本文關(guān)鍵詞： 境外中資控股上市公司 紅籌回歸 境內(nèi)上市　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)90年代,中國的國營和民營企業(yè)在經(jīng)過十余年改革開放洗禮之后逐漸做強(qiáng)、做大,并隨之產(chǎn)生了巨大的融資需求。但是,當(dāng)時的國內(nèi)A股市場尚未完成股權(quán)分置改革,A股市場容納能力也遠(yuǎn)遠(yuǎn)不能滿足大型企業(yè)的融資需求。因此,國企和民企中的佼佼者相繼走上了境外上市融資的“資本朝圣之路”。我們將這些企業(yè)稱之為“境外中資控股上市公司”,或者業(yè)界俗稱的“紅籌股公司”。隨著我國證券市場股權(quán)分置改革的完成,資本市場的參與者逐漸成熟,各項配套措施也相繼完善,A股市場也進(jìn)入了一個高速發(fā)展期。A股市場的高市盈率以及不可估量的市場容量令一些大型紅籌國企萌生了回歸A股市場的想法。與此同時,自2010年以來,國際資本市場環(huán)境逐漸惡化,特別是“中國概念股”在美國證券市場遭受的冷遇,也使得一部分民企紅籌選擇拆除已經(jīng)搭建的紅籌架構(gòu),重新回歸A股上市。 然而,由于紅籌股公司在法律上屬于外國公司法人,而我國現(xiàn)行證券法律體系卻沒有外國公司法人發(fā)行A股的制度安排,因此紅籌股回歸面臨著諸多法律問題,例如：紅籌股公司的法律屬性是什么?紅籌股公司應(yīng)當(dāng)選擇何種回歸模式?回歸之后的法律監(jiān)管應(yīng)當(dāng)如何進(jìn)行?本文著眼于通過分析問題并提出一些建議來對紅籌回歸的脈絡(luò)加以梳理。 本文主要包括四個部分： 第一部分從研究對象的概念分析入手,首先澄清幾對容易混淆的概念,如H股、紅籌股、境外中資控股上市公司、紅籌架構(gòu)等,同時簡要分析紅籌回歸的動因。第二部分主要介紹紅籌回歸可能會采用的三種回歸模式,即聯(lián)通模式、A股直接發(fā)行模式和CDR模式,分析其中可能產(chǎn)生的法律問題,并對回歸模式的選擇提出筆者的建議。第三部分就紅籌架構(gòu)回歸的特殊問題進(jìn)行研究,分析其中的各種法律風(fēng)險并提出相應(yīng)對策。第四部分著重分析紅籌回歸后的法律監(jiān)管問題。
[Abstract]:In 1990s, after more than a decade of reform and opening up to the outside world, Chinese state-owned and private enterprises gradually became stronger and bigger, with which huge financing needs arose. At that time, the domestic A-share market had not yet completed the reform of the split share structure, and the capacity of the A-share market was far from being able to meet the financing needs of large enterprises. The leaders of state-owned enterprises and private enterprises have successively embarked on the "pilgrimage of capital" to overseas listing and financing. We call these enterprises "overseas Chinese holding and listed companies", or "red chips companies" commonly known in the industry. The completion of the reform of the split share structure in the securities market, Participants in the capital markets are maturing, Various supporting measures have been improved one after another, and the A-share market has entered a period of rapid development. The high price-to-earnings ratio and inestimable market capacity of the A-share market have led some large red-chip state-owned enterprises to come up with the idea of returning to the A-share market. At the same time, Since 2010, the international capital market environment has deteriorated gradually, especially the cold reception of the "Chinese concept stocks" in the U.S. stock market, which has also made some private enterprises choose to dismantle the red chip structure that has been built and return to A-share listing. However, due to the fact that the red chip company is a legal person of a foreign company, but the current securities legal system of our country does not have the system of issuing A shares of a foreign company, the return of the red chip stock is faced with many legal problems. For example: what is the legal attribute of red chip company? What kind of regression model should red chip companies choose? How should the legal supervision be carried out after the reunification? This paper focuses on the analysis of the problem and puts forward some suggestions to sort out the context of red chip regression. This paper mainly includes four parts:. The first part begins with the conceptual analysis of the object of study. First of all, it clarifies several confusing concepts, such as H shares, red chips, overseas Chinese holding listed companies, red chips structure, etc. The second part mainly introduces three possible regression models of red chip regression, that is, Unicom mode, A-share direct issue model and CDR model, and analyzes the possible legal problems. And put forward the author's suggestion on the choice of regression model. The third part studies the special problems of red chip structure regression. Analysis of the various legal risks and put forward the corresponding countermeasures. 4th part focuses on the red chip after the return of legal supervision.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.291.91;F832.51

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