| Holding foreign companies accountable jointly sponsored by Republicans and Democratic members of the United States Act(hereinafter referred to as "act")has been officially passed.The act is mainly composed of two important standards.One is that if a foreign company fails to provide audit information according to the requirements of the accounting supervision committee of public company of the United States for three consecutive years,its shares will be strictly prohibited from trading on the stock exchange in the United States;second,foreign companies should disclose and operate in the government of the place where the main business is located The relationship between them.Since 2010,the crisis of China and the capital stock market has been repeated.The cooperation between China and the United States has not been able to achieve an efficient operation.The root cause is the conflict of interest caused by different political positions.After the act is implemented,China capital stock market will inevitably be severely frustrated,and their respective risks will be increased.In the future,a number of China general stock companies will withdraw from the market in the United States.Even if they choose to stay in the US securities market,they will bear greater risks and responsibilities.In addition,the CSRC also has the supervision responsibility for domestic companies issuing securities abroad in accordance with the laws of China.How deeply the impact of the bill on China and the US will take to restrict the enterprises is a topic worthy of further study.Therefore,this paper has some reference significance for exploring the future trend of capital market and further building the supervision and cooperation mechanism of China and the United States.This paper studies the development of China stock companies and the history of securities regulatory cooperation between China and the United States from the background of the bill.The parameters of the model are extracted.The contradiction between the reality and the reality is elaborated in detail.Then,it lays a foundation for the construction and solution of the model,and finally obtains the dynamic game model under the condition of various parameter changes The stable equilibrium solution of the policy provides some support ideas for the policy making.The innovation lies in the use of the three-party dynamic evolution game model to analyze the game relationship between the securities and Exchange Commission of the United States(hereinafter referred to as "sec"),CSRC and China Securities Regulatory Commission and the China stock market enterprises after the promulgation of the act.Based on the principle of maximizing their own interests,the author explores the respective costs and benefits of the three parties under different strategies set,and in the process of dynamic adjustment,the following three parties are involved in the dynamic adjustment According to the law of "material competition,survival of fittest",the proportion of selecting replication advantage strategy in the group will gradually increase,and finally reach a stable state(ESS). |
