中资企业不同境外上市模式比较研究

An Examination of Supervisory Policies for Offshore Listings of Chinese Companies

经过多年改革探索和市场发展,目前我国通过直接或间接方式在境外上市的企业已具有较大规模,境外上市融资已成为中资企业融资渠道的重要补充,与此同时不同境外上市方式存在的监管问题和风险也值得高度关注。本文对中资企业在美国、中国香港上市的基本情况进行了统计分析,对不同境外上市模式的监管政策进行了比较研究,在此基础上对目前中资企业境外上市过程中存在的监管问题进行了深入剖析,并最终从完善信息采集、加强部门间监管合作以及做好政策研究储备等三方面提出政策建议。

After years of reform and market development, offshore listings of Chinese companies have reached a significant scale. Offshore listings have become an important supplement to the domestic financing channels of Chinese enterprises. As such, regulatory issues and risks accompanying different offshore listing methods need to be closely monitored. This article conducts a statistical analysis of the Chinese companies listed in the United States and Hong Kong and compares the regulatory policies that apply to listings in these markets. It also offers three policy recommendations: improving information collection, strengthening interdepartmental supervisory cooperation, and maintaining a reserve of policy research.