【作者】 张颖；

【导师】 毕颖；

【作者基本信息】 北京交通大学 ， 法学， 2017， 硕士

【摘要】 中概股起初赴境外上市,主要由于A股上市条件严格,审核时间长,且2009年之前,证券市场板块单一。2011年前后,境外做空机构如浑水、香橼公司对中概股的市值造成严重打击。近几年,创业板、中小板陆续推出,监管层也表达了有利于中概股回归的政策风向,A股市场必将迎来中概股回归浪潮。这不仅对我国经济发展提出了新的挑战,也对法律层面提出了相应的学术和实务要求。中概股回A必先经历私有化、拆除红筹架构,其回境内上市的途径除了传统的借壳上市、A股IPO,还有A2A等新模式。在这些层出不穷的回归路径中,中概股面临诸多法律风险。目前,已有的国内研究主要侧重于中概股如何避免做空危机,或者VIE结构如何拆分,又或者仅研究国内上市、退市机制;国外主要的研究成果集中于中概股是否应当退出美国市场的理论分析、中概股如何私有化回归回A股的技术解析以及中概股如何面对投资者维权的困境等。这些研究不能为当下中概股回A股的实务操作提供充分的理论依据、对证券市场的完善提出具有现实意义的建议。而本文对中概股及中概股回归的相关法律概念进行系统和全面的比较分析,有别于金融学、会计学和只进行片面讨论的法学文章中的定义,这也是本文创新点之一。本文既从微观角度分析了中概股回归遭遇的法律风险和应对问题,也从宏观法理角度对所讨论的法律现象背后的证券法、公司法、法经济学基础作简要阐述,并辅以经济法、行政等相关法律理论,为中概股回归A股所遇到法律风险背后的原由及应对方法寻找科学、体系的法理基础。通过概念解释、中外对比、案例分析等研究方法,为中概股回归A股提出应对法律风险的方案,其中包括建立健全内部控制体系、防范证券市场行为道德风险、完善财务披露和信息披露制度和重视自身发展实力等。笔者认为仅凭中概股企业自身的努力还不够,相关法律制度还需跟进。我国当下证券市场波动因素较多,不稳定性较大,这既给证券市场参与者带来巨大挑战,也不利于证券市场本身的发展。因此,本文最后也对促进证券市场机制完善提出了制度改进建议,以达到从根本上化解回归风险的效果。更多还原

【Abstract】 Before 2009,the number of the Chinese overseas listed companies(COLCo)was increasing fast,which is mainly due to the stringent requirements and the lengthy audit period of A shares,while the start up board has not yet been introduced.Around 2011,going short institutions,like Muddy Waters and Citron conducted some research reports on the COLCo,which hard bit the financing capacity of those companies.While,in recent years,the start up board and the small and medium-sized board are becoming hot,and the mainland securities regulatory authority has released some loose policies to the return of COLCo at the same time.A-share market is bound to usher in the return of COLCo.However,the problems raised in this phenomenon are not only new challenges to China’s economic development,but also higher requirements to relative legal practice and research.The returning process of COLCo to A shares starts from the privatization of the concept stock and the removal of red chip architecture.And then COLCo could choose one of the methods to apply for listing,such as backdoor listing,A shares IPO and A2A,etc.In which,COLCo would encounter many legal risks.Till now,most of the relative research in China focuses on the way to escape from being short-selling,the way to remove variable interest entities or the mechanism design of delisting from A shares.However,most foreign research on COLCo is about the theoretical analysis of whether to privatize from American stocks,the operational analysis of privatization or the way to solve securities class action.To provide a systematic theoretical support for preventing risks in the return of COLCo to A shares,I combine the theoretical analysis with operational analysis.What’s more,different from former articles which only explain the COLCo and the return of COLCo in finance or other partial perspective,I compare all of the familiar legal concepts with the return of COLCo,which is one of the innovation points of this paper.From the microscopic point of view,this paper analyzes the legal risks in the returning process and the corresponding solutions.From the macroscopic point of view,the relative legal basis in securities law,corporate law,economic law,administrative law and economics of law are also conducted to complete the theory of returning risk-prevention.By using the methods of concept distinction,comparative study and case analysis,I propose several risk-prevention scheme for COLCo to return to the A share,such as to establish and improve the internal control system,to control the moral hazard in the securities market,to improve the system of financial disclosure and information disclosure and to enhance COLCo’s enterprise comprehensive strength,etc.I believe that the fundamental solution cannot only be made by COLCo,in other words,the relative legal system must have some revolutions.It can’t be denied that there are many uncertain elements in China’s securities market,which bring huge threats to the market participants and hinder the development of the market itself.So that,in the end of this paper,I propose several improvement suggestion of the securities market mechanism,and it will help to fundamentally solve the COLCo returning risks.更多还原