Legal Analysis Of The International Board Launching’s Approach

April29,2009, the State Council issued the " Shanghai should speed up thedevelopment of modern service industry and advanced manufacturing to build aninternational financial center and an international shipping center”, for theconstruction of an international financial center, in which an important part is topromote the construction of Shanghai International board, and the China SecuritiesRegulatory Commission, Shanghai Stock Exchange, as well as Academia has made alot of research about it. But for the launching of the international board at thepresent stage is to adopt Chinese depository receipts or permit enterprise aboard to listdirectly in domestic stock market, there are still a little controversial.This thesis has made some inspection of China’s stock market history and someforeign countries and regions ‘s system formed in the domestic stock marketinternationalization, and then made system and legal analysis on China’s internationalboard adopting the CDR and the IPO mode respectively. At last, this thesis make theconclusion that China’s international board should be taken to IPO mode. And thisthesis make advanced analysis on the system of listing standards, informationdisclosure, protection of domestic investors about IPO mode and put forward somelegislative proposals. This thesis consists of three chapters.Chapter Ⅰ introduces the background, significance of the launching of theinternational board and concepts of it, and then focus on the analysis of the subjectslisting on the international board.The sectionⅠchapterⅡ introduces the concept and operation of the process ofdepositary receipts, and then make analysis about the advantages and disadvantagesif China adopt the CDR mode. The sectionⅡchapterⅡmainly focuses on China’sinternational board to take the IPO model advantages and disadvantages, and its legalfeasibility.Chapter Ⅲ has made some inspection of the system about the enterprise aboardlisting in domestic stock market of some foreign countries and regions, and then makelegal analysis on the system of listing standards, information disclosure, corporategovernance structure, exemptions protection of domestic investors about IPO modeand put forward some legislative proposals.The conclusion section summarizes the background,purpose and writing ideas ofthis thesis, and finally arrive at the conclusion of this thesis.