Issues On Market Access System Of Companies Limited By Shares With Foreign Investment

Foreign-invested enterprises are the main form of utilization of foreign capital, since the reform and opening up policy they have occupied more and more important position in the national economy. However, the main forms of foreign-invested enterprises in China are Sino-foreign joint ventures, Sino-foreign cooperative enterprises and wholly foreign-owned enterprises, companies limited by shares with foreign investment (Hereinafter referred to"The Companies"), as the only form of Co., Ltd., have not developed well.The article focuses on the market access system of The Companies, first of all analyzing the basic characteristics and the current situation of The Companies in China. Establish an Empirical Study from the perspective of different ways to set up The Companies. There are four aspects as for the market access system of The Companies: the fields of the market access, the means of establishment, the investors and the capital system, the relevant procedural provisions. After the analysis of the above four aspects, the main problems are concluded as policy maker dispersing, lack of encouraging policies to M&A, forward-looking policy and scientific-making process, over qualifying of the investor and the investment, and complex approval procedures, which is the key factors of restricting the development of The Companies.After listing the feasibility and goal of refining the market access system of The Companies, the author holds that the first thing is to make clear The Companies'position: positioning them to Sino-foreign joint ventures and wholly foreign-owned enterprises, regarding whether they have Chinese capital, in order to apply to wider regulations. Secondly, refining the market access system of The Companies by revising the specific regulations, including unification of policy maker of market access, enhancing policy-making process scientifically, promulgating encouraging policies for M&A, allowing a natural person to become investors, reducing the minimum registered capital limit, the abolition of restrictions on foreign equity ratio in principle.At last, the article suggests other scholars continue to study the market access system of The Companies in order to apply it to new corporate law one day.