核准制下外资企业上市对国内上市公司的冲击

核准制的颁布实施 ,为国内外企业的上市带来了平等的机会 ,也为国内证券市场成功的引入外资开辟了新渠道 ,促进了国内资本市场与国际接轨。但是 ,由于国内证券市场的特殊性 ,使得外资企业的上市给国内上市公司带来巨大的潜在风险。如何实施相关策略化解潜在风险 ,至少应从两方面入手 :一是取消国有股、法人股只能在法人之间协议转让的限制 ;二是对外资企业通过持有上市公司的股票进行收购 ,在政策上进行限制。

The Impact of Foreign Companies Going Public on Domestic Public Companies under the Sanction System

The enactment and implementation of the sanction system has given equal opportunities to both foreign and Chinese companies going public, and has opened up new channels for Chinese stock exchange market to absorb foreign capital. It has also brought China's domestic investment market in line with that of the world. However, due to the peculiarities of China's stock exchange market, foreign companies going public in China has also posed a potential threat to their Chinese counterparts, subjecting the latter to greater risks. To diminish such risks, at least two things need to be done: firstly, restrictions on state-owned stocks and corporate stocks as being transferable only among legal persons should be cancelled; secondly, policies should be drawn up to restrict foreign companies from uncontrolled purchasing of domestic public companies through stock exchange.