红筹企业回归的路径选择——基于多案例的比较分析  

The Return Path Selection of Red-chip Enterprises:Comparative Analysis Based on Multiple Cases

作　　者：刘玚 季哲宁 王爱花 LIU Yang;JI Zhe-ning;WANG Ai-hua(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学金融学院,天津300222

出　　处：《管理案例研究与评论》2024年第4期630-645,共16页Journal of Management Case Studies

基　　金：国家社科一般项目“我国跨境资本流动管理的经济效应测度研究”(21BTJ014)。

摘　　要：基于红筹企业回归A股市场不可逆转的趋势,以中国移动、中芯国际和九号公司为案例研究对象,对红筹企业回归境内上市路径及潜在风险进行探索性研究。研究发现,红筹企业回归主要包括传统回归路径和创新回归路径,不同路径对企业的适用性存在差异,具体表现:符合试点范围要求的红筹企业可以在创新回归路径中进行选择,而不符合试点范围要求的红筹企业只能选择传统回归路径。同时,创新回归路径中的IPO模式涉及法律风险、内控风险、终止上市风险和控制权转移风险,CDR模式的产品风险及VIE架构风险同样不容忽视;传统回归路径下,企业则需要考虑拆除红筹架构引发的资产重组、利益分配和税务风险等。研究结论可为未来更多红筹企业回归境内上市及其过程中可能遇到的风险提供有益参考。Based on the irreversible trend of red-chip enterprises returning to the A-share market,this paper takes China Mobile,SMIC and Ninebot as case samples to conduct an exploratory study on the paths and potential risks of overseas red-chip enterprises returning to local listing.It is found that the current return of red-chip enterprises mainly includes the traditional path and the innovative path,and their applicability to enterprises differs,as shown by the fact that enterprises meeting the requirements of the pilot scope can choose between the innovative path,while non-scope enterprises can only adopt the traditional path.Meanwhile,the IPO model in the innovative path involves the risk of legal,internal control,termination of listing and control transfer,while the product risk and VIE structure risk of the CDR model also cannot be ignored.In the traditional path,companies need to consider the asset restructuring,benefit distribution and tax risks arising from the dismantling of the red-chip structure.The research conclusion can provide a useful reference for more red-chip enterprises to return to domestic listing in the future and the risks they may encounter in the process.

关 键 词：红筹企业 红筹架构 回归路径 风险分析 多案例比较 

分 类 号：F426[经济管理—产业经济] F832