论ECFA背景下大陆企业在台湾证券市场的融资机制——借鉴香港证券市场的发展经验

在ECFA背景下,大陆与台湾之间的经贸合作必将进一步深化,此时研究台湾证券市场对大陆企业的制度开放问题具有重要的现实意义。本文认为,同属于"亚洲四小龙"的香港在经济发展历程、经济发展战略上与台湾都非常相似,而资本市场从一开始就是附属于实体经济的,是为了满足实体经济资金融通需求而发展起来的,因此,香港证券市场的成功发展策略对台湾证券市场具有很好的借鉴意义。本文研究了内地与香港CE-PA协议及其附加协议中对大陆企业融资开放的规制,认为大陆与台湾可以在ECFA附加协议的框架内达成台湾证券市场对大陆企业的融资开放,并进一步研究融资开放过程中相关法律法规的协调、有效监管体系的构建等制度构建问题。

A Study on the Issues of Taiwan Securities Market for China Mainland

In the background of ECFA,the economic and trade cooperation will be further deepened between China mainland and Taiwan region,and it is significantly important to analyse the stock issue institutions for enterprises China mainland in which the Taiwan Stock Exchange implements at the moment.This paper argues that Hong Kong's economic development process and economic development strategy are very similar with those Taiwan's of both belong to the "Asian Tigers",The capital market is always attached to the real economy to meet the need of financial intermediation for the enterprises.The success of Hong Kong securities market development is a good reference for Taiwan's securities market.This paper studies CEPA and its additional protocols that are related to the regulations of corporate finance for chinese enterprises.China mainland and Taiwan Region may reach an agreement for opening Taiwan stock market to Chinese enterprises within the framework of the ECFA agreement.It makes further research on the coordination of funding laws and regulations of the two regions,building an effective monitoring system and some other institution problems.