本文關(guān)鍵詞：從互聯(lián)網(wǎng)企業(yè)海外上市看我國創(chuàng)業(yè)板上市標準及制度的完善　出處：《上海交通大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 互聯(lián)網(wǎng)企業(yè) 創(chuàng)業(yè)板 海外上市 法律制度

【摘要】：中國企業(yè)境外上市開始于20世紀90年代。隨著全球經(jīng)濟一體化潮流的推進以及中國經(jīng)濟的迅速發(fā)展，中國企業(yè)越來越多地通過各種途徑走出國門，在境外資本市場尋求上市。中國企業(yè)的境外上市，有利于促進企業(yè)積極利用國際資本，幫助企業(yè)更好的參與到國際競爭和合作，提升中國經(jīng)濟的競爭力，并且也促使企業(yè)建立現(xiàn)代企業(yè)制度，完善公司治理結(jié)構(gòu)。但是，這么多的中國企業(yè)放棄在占據(jù)地利人合優(yōu)勢的中國本土而選擇于去異國他鄉(xiāng)的海外市場上市，而這個現(xiàn)象是值得深思的。 顧名思義，境外上市是跨國或者跨地區(qū)上市。證券發(fā)行人和投資者分處不同的國家或者區(qū)域，由此也帶來比境內(nèi)上市更加復(fù)雜的法律關(guān)系和法律問題。不同國家和地區(qū)出于對本國利益的考慮，都制定了不同的標準及制度。對境外上市企業(yè)而言，既要滿足來自所屬國的標準，也要接受來自上市地國的標準。本文共分為三章，將以不同角度分析從互聯(lián)網(wǎng)企業(yè)海外上市看我國創(chuàng)業(yè)板上市標準及制度的完善。 第一章從我國互聯(lián)網(wǎng)企業(yè)的四次赴美上市熱潮入手，闡述了互聯(lián)網(wǎng)企業(yè)的上市浪潮有愈演愈烈之勢。其次例舉了典型例證：百度在美上市的成功記錄。回顧了百度的發(fā)展歷史。在這一節(jié)當(dāng)中，通過對比的手法，說明了一個從小企業(yè)如何發(fā)展成為到市值超上海機場的過程。然后抱磚引玉，舉例了由百度引發(fā)互聯(lián)網(wǎng)企業(yè)趁美上市熱潮，說明了中國互聯(lián)網(wǎng)企業(yè)境外上市轟轟烈烈的現(xiàn)象。本章第三節(jié)講述了中國企業(yè)海外上市的方式，具體分析了三種不同境外上市方式的利弊。 第二章主要分析的是國互聯(lián)網(wǎng)企業(yè)選擇海外上市的原由。首先第一節(jié)介紹了我國互聯(lián)網(wǎng)企業(yè)國內(nèi)創(chuàng)業(yè)板上市的法律規(guī)則。通過法條來闡述了我國互聯(lián)網(wǎng)企業(yè)國內(nèi)創(chuàng)業(yè)板上市的具體條件。然后是國內(nèi)創(chuàng)業(yè)板上市條件的具體法律分析，說明了企業(yè)為什么熱衷于去海外上市的一個法律背景。本章的第二節(jié)，，先是說明了互聯(lián)網(wǎng)企業(yè)海外上市的“準出”法律規(guī)則，即中國為企業(yè)境外上市所設(shè)置的硬性條件，這些規(guī)則主要是由中國證券監(jiān)督管理委員會、國家外匯管理局、國資委、商務(wù)部、國家稅務(wù)總局來進行的法律制定與監(jiān)管。其次是境外主要上市地對我國企業(yè)上市的“準入”規(guī)則。在這個環(huán)節(jié)當(dāng)中，介紹了境外各大證券市場的上市基本條件，并以美國證券市場和新加坡證券市場為例加以展開。本章第三節(jié)分析了我國互聯(lián)網(wǎng)企業(yè)熱衷海外上市的原因。主要分為四大理由并進行了具體分析。 第三章主要分析了我國互聯(lián)網(wǎng)企業(yè)創(chuàng)業(yè)板準入標準法律反思與制度完善。首先提出了我國互聯(lián)網(wǎng)企業(yè)創(chuàng)業(yè)板上市標準的法律缺陷。主要從兩個方面進行了分析。第一點是創(chuàng)業(yè)板對于互聯(lián)網(wǎng)企業(yè)的盈利要求過高。通過與美國納斯達克的比較來加以論證此觀點。第二點是由杭州順網(wǎng)科技股份有限公司的例子說明了互聯(lián)網(wǎng)企業(yè)國內(nèi)上市費用過高。其次，提出了自己的觀點，即我國互聯(lián)網(wǎng)企業(yè)國內(nèi)創(chuàng)業(yè)板法律制度上的改進建議，包括降低創(chuàng)業(yè)板上市標準，引入做市商制度，降低互聯(lián)網(wǎng)企業(yè)入市門檻，以及加強審核監(jiān)管，降低企業(yè)上市費用。
[Abstract]:Beginning in 1990s China overseas listed companies. With the global economic integration and the rapid development of economy Chinese Chinese, more and more enterprises through various channels to go abroad, to seek a listing in the overseas capital market. China overseas listed enterprises, is conducive to the promotion of enterprises to actively take advantage of international capital, to help enterprises to better participate in international competition and cooperation, enhance the competitiveness of the economy China, and urge enterprises to establish modern enterprise system, improve corporate governance structure. However, so many companies listed on the Chinese local people give up advantages and choose to go to the local Chinese exotic overseas market, and this phenomenon is worthy of careful consideration.
As the name implies, overseas listing is international or regional market. Issuers and investors from different countries or regions, which also leads to more complex than domestic market relations and legal issues. Different countries and regions based on their interests, both for different standard and system of overseas listed companies in terms of both to meet the standards from own country, but also to accept from the listed standard. This paper is divided into three chapters, will be different from the perspective of China's gem listing standards and system perfection of overseas listed Internet companies.
The first chapter from four times of our Internet companies listed on the United States with the boom of Internet companies listed, expounds the wave trend. Secondly illustrates the typical example: Baidu in the successful record of U.S. listed. Reviews the development history of Baidu. In this section, based on the ratio of the technique, explains how to become a young enterprise to the market value of over Shanghai airport. Then hold a brick to attract jade, for example caused by Baidu Internet IPO boom, the Chinese Internet enterprises listed overseas with vigour and vitality of the phenomenon. The third section of this chapter describes the China enterprises listed overseas, analyzes three different ways listed overseas the pros and cons.
The second chapter mainly analyze the cause of China's Internet companies listed overseas. The first section introduces the legal rule of the domestic GEM listed Internet companies. Through the law to elaborate the specific conditions of domestic GEM listed Internet companies. Then is the analysis of specific legal record industry domestic board listed conditions, that the reason why enterprises keen to a legal background to overseas listing. The second section of this chapter, first describes the Internet overseas listing of the "quasi" rule of law, which is set to China enterprises listed overseas hard conditions, these rules are mainly by the Chinese Securities Regulatory Commission, the State Administration of foreign exchange. The SASAC, the Ministry of Commerce, the State Administration of taxation law and supervision. Second is the main overseas listing of Chinese companies listed on the "access" rules. In this section Which introduces the basic conditions of the major oversea stock market listing, and the US securities market and Singapore stock market as an example to be carried out. The third section of this chapter analyzes the reasons of China's Internet companies keen to overseas. It is divided into four major reasons are analyzed.
The third chapter mainly analyzes the improvement of China's Internet enterprise access standards gem legal system. Firstly, reflection and puts forward the legal defects of China's growth enterprise board listing standards. Mainly from the two aspects of the analysis. The first point is the gem for the Internet company's profit requirements. To demonstrate this view by comparing with the the United States NASDAQ. The second is by the Hangzhou Polytron Technologies Inc Shun network examples of domestic Internet companies listed high cost. Secondly, put forward their own point of view, the suggestions to improve the domestic gem legal system of Internet enterprises in our country, including reducing the gem listing standards, the introduction of market maker system, Internet companies reduce barriers to entry and strengthen auditing supervision, reduce listing fees.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.287;F832.51

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本文編號：1370209