structure companies and VIE structure companies to return to A shares. It is of far-reaching significance for the development and perfection of China’s capital market. There are institutional obstacles in market supervision, foreign exchange control and investor protection of depository receipts in China. The perfect securities regulatory system and abundant regulatory experience in the United States are of great reference value to the establishment of depository receipts regulatory system in China. Drawing on the experience of international depository receipt system, especially American depository receipt(ADR), we should standardize and improve China’s depository receipt issuance system and guard against the potential risks that it may bring to China’s capital market in its operation, and put forward corresponding suggestions for improving the system, so as to further accelerate the internationalization process of China’s securities market by introducing the depository receipt system.