Study On Foreign Exchange Supervision On Indirect Overseas Listing Of Enterprises In China

This thesis focuses on the foreign exchange supervision on indirect overseas listing of enterprises in China. Research methods, such as classification, comparison and induction are employed to analyze the foreign exchange supervision on indirect overseas listing from perspectives of overseas investment and round-tripping investment. The whole thesis is divided into four chapters.In chapter one, after giving a brief introduction of basic problems of indirect overseas listing, the writer points out the necessity of legal supervision on indirect overseas listing and the significance of the study of it. Through analyzing the legal system of Chinese foreign exchange supervision on indirect overseas listing, it can be concluded that the supervision can be divided into the foreign exchange supervision on overseas investment and the foreign exchange supervision on round-tripping investment. Chapter one is the preparing part of this thesis.Chapter two focuses on the foreign exchange supervision on indirect overseas listing investment. At first, the historical evolution of China's legal system of foreign exchange supervision on overseas investment is reviewed. Compared with the new supervision regulations enacted by SAFE since 2005,the foreign exchange controls of overseas investment on SPV basing on Document NO. 75 released by SAFE is analyzed in a detailed way. From then on, China officially entered into the new stage in which orderly foreign exchange supervision system is carried out on the area of indirect overseas listing investment.In chapter three, the foreign exchange supervision on indirect round-tripping listing investment is discussed. Firstly, the basic concept of round-tripping investment is introduced and distinguished with transitional capital flight. Then, China's historical evolution of foreign exchange supervision on round-tripping investment system is elaborated from the perspective of strengthening the management of foreign investment and the viewpoint of foreign exchange supervision on round-tripping investment respectively. Finally, the new thinking mode which adopted after Document NO.10 released is discussed in a detailed way. It is the thinking mode for foreign exchange supervision on indirect overseas listing round-tripping investment. Based on the above discussions,the writer points out that the values of security as well as efficiency should be considered when enacting China's legislation of foreign exchange supervision. Finally, the writer proposes his suggestions on foreign exchange supervision on indirect overseas listing from angles of supervision on overseas investment and round-tripping investment respectively.