The Legal Environment Research Of The International Board In China Securities Market

Our country securities market will settle up international board, which is the current social concern and theoretical research topic. From the policies of the state council to the detailed implement regulations of the local government, the construction of Chinese international board has become a"national action". Setting up an international board, which is an important step for our country to achieve the capital market internationalization. Not only for China's economic development, But also for the current construction of Shanghai as an international financial center, it has great practical significance.From the legal aspects, this article is studied on the international board of the construction process. This paper provides a preliminary analysis about the problems faced during the setup of the international board, integrated of other countries'experience of running an international board , especially HKSAR's, to further clarify the related issues about the international board construction, Finally, the author propounds some suggestions of international board construction in legal respect.Chapter 1 points out the essence and the strategic intent of the international board, tells us the basis of the international board is cross-border securities financing, and promotes the internationalization of our securities markets. Further more, to analyze the political, economic and legal foundations of the international board construction.Chapter 2 probes into the dilemma of the creation of the international board from the aspects of both law and reality .The main contents include the lacking of specific legal systems, the conflicts of legal rules of Cross-border securities issuance and trading, whether the Red-chip company should be a stepping stone to international board, and the restriction in currency exchanges of RMB.Chapter 3 gives a brief introduction about the Hong Kong stock market as a reference, and provides an overview about the regulations of cross-border listing in Hong Kong stock market. Through a comparation of Hong Kong and the mainland stock market background, extracting related useful experience in Hong Kong securities markets, in order to create an international board.Chapter 4 is the focus of the full text, emphasis on research legal mechanisms on the creation of an international board. Including putting forward the overseas company domestic securities issuance, the legal regulation of Listing and trading system, the principles of supervision overseas listing, and some theoretic and practical recommendations of the delisting system of overseas companies.