The Regulatory Policy And The Patterns Analysis About Chinese Enterprises’ Overseas Listing

The practice of Chinese enterprises’ overseas listing can be traced back to the late 1980 s. Direct overseas and indirect overseas listing have contributed to absorbing foreign capital for Chinese enterprises, preserving and adding much value to state-owned assets, improving business management and corporate governance, which is conducive to improve Chinese enterprises’ internationalization.During this period, regulatory frameworks that supervise and administer domestic corporations’ overseas listing have been set up. The evolution of these regulatory frameworks is closely related to the development of Chinese and international capital market environment. Under the principle of rinciples-based and rules-based regulation, the regulatory policies have been adjusted constantly with the market growth. Although there have been no conditions of implanting a single principles-based regulation model yet, regulators are still active to draw lessons from advanced regulatory philosophy and experience to improve the regulatory frameworks and institutions.Domestic enterprises will choose American and Hong Kong stock markets as their financing places because of perfect rules and high liquidity in these markets. In order to prevent the loss of state assets and limit capital flight, regulators have established a strict registration and licensing system against these overseas-listing domestic enterprises. Facing the overly strict rules, for the purpose of improving financing efficiency, listed enterprises and institutions are trying to make use of return investment to listing and financing, and derive the VIE structures. On the basis of existing policies, through understanding overseas market, this thesis analyzes return investment model and solves the supervision problem in overseas listing of enterprises.