The Research On Legal Evasion Phenomena And Regulatory Paths Of Overseas Indirect Listing

The development and growth of enterprises cannot be separated from financing.Landing overseas capital markets is an important strategic measure for companies to broaden their financing channels and strengthen their international influence.Although China has expressed support for enterprises to ‘go global',the relevant laws and regulations still have a hindrance effect on overseas listing of enterprises,especially overseas indirect listing of enterprises.Therefore,the legal evasion phenomena of overseas indirect listing of enterprises have been produced.Based on the phenomena of law circumvention of overseas indirect listing of enterprises,this paper firstly studies the phenomena and analyzes the causes and nature of the legal evasion.The trigger for the phenomena of legal circumvention is that overseas indirect listing of enterprises requires the ‘compulsory administrative license' issued by the government departments.Although the evasion of law is not worth encouraging,it is also the result that most enterprises,especially private enterprises are forced under reality.On this basis,this paper further discusses how to solve the problem of legal circumvention of enterprises' overseas indirect listing,that is,the regulatory policy of enterprises' overseas indirect listing,whether to continue to strengthen all-round supervision or take the road of marketization and relax the restrictions on enterprises' ‘quasi-listing'.This paper adopts the relevant knowledge of jurisprudence,administrative law,international securities law and the perspective of comparative law,progressively proposes the current contradiction between the laws of overseas indirect listing and the background of high-level open era,and then draws on the ‘quasi-listing' mechanism of developed countries for overseas listing of their domestic enterprises to deepen view on ‘sounding the market',relaxing pre-regulation and strengthening post-event supervision.Finally,it comes to the conclusion that overseas indirect listing of enterprises is going to the ‘market-oriented' boundary,that is,on the basis of respecting the right to freedom of overseas financing of enterprises,the interests of the state and enterprises are taken into account,and restrictions of ‘quasi-listing' of enterprises are relaxed.In addition,government departments should take appropriate scientific and continuous supervision and strengthen cooperation with other countries and regions to solve the problem of legal evasion of enterprises' overseas indirect listing.