中国境外上市企业私有化退市问题研究

近期,出于对股价低迷、支付费用高,或长远战略调整、转换场地上市等因素的考虑,中国海外概念股开始集体主动回归,阿里巴巴、盛大、小肥羊实施私有化退市。然而,中国境外上市企业私有化退市面临着代价过高、程序繁杂、回归A股困难以及潜在诉讼等风险。因此,我国应结合本国实际,适时推出国际板,完善主板、创业板双向退市制度,推行国有上市企业私有化,引导企业理性上市融资和私有化退市,确保投资者与经营者之间合理分配报酬,实现全员共同富裕。

Study on the Going Private of Chinese Overseas Listed Companies and Its Enlightenment for China

Recently Chinese overseas listed companies almost together begin to delist from their stock markets.Some publicly traded companies such as Alibaba,Little-Sheep and Snda,decide to go private because of low stock prices,high payment,long-term strategy realignment,or movement to another market.However,there exist some challenges for their going private including costly and complicated procedures,difficulties of return to A-share market,and potential litigation risks.With actual situation in China,we should introduce the international board in time,improve the two-way exit systems of the Main Board and Growth enterprise market,regulate the listed stated-owned enterprises’ rational public financing and going private,and ensure the reasonable allocation of compensation between investors and managers for achieving the common prosperity.