中概股跨境监管博弈:评析与思考

Cross-border Regulatory Wrestling Regarding Chinese Concepts Stocks:Comments and Thoughts

当前中概股跨境监管博弈的焦点是中概股企业审计底稿的检查问题,即美方能够以何种方式、在何种范围和程度内获取和检查存放于中国境内的审计底稿。这一问题关涉双方各自国内立法和监管主权,需要在中国证监会、中国财政部和美国公众公司会计监督委员会新近签署的审计监管协议的基础上,通过务实监管合作加以解决。在此过程中,应尽可能兼顾中方关于敏感信息、国家安全的关切和美方关于全面获取财务相关信息的关切。还应以此为契机,改进和完善中国作为母国对中概股企业的监管,淡化对境外发行上市行为的管控,更多地着眼于提升资本市场质量和保护境内外投资者,并尽快明确和细化我国证券法域外适用的相关标准和条件。

The focus of the current cross-border regulatory wrestling between China and US Regarding Chinese Concepts Stocks(CCS)is the examination of the audit working papers of CCS companies,i.e.,in what way and scope,and to what extent can the US authorities have access to those audit working papers stored within the territory of China.This problem relates to the domestic laws and regulatory sovereignty of the two countries respectively,and needs to be solved through pragmatic regulatory cooperation on the basis of the newly signed Statement of Protocol among CSRC,the Ministry of Finance of China and PCAOB.In that process,consideration should be given in an as-balanced-as-possible way to both the concerns on the part of China regarding sensitive information and national security,and those on the part of the US regarding having complete access to the relevant fi nancial information.Meanwhile,efforts should be made to improve the regulation of CCS companies by China as the parent country.For example,the control on overseas issuance and listing should be loosened,with more importance being attached to improving the quality of the capital market and protecting both domestic and overseas investors.The relevant conditions and criteria for the extraterritorial application of Chinese securities law should also be clarifi ed and specifi ed.