红筹企业发行CDR的历史沿革与发展前景分析  

Analysis of the Historical Evolution and Development Prospects of Red Chip Enterprise Issuing CDR

作　　者：吴秀波[1] 

机构地区：[1]复旦大学

出　　处：《价格理论与实践》2020年第10期21-26,65,共7页Price:Theory & Practice

摘　　要："九号公司"的发行上市,标志着红筹企业采用CDR模式回归A股市场的梦想成真,这是监管机构锐意改革的成果。本文辨析了红筹企业有关的概念;回顾了红筹企业发行CDR的历史沿革;比较红筹企业采用CDR方式与IPO方式回归A股市场的差异;建议监管机构应借鉴境外发行存托凭证的经验教训,完善有关CDR的发行上市规则。由于外汇管制和现阶段较高的发行上市条件的限制,CDR要成为一种主流股权投资品种尚有待监管部门作出更多的制度创新。The issuance and listing of the "Segway-Ninebot" marked the realization of red chip enterprises’ dreams of returning to the A-share market by adopting the CDR model. This is the result of the regulatory reforms. This article analyzes the concepts related to red chip enterprises;reviews the historical evolution of red chip enterprises’ issuance of CDRs;compares the differences between red chip enterprises’ use of CDR and IPO methods to return to the A-share market;suggests that regulatory agencies should learn from the experience of overseas issuance of depository receipts and improve the issuance and listing rules of CDRs. Due to the restrictions of foreign exchange control and higher issuance and listing conditions, regulatory authorities must make more institutional innovations for CDR to become a mainstream equity investment product.

关 键 词：A股市场 红筹企业 协议控制架构(VIE) 中国存托凭证(CDR) 红筹股 

分 类 号：F832.51[经济管理—金融学]