本文選題：民營企業(yè)　切入點：紅籌上市　出處：《西南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：我國相關(guān)市場數(shù)據(jù)統(tǒng)計顯示,我國境內(nèi)民營企業(yè)選擇境外證券市場上市的數(shù)量及融資額有逐年增長的態(tài)勢,究其原因,是因為資本市場的全球化,以及經(jīng)濟(jì)的全球化都要求我國盡早開放國內(nèi)市場,使國內(nèi)企業(yè)能夠在世界舞臺上,與其他國家的優(yōu)秀企業(yè)共同競爭與成長。但是由于國內(nèi)不成熟的資本市場和不完善的法律環(huán)境,使得我國為保護(hù)處于幼稚產(chǎn)業(yè)的資本市場,只能暫緩國際化的步伐。 由于國內(nèi)體制的缺陷造成境內(nèi)融資渠道狹窄,民營企業(yè)在資金周轉(zhuǎn)困難、項目融資不便的情況下,無法獲得境內(nèi)資本市場的青睞,進(jìn)而獲取境內(nèi)公募市場資金的有力支持。為此,民營企業(yè)只能打破資本市場的“二元制”,繞道境外資本市場融資,通過在離岸金融中心設(shè)立特殊目的公司,將境內(nèi)資產(chǎn)置換到特殊目的公司,由特殊目的公司作為上市主體,到國外資本市場尋求融資,即所謂的民營企業(yè)紅籌上市。由于民營企業(yè)到境外紅籌上市,對我國經(jīng)濟(jì)、資本市場發(fā)展、企業(yè)間的平等競爭都會造成不小的影響,因此,在對國有企業(yè)紅籌上市監(jiān)管多年后,政府逐漸將民營企業(yè)境外紅籌上市這種融資模式也納入監(jiān)管范圍,給原本暢通無阻的民營企業(yè)境外紅籌上市之路造成阻礙。 雖然紅籌上市對民營企業(yè)本身存在很多有利之處,但是從宏觀調(diào)控角度來看,由于紅籌上市需要將企業(yè)的資產(chǎn)置換到境外特殊目的公司,再將募集的資金返程投資回國內(nèi)企業(yè),有人認(rèn)為這種屬于假外資,濫用國家的外商投資優(yōu)惠政策,容易對國內(nèi)其他企業(yè)造成不公平待遇,同時這種假外資還會造成國家稅收流失,同時政府對這種資本的管理將處于真空,嚴(yán)重的還會影響我國的國際收支統(tǒng)計質(zhì)量。因此,紅籌上市的政府監(jiān)管一直都未停止 民營企業(yè)選擇紅籌上市進(jìn)行融資也已經(jīng)有近二十年的歷史,而政府對民營企業(yè)紅籌上市的法律監(jiān)管則亦步亦趨,啟蒙相對較晚,監(jiān)管政策存在較多需要亟待完善的地方�？v觀國家就民營企業(yè)紅籌上市出臺的各項法規(guī)政策,從名噪一時的“無異議函”到現(xiàn)在的“十號文”,從一年間就同一事項先后出臺三個監(jiān)管文件中,都可以看出政府對民營企業(yè)紅籌上市的監(jiān)管正如中國在探索有中國特色的社會主義道路一樣,在摸著石頭過河。 本文共分為五個部門,第一部分,對紅籌上市的概念從實務(wù)操作和法學(xué)理論兩個方面進(jìn)行論述,比較與此相關(guān)的各類法律概念,并分析紅籌上市存在的必要性。第二部分,認(rèn)真分析紅籌上市的通常具體步驟,與此同時,介紹了兩種在政府決定全面監(jiān)管紅籌上市的情況下,實務(wù)操作中出現(xiàn)的曲線紅籌上市模式。第三部分為本文的重點,即重點分析政府對紅籌上市監(jiān)管的歷史沿革、監(jiān)管的內(nèi)容及監(jiān)管部門及監(jiān)管中存在的問題。第四部分也是本文的重點,提出我們對民營企業(yè)紅籌上市監(jiān)管的建議。第五部分,對本文做一個總結(jié)。
[Abstract]:Statistics of relevant market data in China show that the number of private enterprises in China choosing overseas securities market listing and the amount of financing have increased year by year. The reason is the globalization of the capital market. And the globalization of the economy requires China to open its domestic market as soon as possible so that domestic enterprises can be placed on the world stage. But because of the immature capital market and imperfect legal environment, our country can only postpone the internationalization step in order to protect the capital market in childish industry. Due to the defects of the domestic system, the domestic financing channels are narrow, and private enterprises are unable to obtain the favor of the domestic capital market when the capital flow is difficult and the project financing is difficult. For this reason, private enterprises can only break the "dualistic system" of the capital market, bypass overseas capital market financing, and set up special purpose companies in offshore financial centers. Replacing domestic assets to special purpose companies, using special purpose companies as the main body of listing, seeking financing in foreign capital markets, that is, so-called private enterprise red chips listing. Because private enterprises go overseas to list red chips, it is of great importance to the economy of our country. The development of the capital market and the equal competition among enterprises will have no small impact. Therefore, after many years of supervision over the listing of state-owned enterprises, the government has gradually brought the financing model of overseas red chips listing of private enterprises into the scope of supervision. To the original smooth private enterprises outside the red chip listing road caused obstacles. Although the listing of red chips has many advantages for private enterprises themselves, from the point of view of macroeconomic regulation and control, because the listing of red chips requires the exchange of assets of enterprises to foreign special purpose companies, Some people think that this kind of false foreign investment, abuse of the preferential policy of foreign investment of the state, will easily cause unfair treatment to other domestic enterprises. At the same time, this kind of fake foreign capital will also cause the loss of national tax revenue, and the management of this kind of capital will be in a vacuum, which will seriously affect the quality of our country's balance of payments statistics. Therefore, the government supervision of the listing of red chips has not stopped. It has been nearly 20 years since private enterprises chose to go public with red chips for financing, but the government's legal supervision on the listing of private enterprises' red chips has followed suit, and the enlightenment has been relatively late. There are many areas that need to be improved urgently. Looking at the various regulations and policies issued by the state on the listing of private enterprises' red chips, From the well-known "no objection letter" to the present "tenth", three regulatory documents have been issued on the same matter in one year. It can be seen that the government's regulation of private enterprises' red chips is crossing the river just as China is exploring the socialist road with Chinese characteristics. This paper is divided into five departments. The first part discusses the concept of red chip listing from the aspects of practical operation and legal theory, compares all kinds of related legal concepts, and analyzes the necessity of the existence of red chip listing. At the same time, the paper introduces two kinds of curve red chip listing modes which appear in practice when the government decides to supervise the listing of red chips. The third part is the focus of this paper. That is to focus on the analysis of the history of the government's supervision of the listing of red chips, the content of the supervision and the problems existing in the supervision and control. Part 4th is also the focus of this paper, and puts forward our suggestions on the regulation of the listing of red chips in private enterprises. 5th, Make a summary of this paper.
【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.29;F832.51;F276.5

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 沃平;中國公司為何紛紛到海外上市[J];國際市場;2004年06期

2 傅明;;六部委新規(guī)影響紅籌上市[J];上海國資;2006年09期

3 肖昕;;中國對紅籌上市政策態(tài)度變化的分析[J];創(chuàng)新科技;2010年03期

4 武麗紅;;“紅籌模式”境外上市監(jiān)管問題淺析[J];河北企業(yè);2007年02期

5 黃良耀;馮德連;;我國民營企業(yè)海外上市問題研究[J];黑龍江對外經(jīng)貿(mào);2007年02期

6 孫立;;對“無異議函時代”的分析報告[J];金融法苑;2003年05期

7 修國義;榮榮;;民營企業(yè)的紅籌之路——上市前重組及上市地點選擇問題[J];科技與管理;2008年06期

8 陳樂;孔劉柳;金劍昌;;民營企業(yè)紅籌上市中資本外逃問題研究[J];商場現(xiàn)代化;2006年33期

9 歐明剛;民營企業(yè)海外上市需注意的問題[J];商業(yè)會計;2005年19期

10 王鳳榮;境外上市與企業(yè)國際化[J];聊城大學(xué)學(xué)報(社會科學(xué)版);2004年01期

相關(guān)碩士學(xué)位論文 前7條

1 李艷;中國境內(nèi)企業(yè)境外上市若干法律問題研究[D];華東政法學(xué)院;2005年

2 呂宏偉;中國民營企業(yè)海外上市的模式及地點選擇[D];鄭州大學(xué);2005年

3 甄路;中國民營企業(yè)海外紅籌上市研究[D];對外經(jīng)濟(jì)貿(mào)易大學(xué);2006年

4 方曉濱;國內(nèi)企業(yè)海外間接上市的法律分析[D];對外經(jīng)濟(jì)貿(mào)易大學(xué);2007年

5 王飛;中國民營企業(yè)海外上市動因與模式研究[D];東北財經(jīng)大學(xué);2007年

6 洪少華;中國企業(yè)紅籌上市境外重組模式研究[D];北京交通大學(xué);2008年

7 范磊;中國公司境外上市法律問題研究[D];大連海事大學(xué);2009年

，

本文編號：1577368