【摘要】：本文主要分析境外企業(yè)到我國境內(nèi)國際板上市會(huì)產(chǎn)生的若干法律問題。從分析我國的制度現(xiàn)狀和境外發(fā)達(dá)市場的發(fā)展經(jīng)驗(yàn)角度，試圖對(duì)相關(guān)法律問題提出合理的制度設(shè)計(jì)意見。本文各章的主要內(nèi)容如下： 第一章從國際板的基本概念入手，分析了國際板上市主體的定義和范圍，認(rèn)為我國國際板上市主體應(yīng)為紅籌企業(yè)和境外大型的在我國有業(yè)務(wù)的跨國企業(yè)；同時(shí)本章討論了國際板的內(nèi)涵及定義，即國際板應(yīng)是一個(gè)較為獨(dú)立的版塊，有獨(dú)立的審核和監(jiān)管。本章還分析了我國國際板的定位，并且對(duì)國際板建設(shè)的路徑選擇進(jìn)行了分析。 第二章分析了境外企業(yè)境內(nèi)上市法律制度的基礎(chǔ)理論。本章從如下幾方面展開分析：首先，本章分析了企業(yè)跨境上市的產(chǎn)生與動(dòng)因，包括追求流動(dòng)性和企業(yè)聲譽(yù)提高等；其次，本章分析了境外企業(yè)境內(nèi)上市法律制度的目標(biāo)。法律目標(biāo)的基礎(chǔ)在于衡量和考察跨國上市發(fā)行中各方參與人的利益沖突，從而實(shí)現(xiàn)價(jià)值選擇和制度設(shè)置的目標(biāo)。本章還進(jìn)一步分析了法律制度目標(biāo)選擇的兩種學(xué)界觀點(diǎn)即從發(fā)行人或者從投資人角度來設(shè)置法律制度。最后，本章分析了我國國際板法律制度的目標(biāo)應(yīng)是以投資人的利益需求來定位。 從第三章開始，本文分析了境外企業(yè)到我國上市的若干法律制度。第三章分析了境外公司境內(nèi)上市監(jiān)管模式的選擇。此部分首先分析了跨國證券法律監(jiān)管的目標(biāo)、國際市場現(xiàn)有的監(jiān)管模式以及發(fā)行人選擇上市地時(shí)對(duì)監(jiān)管模式的偏好。隨后，本章分析了我國應(yīng)選擇中端型的監(jiān)管模式類型。 第四章分析了國際板發(fā)行審核模式的選擇。本章分別闡述了注冊制與核準(zhǔn)制各自的概念、特點(diǎn)、優(yōu)勢劣勢以及代表國家的制度設(shè)計(jì)特點(diǎn)，并分析了我國發(fā)審制度的改革方向及制度選擇，，即我國應(yīng)逐步從核準(zhǔn)制過渡到注冊制，最終實(shí)現(xiàn)完全的注冊制。 第五章為境外企業(yè)境內(nèi)上市發(fā)行模式的選擇，分別分析了直接模式即在境內(nèi)A股市場直接發(fā)行股票和CDR等間接模式。本章還指出我國現(xiàn)行法律制度中存在的與直接上市相關(guān)的一系列法律沖突，包括信息披露、公司治理、會(huì)計(jì)制度等存在的法律沖突問題，并對(duì)相關(guān)制度提出完善意見。
[Abstract]:This paper mainly analyzes some legal problems arising from overseas enterprises listing on international boards in China. From the point of view of analyzing the present situation of our country's system and the development experience of overseas developed markets, this paper tries to put forward reasonable system design opinions on relevant legal issues. The main contents of each chapter are as follows: the first chapter starts with the basic concept of international board, and analyzes the definition and scope of international board listing subject. The author thinks that the main body of international board listing in China should be red chip enterprise and large multinational enterprise with overseas business in our country, at the same time, this chapter discusses the connotation and definition of international board, that is, international board should be a relatively independent section. Independent audit and supervision. This chapter also analyzes the location of China's international board, and the choice of international board construction path. The second chapter analyzes the basic theory of domestic listing legal system of overseas enterprises. This chapter analyzes the following aspects: first, this chapter analyzes the emergence and motivation of cross-border listing of enterprises, including the pursuit of liquidity and corporate reputation; secondly, this chapter analyzes the objectives of the legal system of domestic listing of overseas enterprises. The legal objective is based on the measurement and investigation of the conflicts of interest of the participants in the multinational listing and issuance, thus realizing the goal of value selection and system setting. This chapter also further analyzes the two academic views of the choice of legal system, that is, from the perspective of the issuer or the investor to set up the legal system. Finally, this chapter analyzes the goal of China's international board legal system should be based on the interests of investors. From the third chapter, this paper analyzes the legal system of foreign enterprises listing in China. The third chapter analyzes the choice of overseas companies' domestic listing supervision mode. This part first analyzes the objectives of transnational securities legal regulation, the existing regulatory model in the international market, and the issuer's preference for the regulatory model when choosing the place of listing. Then, this chapter analyzes that China should choose the middle-end type of regulatory model. The fourth chapter analyzes the choice of international board issue audit mode. This chapter expounds the concepts, characteristics, advantages and disadvantages of the registration system and the approval system, as well as the characteristics of the system design on behalf of the country, and analyzes the reform direction and system choice of the national development and audit system. That is, our country should gradually transition from approval system to registration system, and finally achieve a complete registration system. The fifth chapter is about the choice of the domestic listing mode of overseas enterprises, and analyzes the direct mode, that is, the direct mode of issuing stocks directly in the domestic A-share market and the indirect mode such as CDR and so on. This chapter also points out a series of legal conflicts related to direct listing in our current legal system, including information disclosure, corporate governance, accounting system and so on, and puts forward some suggestions on how to improve the relevant systems.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.295;D922.287;F832.51

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