现阶段外企直接到中国A股市场上市融资蕴含巨大风险  

Huge Risk Exist,Foreign Capital Enterprises Financing in China's Stock Market A Directly in Present stage

作　　者：谢百三[1] 戴学来[1] 卢华[1] 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《当代财经》2002年第6期29-33,共5页Contemporary Finance and Economics

摘　　要：现阶段外商投资企业直接到中国A股市场上市融资是一项“超国民待遇”政策,时机完全不成熟,很可能又是一项战略性错误决策,蕴含巨大风险。它将导致外商股份价值畸高并圈走中国大量资金;对目前高市盈率下的A股市场产生较大的市场冲击,并可能引致A股市场崩盘的巨大风险;对股市的持续融资功能造成损害,并可能引发资金外流,威胁金融秩序,酿成墨西哥、阿根廷式危机。在证券市场国际化的进程中,应充分利用过渡期,以促进我国证券市场安全健康发展。Foreingn Capi ta l enterprises financing in China's stock market A directly in present stage is a'surper national treatment 'policy,the opportunity is not ripe completly,p erhaps it is a wrong strategic decisicn,and has huge uisk.It shall lead to the irregular high of foreign stock value and make China lose large funds,charge C hina's stock market A under the high market profit ratio greatly,lead to the c rash of stock market A,damage the function of financing of stock market,lead t o the drain on capital,threaten the finincial order,bring about the crisis as Maxico and Argentina.In the growing of the internationalization of stock marke t,we should make full use of the period of transition,promote China's stoke market develop safty.

关 键 词：外商投资企业 中国 A股市场 融资 风险 证券市场 市盈率 

分 类 号：F832.51[经济管理—金融学] F279.244.3