独角兽、法律周期论与民族国家建构 红筹企业中国存托凭证制度的初步研究

Unicorns,Legal Cyclicality and State Building A Preliminary Study of China Depositary Receipts of Red-Chip Enterprises

借鉴美国耶鲁法学院蔡美尔教授种族法理论,参考其对发展中国家外商投资法领域出现的“市场化—国有化—市场化”历史怪圈现象及其动因的分析,有助于识别中国境外设立的创新企业回归我国资本市场并跨境发行存托凭证规则(《创新企业回归A股规则》)存在的核心问题。我国法律对创新企业存在“支持—限制—支持”的历史怪圈,其背后动因在于中国境内企业与带有外资身份的创新企业在争取境内外上市资源过程中产生的张力。更进一步讲,《创新企业回归A股规则》将带来境内企业与创新企业的直接对立,并将延续境内资本市场一直存在的大企业和小企业之间的紧张关系,存在针对创新企业的新一轮限制的可能性。

This article borrows the ethnicity and law theory developed by Amy Chua to analyze rules governing China depositary receipts issued by innovation enterprises incorporated outside China(Innovation Enterprise CDR Rules).This article argues that a support-restriction cycle exists in the past two decades,which reflects the attitude of Chinese law towards innovation enterprises.The main cause of this cyclicality is the tension between Chinese domestic enterprises and these innovation enterprises in competing for financing and listing opportunities.This article further argues that the Innovation Enterprise CDR Rules will increase this tension,which may lead to a new cycle of restriction on innovation enterprises.