沪伦通及其跨境转换制度:临时法角度的初步分析  

A Tentative Discussion of the Shanghai-London Stock Connect Scheme and Its Cross-Border Conversion Mechanism:A Preliminary Analysis from the Perspective of Temporary Law

作　　者：唐应茂[1] Tang Yingmao

机构地区：[1]北京大学法学院

出　　处：《环球法律评论》2019年第6期106-120,共15页Global Law Review

摘　　要：沪伦通规则允许英国上市公司到我国上市,而跨境转换制度是沪伦通规则的一项关键制度,该制度赋予我国证券公司跨境买卖英国上市公司股票、生成和赎回存托凭证的专营权。跨境转换制度以及该制度所依赖的禁止发行新股融资制度,都具备美国金斯伯格教授所称的临时法的特点,是临时性、过渡性法律规则。事实上,此类临时法规则具备法律实验功能,可以避免长期性规则对当事人权利带来的永久伤害,减少资本市场对外开放的成本,但同时也存在制度重置成本高、法律质量不高等潜在问题。从监管角度而言,对于此类规则,可能存在加强管制与放松管制并存的情形,不是单纯的“自由式监管父爱主义”,而是“混合式监管父爱主义”,由此可能产生临时法蜕变为永久法以及具有不可逆性等深层问题。UK-listed companies are permitted to be listed in China under the rules governing the Shanghai-London Stock Connect Program(Shanghai-London Stock Connect Rules).Under the Shanghai-London Stock Connect Rules,the cross-border conversion mechanism allows Chinese securities companies to buy shares of UK-listed companies,deposit such shares with the depositary and receive depositary receipts from the depositary.The cross-border conversion mechanism and the rules prohibiting issuance of shares and depositary receipts by UK-listed companies both have the characteristics of what Professor Ginsburg called temporary law,which is a set of temporary and transitional legal rules.In fact,such temporary regulations have the function of legal experiment,which can avoid permanent damage to the rights of relevant parties and reduce cost of market opening through experiment,but also has such disadvantages as high institutional restructuring cost and low quality of law drafting.From the perspective of regulation,such rules embody a hybrid paternalism that has both regulation and deregulation features-not simple“free supervision paternalism”,but“mixed supervision paternalism”,which may result in the transformation of temporary law into permanent law,irreversibility and other deep problems.

关 键 词：沪伦通 跨境转换制度 临时法 监管父爱主义 

分 类 号：F83[经济管理—金融学]