The Study On The Law Issues Of Listing Of Foreign Enterprise In Domestic Territories

Listing of enterprises abroad refers to the kind of stock exchange that corporate companies which register overseas go public in Shanghai Stock Exchange of our country, under the regulation of Chinese supervising authority, independent of main board market and growth enterprises market, and regulated by the special supervision legal system. At present, international board doesn’t exist in China,,to some extent, which is limited to the developing environment of Chinese financial industry and the imperfection of regulation system. The international board can provides foreign investors with the financing market and improve the competitiveness and publicity of foreign enterprises. Besides, since the opening of international board can promote the whole securities investment market and securities operator to open wider to the world, the degree of opening-up of Chinese capital market will also take great benefit. Accordingly, combined with the fact of Chinese financial market, the writer does some research about the enterprise abroad listing domestic in the following aspects.The first part is the legal definition of the enterprise abroad listing domestic. It is defined from practical and theoretical angle of view, and point out that the subject of international board should be the corporate companies which register overseas, regulated by Chinese supervising authority, operated on the platform of Shanghai Stock Exchange, and independent of main board market and growth enterprises market. What’s more, it’s necessary to establish special legal systems among the Capital Market Law, setting rules about the regulatory issues related with overseas listhing.At the initial stage, the choice of approval system for international board accord with the law of economic growth. When the market economic order evolves to much well-ordered and more equitable level, the quintessence of registration system could be taken into consideration so as to give more freedom to the list of international board and issuance of stocks.The second part discusses the regulatory legal problems of enterprises abroad listed domestic.When the enterprises abroad list domestic, they should follow the four principles of legality:protection the interests of investors,moderate supervision, reasonable distribution of regulation resources and risk elusion. Besides, setting appropriate regulation goal is important and the legal supervision in the information disclosure and accounting standards setting.The third part studies the different model choice.Currently, QFII indirect listing models are took by China. As the series of demonstration above, the writer holds that the time to take direct stock issuing in our country has come.Chinese financial market is capable to admit the enterprises abroad list domestic. But in consideration of prudence and security, China should take regulatory actions on subjects and objects.The fourth part emphasizes the protection of investors’ interests. Different corporate governance structure still insists the rule of protecting investors’ interests. And it’s necessary to enhance the risk control of illegal securities practices, impose civil sanction as well as criminal penalty, reinforce the intermediary agency’s level on self-discipline and service management, and perfecting the legal regulation on delisting system of enterprises abroad which list domestic.