本文選題：上市公司　切入點(diǎn)：內(nèi)地企業(yè)　出處：《西華大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自中國加入WTO后，在證券金融工作方面取得了顯著的成就，使中國的證券業(yè)在國民經(jīng)濟(jì)中占有非常大的比重。同時(shí)，我國正積極推進(jìn)內(nèi)地企業(yè)在境外上市，許多內(nèi)地企業(yè)也紛紛在香港上市。香港作為一個(gè)國際金融中心，受英法等證券體系的影響，已擁有相對有效、成熟的證券市場，備受準(zhǔn)備上市的內(nèi)地企業(yè)的關(guān)注。然而近年來，已在香港上市的內(nèi)地企業(yè)頻繁出現(xiàn)一些非法行為，部分企業(yè)自律意識薄弱，上市公司中的個(gè)人或家庭有著強(qiáng)烈的控制意識，子公司和母公司的管理混亂，以及國內(nèi)的資產(chǎn)評估機(jī)構(gòu)、會計(jì)和審計(jì)制度不完善等因素，不僅極大地影響了內(nèi)地企業(yè)在香港證券市場持續(xù)融資的能力，而且也嚴(yán)重挫傷了投資者的積極性投資。 上述現(xiàn)象和問題突出了證券監(jiān)管合作的現(xiàn)狀，，在這樣的監(jiān)管合作下大陸仍然存在一個(gè)很大的差距，對大陸和香港之間明確各自的監(jiān)管責(zé)任，細(xì)化在實(shí)踐中的證券監(jiān)管措施和兩地實(shí)現(xiàn)互利合作提出了更高的要求，這使得證券監(jiān)管部門非常有必要進(jìn)一步加強(qiáng)證券監(jiān)管合作。至于香港不完整的證券監(jiān)管體制改革，對香港目前的證券監(jiān)管系統(tǒng)有了進(jìn)一步的發(fā)展和完善，卻嚴(yán)重阻礙了證券監(jiān)管合作。香港證交所的決策的雙重身份是追求自身的利益，努力擴(kuò)大在香港上市的內(nèi)地公司總數(shù)量和融資的數(shù)量，使一些質(zhì)量較低的內(nèi)地企業(yè)也可以成為香港證券市場上市公司的一員。此外，香港證券交易所強(qiáng)硬的手段缺乏執(zhí)行力，且上市審批制度也存在較大的漏洞。 因此，借鑒國際證券監(jiān)管合作的先進(jìn)經(jīng)驗(yàn)，在內(nèi)地企業(yè)大量赴香港證券市場上市的情況下，成為兩地證券監(jiān)管合作日益完善的重點(diǎn)。這些優(yōu)秀的國際經(jīng)驗(yàn)，包括單邊立法規(guī)制，雙邊的美國和加拿大之間的諒解備忘錄、信息披露制度的啟示、區(qū)際刑事司法協(xié)助條約，歐盟地區(qū)的國際監(jiān)管合作，以及證券交易委員會的法律文件。本文借鑒國內(nèi)外證券監(jiān)管合作的有益經(jīng)驗(yàn)，強(qiáng)調(diào)加強(qiáng)兩個(gè)證券監(jiān)管部門的分工和協(xié)調(diào)，明確各自的監(jiān)管責(zé)任，探討如何進(jìn)一步加強(qiáng)證券監(jiān)管制度建設(shè)和監(jiān)管合作，填補(bǔ)在香港上市的內(nèi)地企業(yè)監(jiān)管合作的空白，進(jìn)一步完善內(nèi)地企業(yè)在香港上市的監(jiān)管合作。
[Abstract]:Since China's entry into WTO, remarkable achievements have been made in securities financial work, which has made China's securities industry take a very large proportion in the national economy. At the same time, China is actively promoting the listing of mainland enterprises overseas. Many mainland enterprises have also listed in Hong Kong. As an international financial centre, Hong Kong, under the influence of the British and French securities systems, already has a relatively effective and mature securities market, which has attracted the attention of mainland enterprises preparing for listing. However, in recent years, Mainland enterprises listed in Hong Kong frequently appear some illegal activities, some enterprises have weak sense of self-discipline, individuals or families in listed companies have a strong sense of control, and the management of subsidiaries and parent companies is chaotic. The imperfect accounting and auditing systems of domestic asset appraisal institutions have not only greatly affected the ability of mainland enterprises to continue to raise funds in Hong Kong securities market, but also seriously discouraged the enthusiasm of investors to invest. The above phenomena and problems highlight the current situation of securities regulatory cooperation. Under such regulatory cooperation, there is still a big gap between the mainland and Hong Kong regarding their respective regulatory responsibilities. The refinement of securities regulatory measures in practice and the realization of mutually beneficial cooperation between the two places put forward higher requirements. This makes it very necessary for securities regulatory authorities to further strengthen cooperation in securities supervision. As for the incomplete reform of the securities regulatory system in Hong Kong, The current securities regulatory system in Hong Kong has been further developed and improved, but it has seriously hindered cooperation in securities supervision. The dual identity of the Hong Kong Stock Exchange is to pursue its own interests. Efforts will be made to expand the total number of mainland companies listed in Hong Kong and the amount of financing, so that some lower-quality mainland enterprises can also become members of listed companies on the Hong Kong stock market. In addition, the Hong Kong Stock Exchange lacks executive power in its tough approach. And listing examination and approval system also has bigger loophole. Therefore, drawing lessons from the advanced experience of international securities regulatory cooperation and listing mainland enterprises on the Hong Kong stock market, they have become the focus of increasingly perfect securities regulatory cooperation between the two places. These excellent international experiences, Including unilateral legislative regulations, bilateral memorandums of understanding between the United States and Canada, revelations from the information disclosure system, interregional treaties on judicial assistance in criminal matters, international regulatory cooperation in the EU region, As well as the legal documents of the Securities and Exchange Commission. This paper draws lessons from the beneficial experience of domestic and foreign securities regulatory cooperation, emphasizes the strengthening of the division of labor and coordination between the two securities regulatory authorities, and clarifies their respective regulatory responsibilities. This paper discusses how to further strengthen the construction of securities regulatory system and regulatory cooperation, fill the gap of supervision and cooperation between mainland enterprises listed in Hong Kong, and further improve the regulatory cooperation of mainland enterprises listed in Hong Kong.
【學(xué)位授予單位】：西華大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F279.23;F832.51

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