本文選題：境外借殼上市 + 法律監(jiān)管現(xiàn)狀�。� 參考：《華僑大學(xué)》2012年碩士論文

【摘要】：作為境內(nèi)企業(yè)境外間接上市的一種模式，借殼上市是境內(nèi)企業(yè)通過在境外收購(gòu)一家已上市公司，，并由其反向收購(gòu)境內(nèi)企業(yè),將境內(nèi)資產(chǎn)注入境外的殼公司，從而實(shí)現(xiàn)境內(nèi)企業(yè)境外借殼上市的一種融資途徑。我國(guó)從20世紀(jì)80年代末的“紅籌股”開始，至今已有百余家知名企業(yè)通過這種方式完成了境外上市。境外借殼上市在實(shí)現(xiàn)融資的同時(shí)拓寬了境內(nèi)企業(yè)的發(fā)展空間，也提高了企業(yè)的國(guó)際形象。然而這種以犧牲境內(nèi)監(jiān)管為代價(jià)的行為，在為眾多企業(yè)帶來便利的同時(shí)也引發(fā)了一系列的法律問題。例如：關(guān)聯(lián)交易導(dǎo)致的資本外逃；返程投資引發(fā)的“假外資”以及上市企業(yè)虛假信息披露釀制的重大財(cái)務(wù)丑聞等問題。因此，筆者試圖通過從法律層面來研究和分析境外借殼上市這一行為的利弊，并針對(duì)當(dāng)前的監(jiān)管現(xiàn)狀提出了一系列的改進(jìn)措施。 本文第一章，首先介紹了境外上市的相關(guān)概念。并通過將境外間接上市的模式同境外直接上市（IPO）相比較，從而引出境外間接上市的主要形式——“借殼上市”。并以此作為研究的對(duì)象，從境內(nèi)外上市條件和程序以及日后的監(jiān)管情況三方面比較分析，著重論述了境外借殼上市的法律動(dòng)因。 本文第二章，重點(diǎn)分析了境外借殼上市過程中關(guān)于殼資源，成本效益以及殼公司取得境內(nèi)企業(yè)控制權(quán)的基本問題。并結(jié)合國(guó)美電器香港借殼上市的實(shí)例具體描述了境外借殼上市的操作步驟，并輔助相應(yīng)的構(gòu)架圖來形象表述。 本文第三章，論述了目前境外借殼上市存在的法律問題，從關(guān)聯(lián)交易、假外資和虛假信息披露三個(gè)角度深入分析借殼上市存在的弊端。 本文第四章，首先論述了我國(guó)對(duì)境外借殼上市法律監(jiān)管的基本理論及其必要性。其次在分析和評(píng)價(jià)三個(gè)不同時(shí)期我國(guó)對(duì)境外借殼上市的法律監(jiān)管政策的基礎(chǔ)上，重點(diǎn)分析了境外借殼上市監(jiān)管過程中的離岸公司的設(shè)立、反向收購(gòu)和資本進(jìn)出境三個(gè)重要環(huán)節(jié)。并總結(jié)出，當(dāng)前法律對(duì)其監(jiān)管在監(jiān)管主體、依據(jù)和體制以及國(guó)際法律沖突解決上的不足之處。 本文第五章，文章前四部分全面的分析了我國(guó)境內(nèi)企業(yè)境外借殼上市的現(xiàn)狀并深入其本質(zhì)研究出當(dāng)前法律監(jiān)管存在的問題。以此為基礎(chǔ)，本章從監(jiān)管主體，監(jiān)管法律依據(jù)，監(jiān)管體制改革及國(guó)際合作方面，對(duì)完善我國(guó)境外借殼上市法律監(jiān)管提出了幾點(diǎn)建議和對(duì)策。
[Abstract]:As a mode of indirect overseas listing of domestic enterprises, backdoor listing means that domestic enterprises inject domestic assets into overseas shell companies by acquiring a listed company abroad and buying it in reverse. In order to achieve the domestic enterprises overseas backdoor listing of a financing approach. Since the "Red chips" in the late 1980s, more than 100 well-known enterprises have listed overseas in this way. Offshore backdoor listing not only broadens the development space of domestic enterprises, but also improves the international image of enterprises. However, this behavior at the expense of domestic regulation not only brings convenience to many enterprises, but also raises a series of legal problems. For example: capital flight caused by related party transactions, "false foreign investment" caused by return investment and major financial scandals caused by false information disclosure of listed enterprises. Therefore, the author tries to study and analyze the advantages and disadvantages of offshore backdoor listing from the legal level, and puts forward a series of improvement measures in view of the current regulatory situation. The first chapter introduces the concept of overseas listing. By comparing the mode of overseas indirect listing with that of foreign direct listing (IPO), the main form of overseas indirect listing is "backdoor listing". Taking this as the object of study, this paper makes a comparative analysis of the domestic and foreign listing conditions and procedures, as well as the supervision situation in the future, and emphatically discusses the legal causes of offshore backdoor listing. In the second chapter, the paper analyzes the basic problems of shell resource, cost benefit and the control right of the shell company in the process of offshore backdoor listing. Combined with the case of Gome Hong Kong backdoor listing, the paper describes the operation steps of overseas backdoor listing, and adjusts the corresponding frame diagram to describe the image. In the third chapter, the author discusses the legal problems existing in offshore backdoor listing, and analyzes the disadvantages of backdoor listing from three angles: related party transaction, false foreign capital and false information disclosure. In the fourth chapter, the author first discusses the basic theory and necessity of legal supervision of offshore backdoor listing in China. Secondly, on the basis of the analysis and evaluation of the legal supervision policies of China's offshore backdoor listing in three different periods, this paper focuses on the establishment of offshore companies, reverse takeover and capital entry and exit in the process of offshore backdoor listing supervision. It concludes that the current legal supervision of its regulatory body, basis and system as well as the international conflict of law on the shortcomings of the settlement. In the fifth chapter, the first four parts of the article comprehensively analyze the current situation of domestic enterprises listed through backdoor borrowing, and further study the existing problems of current legal supervision. On the basis of this, this chapter puts forward some suggestions and countermeasures to perfect the legal supervision of China's offshore backdoor listing from the aspects of the subject of supervision, the legal basis of supervision, the reform of supervision system and the international cooperation.
【學(xué)位授予單位】：華僑大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.28;F831.51

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