跨境股票融资监管中东道国会计准则适用的制度设计解读  

Interpretation of Rules Establishment about the Application of Host Countries' Accounting Rules in Regulation of Cross-border Stocks Financing

作　　者：蒋辉宇[1] 

机构地区：[1]安徽财经大学法学院,安徽蚌埠233030

出　　处：《上海金融》2012年第11期85-90,64,共7页Shanghai Finance

基　　金：作者主持的教育部人文社会科学研究基金青年项目:<中国证券市场对外开放监管法律制度研究>(项目批准号:11YJC820043);安徽省哲学社会科学规划办研究项目:<跨国证券融资法律监管研究--境外企业境内股票发行与上市的法律问题>(项目批准号:AHSK09-10D17)的阶段性研究成果之一;国家社会科学基金青年项目:<加强金融宏观调控与我国金融安全研究>(项目批准号:10CJL041);上海证券交易所第二十一期"上证联合研究计划"项目:<境外企业境内上市(国际板)涉及的跨境法律冲突与投资者保护>;安徽省教育厅人文社科重点研究基地招标项目:<经济法治目标下政府角色与功能研究>(项目批准号:SK2012A156)的阶段性研究成果之一

摘　　要：在跨境股票融资监管中,各国根据本国国情对境外企业在本国范围内的会计准则适用基本形成了单一模式与选择模式等多种适用模式组合。在我国"国际板"市场建设初期,也应通过许可境外企业适用国际会计准则,禁止境内企业适用该准则的手段充分吸引境外上市资源和阻止境内上市资源的外流。与此同时,在"国际板"市场建设中,境外企业会计准则适用的"单一模式"在我国目前不具有可行性。而且,在境外企业会计准则适用的"选择模式"中,我国当前可行的最优方式是,应当允许境外企业任意选择我国公认会计准则、国际会计准则或美国公认会计准则来编制财务会计报告并进行相应信息披露。在境外企业选择适用后两种会计准则时,应要求境外企业以我国公认会计准则为参照标准提供会计差异调节表。同时,为防止境外企业恶意利用其会计准则适用选择权来规避对其不利的财务结果,"国际板"市场规则应对境外企业持续使用某种会计准则的具体年限进行严格限定。In the regulation of cross-border stock financing,a diversified modes of accounting rules from unified to optional ones have been applied to the overseas enterprises in countries all over the world in line with their own circumstances.In the early stage of China's cross border stock financing,it is as well feasible to allow the overseas enterprises while ruling out the domestic corporations to be ruled by the international accounting standards so as to fully attract the overseas listed companies while to stop those domestic ones flow outbound.During this phase of stage,the 'unified mode' of the international accounting standards is infeasible currently for China.As for the 'optional mode' of international accounting standards,it is better for China to allow the overseas enterprises to adapt finance reports based on GAAP of China,or IAS or GAAP of the U.S.A and disclose information.If the overseas enterprises choose either one of the two latter accounting rules,they should be requested to the table of accounting difference adjusting based on GAAP of China.In the meantime,a strict duration should be set upon the application of the above three accounting standards for the overseas enterprises in case they may abuse their rights of selection of the accounting standards to shun the negative financial outcomes.

关 键 词：跨境股票融资 东道国 会计准则适用 国际会计准则 适用模式 国际板 

分 类 号：F830[经济管理—金融学]