有凤来仪:红筹企业回归国内资本市场

Red Chip Enterprises Return to Domestic Capital Market

近年来,红筹企业可通过股票发行或以存托凭证方式在科创板上市,打开红筹企业回归境内资本市场的大门。本文对红筹回归的政策演变和实践进行分析,在此基础上对构建外汇管理框架进行了探索,建议从监管模式、制度建设、风险管理等方面进一步完善,构建良好的资本市场环境。

The Science and Technology Innovation Board has opened the door to a return of red chip companies to the domestic capital market through stock offers or the issuance of depositary receipts.This paper analyzes the policy evolution that has led to the return of red chip companies and assesses the requirements of a foreign exchange management framework to facilitate this.In order to reach this goal,it is necessary to improve the capital market environment by enhancing the regulatory model,strengthening financial system construction,and reinforcing risk management.