证券市场的开放与规则的发展——以B股规则为中心的检讨

The Opening of the Security Market and the Development of Regulations——Reflections Centered on B-stock Regulations

人民币特种股(B股)市场作为我国证券市场开放的窗口和试验田,至今已存在10余年,相比它短暂的辉煌,如今的B股市场已经日益“边缘化”,除了进行投机,B股还能为中国证券市场开放做些什么?结合我国证券市场的特点,深入分析B股市场的发展及其规则变迁,认真总结其经验和教训,对我国在证券市场开放过程中建立健全相关法律制度很有借鉴意义。

Up to the present, the RMB special stock (the B-stock) has been in existence for over ten years as a window on and a test field of the opening of the Chinese security market. Compared with its transient splendor, the current B-stock market is becoming increasingly 'peripheral' ——What can the B-stock do for the security market other than speculation? This paper analyzes the development, and regulation changes of the B-stock market and its experience and lessons, on the basis of the characteristics of the security market. This will be instructive to the construction of related laws and system in the opening of the Chinese security market.