民营企业红筹上市问题研究

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摘要

近年来，民营企业红筹上市在我国发展异常迅速，大批的知名民营企业纷纷

通过红筹模式在境外资本市场上市。红筹上市是在我国经济发展过程中出现的境

外绕道上市现象，指的是境内企业通过在离岸中心设立壳公司，然后通过并购、

重组等一系列的运作，将境内资产或权益装入壳公司，在境外资本市场寻求发行

上市，再将筹集的资金投向国内。

民营企业红筹上市有解决民营企业融资难问题，推进公司治理，提升民营企

业在国际市场知名度的正面效应；也有涉嫌资本外逃，导致国民财富流失，使优

质民企外资化等的负面效应。本文的目的是从理论和实践结合的角度来对民营企

业红筹上市问题进行研究，并提出减少民营企业红筹上市对国家经济负面影响的

政策建议。

对民营企业红筹上市的研究是一个复杂的系统工程，涉及到多方面的问题。

本文的第一章绪论，通过对以往我国民营企业红筹上市研究的成果及文献进行综

述，提出需要研究的问题。第二章对研究涉及到的概念进行了界定，对民营企业

发展的现状和融资困境进行了研究。第三章对红筹上市发展现状进行了研究，并

从经济学角度分析民营企业红筹上市对国家经济的影响。第四章从制度分析的角

度，对民营企业红筹上市在我国较短的发展历史进行梳理，对监管部门各个不同

时期的监管政策进行研究，对我国现行的监管政策及其对民营企业红筹上市的影

响进行了研究。第五章通过对民营企业红筹上市引发的民企外资化现象进行经济

与制度内因反思，进而分析民营企业和政府在红筹上市中的行为。通过建立完全

信息静态博弈模型，得出企业和政府的混合战略纳什均衡解，并提出民企外资化

现象的治理思路。第六章选取我国民营企业红筹上市的典型案例进行分析。第七

章结合第六章案例及以上章节研究对我国民营企业红筹上市的发展趋势进行了分

析，并提出民营企业红筹上市的政策建议。对于我国民营企业红筹上市，首先要

肯定其在现阶段我国的经济环境下存在的合理性，也要看到它对国家经济的不良

影响。对民营企业红筹上市应持的态度是，趋利避害，通过完善现行法律法规，

规范红筹上市之路，减少对国家经济的危害。同时，逐步取消外资的“超国民待

遇”；加强对民营经济和资产的法律保护；加强国内资本市场的建设，建立便于

民营企业融资的环境；从根源上消除民营企业外资化的动机。只有从多方面入手，

加强政府各部门的合作，才能减少民营企业红筹上市对国家经济带来的不良影响。

关键词：民营企业红筹法律监管博弈

ABSTRACT

Recent years, the red chip listings of Privately owned enterprises (POEs) have

developed rapidly. There are a number of well-known Chinese Privately owned

enterprises(POEs), which established shell companies in some famous international

offshore financial centers, then these enterprises input the domestic capital or right

and interest into the shell company by means of M&A or reorganizations, after that,

they will list the "shell" company in oversea share market.

The red chip listings of Privately owned enterprises (POEs) help the enterprises to

collect capital; encourage enterprises to improve management, promote structural

adjustment of the economy and promote the popularity. However, they also provide a

path to capital flight and make the transformation between Privately owned enterprises

(POEs) and enterprises of foreign investment. They may inevitably bring about many

negative impacts.

The thesis adopts the methods of combining theory with practice to research the

red chip listings of Privately owned enterprises (POEs) and formulates a

comprehensive policy program for the purpose of decreasing the negative impacts.

The study of red chip listings of Privately owned enterprises (POEs) is very

complex. The first chapter is the exordium, which is to put forward the main issues of

the thesis. The second chapter is to delimitate the concepts of red chip listings and the

Privately owned enterprises (POEs). The third chapter is to elaborate the affirmative

effects and negative effects which the red chip listings of Privately owned enterprises

(POEs) would take to the national economy on theory-based positions. The forth

chapter puts the emphasis on the analysis of barriers in our current legal system of red

chip listings. The former part is to review the historical supervision system and to

describe the current supervision system, then followed the brief analysis of the issues

in that supervision system. The fifth chapter is to clarify and analyze the deep-seated

causations why the Privately owned enterprises (POEs) trend to choose the red chip

listings and uses complete information staitic game theory to analyze the actions of

Privately owned enterprises (POEs) and the government . The sixth chapter is to

analyse the typical cases of the red chip listings of Privately owned enterprises

(POEs) .In the end, base on the studies above and the analysis of the cases, the seventh

chapter aims to bring forth the tentative ideas to decreasing the negative impacts

from two sides. One is to improve the supervision system to achieve the goal of

creating a better situation for Privately owned enterprises (POEs) to financing by way

of red chip listings, and at the same time, to avoid the negative effects it would

take.The other is to strengthen domestic capital market, make efforts to reduce the gap

between Privately owned enterprises (POEs) and enterprise of foreign investment step

by step. Finally, intensifying cooperation with various government departments, we

could eliminate the fundamental motives of the Privately owned enterprises (POEs) to

choose the red chip listings and the negative effects.

Key word: Privately owned enterprises, red chip listings,

supervision , game theory

中文摘要

ABSTRACT

第一章绪论 .....................................................................................................................1

§1.1 研究背景及意义 ................................................................................................1

§1.2 文献综述 ............................................................................................................3

§1.2.1 民营企业与其红筹海外上市的文献综述 ..............................................3

§1.2.2 红筹上市引发的资本外逃问题研究 ......................................................4

§1.2.3 红筹上市的监管问题的研究 ..................................................................4

§1.2.4 红筹上市引发的“民企外资化”问题研究 .............................................. 6

§1.3 研究目的 ............................................................................................................7

§1.4 研究思路及结构 ................................................................................................8

§1.5 研究创新点 ........................................................................................................9

第二章相关概念的界定及民营企业融资问题 ...........................................................10

§2.1 红筹上市的界定 ..............................................................................................10

§2.2 民营企业概念及其融资问题 ..........................................................................12

§2.2.1 民营企业概念的界定 ............................................................................12

§2.2.2 民营企业融资问题 ................................................................................13

第三章民营企业红筹上市发展问题研究 ...................................................................17

§3.1 民营企业红筹上市现状 ..................................................................................17

§3.1.1 香港联交所主板（HKEX）和创业板（GEM）................................17

§3.1.2 美国的股票交易所 ................................................................................19

§3.1.3 新加坡股票交易所（SGX）................................................................20

§3.2 民营企业红筹上市促进民营经济发展 ..........................................................20

§3.2.1 从一定程度上解决民营企业融资难问题 ............................................20

§3.2.2 改善公司绩效 ........................................................................................21

§3.2.3 提升企业在国际资本市场上的形象 ....................................................22

§3.3 民营企业红筹上市对国家经济的不利影响 ..................................................23

§3.3.1 涉嫌资本外逃 ........................................................................................23

§3.3.2 减少国家税收 ........................................................................................24

§3.3.3 威胁国家经济安全 ................................................................................24

§3.3.4 阻碍国内证券市场发展 ........................................................................25

第四章民营企业红筹上市法律制度研究 ...................................................................26

§4.1 红筹上市监管主体及监管目的 ......................................................................26

§4.1.1 红筹上市法律监管的主体 ....................................................................26

§4.1.2 红筹上市法律监管的目标 ....................................................................27

§4.2 民营企业红筹上市监管法律制度的演变 ......................................................28

§4.2.1“红筹指引”及《证券法》阶段 ............................................................. 29

§4.2.2“中国法律无异议函”的审批时代 ......................................................... 30

§4.2.3 后“无异议函”时期 ................................................................................ 32

§4.2.4 有序监管时期 ........................................................................................33

§4.3 现阶段红筹上市法律制度 ..............................................................................33

§4.3.1“75 号文”及其影响 ................................................................................ 34

§4.3.2“10 号文”及其影响 ................................................................................ 35

第五章 “民企外资化”的经济学解释 ........................................................................... 39

§5.1 民企外资化现状 ..............................................................................................39

§5.2 民企外资化的动因分析 ..................................................................................41

§5.2.1 优惠政策内外资差别较大，迫使民企外资化 ....................................41

§5.2.2 通过外资化寻求私人财产安全 ............................................................42

§5.2.3 国内资本市场融资无望，只能选择红筹上市融资 ............................42

§5.3 民营企业与政府的行为分析 ..........................................................................44

§5.3.1 博弈模型存在的几个基本假设 ............................................................44

§5.3.2 红筹上市博弈模型的描述及建立 ........................................................45

§5.3.3 建立混合战略纳什均衡 .......................................................................46

§5.3.4 博弈模型解的分析 ................................................................................47

第六章民营企业红筹上市案例分析 ...........................................................................49

§6.1 金蝶香港主板上市 .........................................................................................49

§6.2 郑州永通特钢香港主板上市 ..........................................................................50

§6.3 欧亚农业（0932.HK）遭清盘 .......................................................................53

第七章民营企业红筹上市的趋势分析及政策建议 ...................................................56

§7.1 正确看待民营企业红筹上市 ..........................................................................56

§7.2 对民营企业红筹上市的趋势分析 ..................................................................57

§7.2.1 民营企业在中小企业板上市 ................................................................57

§7.2.2 民营企业采用反三角兼并红筹上市 ....................................................60

§7.2.3 红筹企业回归国内资本市场 ................................................................62

§7.3 民营企业红筹上市政策建议 ..........................................................................63

§7.3.1 加强红筹上市法律监管的建设 ............................................................63

§7.3.2 逐步取消外资“超国民待遇” ................................................................ 65

§7.3.3 加强对民营经济和资产的法律保护 ....................................................65

§7.3.4 建立便于民营企业融资的市场环境 ....................................................66

结束语 .............................................................................................................................68

参考文献 .........................................................................................................................69

公开发表的论文和承担科研项目 .................................................................................71

致谢 .............................................................................................................................72

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摘要：

摘要近年来，民营企业红筹上市在我国发展异常迅速，大批的知名民营企业纷纷通过红筹模式在境外资本市场上市。红筹上市是在我国经济发展过程中出现的境外绕道上市现象，指的是境内企业通过在离岸中心设立壳公司，然后通过并购、重组等一系列的运作，将境内资产或权益装入壳公司，在境外资本市场寻求发行上市，再将筹集的资金投向国内。民营企业红筹上市有解决民营企业融资难问题，推进公司治理，提升民营企业在国际市场知名度的正面效应；也有涉嫌资本外逃，导致国民财富流失，使优质民企外资化等的负面效应。本文的目的是从理论和实践结合的角度来对民营企业红筹上市问题进行研究，并提出减少民营企业红筹上市对国家经济负面影响的政策建议。对民...

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