美国强化中概股监管的影响效应研究  

Impact of Strengthened Regulation on Chinese Stocks Listed in the US Market

作　　者：熊启跃[1] 赵雪情 邹子昂 Xiong Qiyue;Zhao Xueqing;Zou Ziang

机构地区：[1]中国银行研究院

出　　处：《国际经济评论》2022年第5期115-130,7,共17页International Economic Review

基　　金：国家自然科学基金应急管理项目“汇率市场变化、跨境资本流动与金融风险防范”(项目编号:71850005)的阶段性研究成果。

摘　　要：美国是中国企业境外上市的重要场所。近年来,美国不断强化涉及中概股的监管政策,包括持续扩大证券交易限制名单、推出并加快实施《外国公司问责法案》、加大对可变利益实体架构企业限制和信息披露要求。上述政策导致多数中概股面临退市压力,跨境资本流动日趋复杂,美国市场为中国企业提供融资的功能下降。与此同时,中概股股价波动加大,对中国香港和中国内地的股市产生了明显的传染效应。在此背景下,中国需要逐步降低敏感行业企业对美国资本市场的依赖度,引导境外上市企业根据国际规则夯实公司治理机制,防范非银金融机构的风险传染效应,加强短期资本流动管理与跨境金融监管的协调。The United States is a major oversea market for Chinese companies aiming to go public.In recent years,US regulators have continued to enhance its regulatory policies on US-listed Chinese stocks,including expanding the scope of restriction of the purchase and sale of publicly traded securities of listed Chinese companies,introducing and accelerating the implementation of the Holding Foreign Companies Accountable Act,and strengthening the control and information disclosure requirements on variable interest entity(VIE)enterprises.The above-mentioned policies have put more de-listing pressure on most US-listed Chinese stocks,complicated cross-border capital flow,and weakened the financing function of the US capital market for Chinese companies.Meanwhile,the price volatility of US-listed Chinese stocks has increased to have a negative and contagious impact on the stock markets of Chinese Hong Kong and Mainland.China should gradually reduce the reliance of its enterprises in sensitive industries on the US capital market,guide oversea-listed companies to improve corporate governance in accordance with international rules,prevent the risk contagious effects of non-bank financial institutions,and strengthen short-term capital flow management and cross-border financial supervision coordination and communication.

关 键 词：中概股 证券交易限制 《外国公司问责法案》 VIE架构 退市 

分 类 号：F831.51[经济管理—金融学]