移动互联网企业境内上市问题探讨  

Study on Mobile Internet Company Listing in A-share Market

作　　者：兰邦华[1] 

机构地区：[1]特华博士后科研工作站,北京100029

出　　处：《证券市场导报》2015年第2期8-14,共7页Securities Market Herald

摘　　要：移动互联网行业近年发展迅速,但是大多数企业选择境外上市,重要原因之一是它们境内上市在发行审核方面存在特殊障碍。其中,非财务审核的障碍包括独立性、实际控制人认定、非同一控制下合并、VIE架构、主营业务变化、在审企业引入PE和股权激励、募投项目设计等七方面;财务审核的障碍包括战略性亏损、收入核实与财务核查困难、会计估计与专业判断困难等三方面;其他方面障碍包括信息披露风险、IPO审核速度慢、双重股权架构等。为推动移动互联网企业境内上市,本文建议:在创业板内设未盈利板,调整发行审核理念,提高信息披露有效性,分类分步解决VIE架构问题。The growing importance of Mobile Internet companies makes their overseas listing a prominent issue. The reason underlying overseas floatation lies in the regulatory barriers these companies confront in case they shall choose to list in A-share market. The legal barriers include independent management, the ascertainment of person with ultimate control, the legitimacy of VIE, the constancy of principal business, legal substance of PE investment and equity incentive, the use of proceeds and investment scheme. The accounting regulatory barriers mainly refer to as the impropriety of strategic loss, difficulty related to revenue recognition and specialty-requisite accounting policy estimates. Other tacit barriers indicate the risks related to information disclosure irregularity, the red tape of IPO review, ambiguity of dual class voting rights scheme. To tackle these barriers current regulation need to be tweaked accordingly. For instance new sector within growth market shall be set up distinctively, information disclosure efficacy enhanced, VIE scheme accommodated.

关 键 词：移动互联网企业 境内上市 发行监管 上市标准 

分 类 号：F830.9[经济管理—金融学]