证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2012年
4期
17~22
,共null页
协议控制 可变利益实体 境外间接上市 海外上市
協議控製 可變利益實體 境外間接上市 海外上市
협의공제 가변이익실체 경외간접상시 해외상시
agreement-control; VIE; indirect overseas listing; overseas listing
＂协议控制＂模式的监管走向近来为各界所关注。本文梳理与分析了这一融资模式的基本法律架构及特征、法律性质、产生与蔓延的规制环境及监管现状,探讨了监管改善对策。建议以证监会为主导,完善境外间接上市法律监管体系,统筹管理红筹模式、协议控制等境外间接上市架构,坚持宽严适度的约束与规范,注重国际证券监管合作。
＂協議控製＂模式的鑑管走嚮近來為各界所關註。本文梳理與分析瞭這一融資模式的基本法律架構及特徵、法律性質、產生與蔓延的規製環境及鑑管現狀,探討瞭鑑管改善對策。建議以證鑑會為主導,完善境外間接上市法律鑑管體繫,統籌管理紅籌模式、協議控製等境外間接上市架構,堅持寬嚴適度的約束與規範,註重國際證券鑑管閤作。
＂협의공제＂모식적감관주향근래위각계소관주。본문소리여분석료저일융자모식적기본법률가구급특정、법률성질、산생여만연적규제배경급감관현상,탐토료감관개선대책。건의이증감회위주도,완선경외간접상시법률감관체계,통주관리홍주모식、협의공제등경외간접상시가구,견지관엄괄도적약속여규범,주중국제증권감관합작。
The direction of regulation on ＂agreement-control＂ mode recently receives great attention.This paper combs and analyses this mode＇s basic legal structure,its feature and legal nature,also the regulatory environment for its emergence and proliferation,while discussing further regulation strategy.It suggests that a sound regulation system targeting indirect overseas listing activities including ＂red-chip＂ and ＂agreement-control＂ mode should be developed.CSRC should play a leading role in the system while proper regulation and international cooperation on securities regulation should be emphasized.
