摘要
CDR相关配套政策的出炉,标志着我国上市和发行制度改革迈出了实质性的一步。通过引入CDR来建立一个更为开放、包容和活力的资本市场,有利于吸引优质的上市资源,更好地服务新经济发展。但现阶段CDR存在着的法律和监管风险也不容忽视,参考美国成熟的ADR制度,增强市场流动性,推动注册制改革和监管方式创新,同时构筑法律域外适用制度,共同完善CDR运行及监管机制的建构。
the introduction of CDR related supporting policies marks a substantial step in the reform of China＇s listing and issuing system. The introduction of CDR to establish a more open, inclusive and dynamic capital market is conducive to attracting high-quality listed resources and better serving the development of the new economy. However, the existing legal and regulatory risks of CDR at the present stage cannot be ignored. By referring to the mature ADR system in the United States, the market liquidity can be enhanced, the reform of registration system and the innovation of regulatory mode can be promoted, and the applicable system outside the law can be constructed to jointly improve the operation of CDR and the construction of regulatory mechanism.
作者
张天行
Zhang Tianxing(Law School, Shandong Universit)
出处
《金融发展评论》
2018年第7期52-64,共13页
Financial Development Review
基金
2017年中国法学会部级法学研究课题<科技金融时代沙箱监管法律制度研究>(项目编号CLS(2017)D101)的阶段性成果
关键词
CDR
ADR
运行机制
监管机制启示
CDR
ADR
Operating Mechanism
Regulatory Mechanisms
Revelation
