内地民营企业香港创业板上市研究
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摘要
资金匮乏和融资渠道狭窄已成为现阶段中国内地众多民营企业健康发展的最大制约因素。香港创业板市场的建立不仅可以巩固其作为国际金融中心的地位，而且为内地民营企业拓宽融资渠道、进入国际资本市场提供了契机。内地民营企业在香港创业板上市必须遵守国际资本市场规则，按照现代企业制度运作要求，规范自身的经营和管理，并以香港为桥头堡进入国际市场。由此可见，对内地民营企业在香港创业板上市进行深入的研究，找出对内地民营企业在香港创业板上市具有指导和借鉴作用的方法，极具现实意义。因此，本篇论文将通过对民营企业在香港创业板上市的研究，以期提炼出有助于内地民营企业顺利进入香港创业板的方法。
本文共分为三章：
第一章首先介绍香港创业板设立的经济原因和现实背景，然后通过对内地民营企业在香港创业板上市的动因分析，阐明在香港创业板上市给内地民营企业带来的机遇。
第二章是对内地民营企业完善公司治理结构进行研究，这一章是全文的重点，共分为四节。第一、二节介绍公司治理结构的内涵、功能及其与公司营运的关系，旨在为后面的研究提供必要的理论，也为全文分析作一个界定，以使本篇论文所讨论的内容具有清晰明确的范畴，以说明有效的公司治理是公司高效运行的前提。第三、四节是对内地民营企业完善公司治理结构方法的研究。这部分是本章的重点，也是全文的重点。由于内地民营企业治理结构比较薄弱，因此按国际惯例完善公司治理结构，强化董事的诚信与勤勉义务，建立对所有股东负责的有效机制是内地民营企业香港创业板上市要解决的主要问题和必经之路。
第三章是对内地民营企业规范财务会计进行研究，这一章是全文的另一重点，共分为三节。第一节分析了香港创业板对上市企业财务会计的有关要求，香港创业板对申请企业不作盈利要求，但它希望在其上市的企业财务会计是透明的、规范的。第二节是对内地民营企业
规范财务会计方法的研究。这部分是本章的重点，也是全文的另一重点。因为内地民营企业在日常经营中与控股股东及其他关联公司间的关联交易较多，且有相当一部分具有明显的不公平性，所以规范财务会计的关键是规范关联交易及其信息披露。同时，内地民营企业选择声誉良好的财务顾问，有助于在香港创业板的顺利上市。规范财务会计以赢得投资者认可, 是内地民营企业香港创业板上市的保证。
由于笔者研究时间太短，能力有限，文章存在论述不充分，力度不够深入的地方，恳请老师指正。
The fund deficient and narrow financial channel are becoming the main factor that restrict many Chinese private enterprises to develop healthily. The establishment of Hong Kong Growth Enterprise Market (HK GEM) not only can consolidate its international financial center position, but also provide the chance that the interior private enterprises develop financial channel and enter international capital market. The private enterprises listed in HK GEM must obey the international capital narket regulation and standardize their operation and management according to modern enterprise rules. They can enter international market by bridgehead Hong Kong. Therefore, still will be helpful to induce and sum up useful and practical means by studying the interior private enterprises listed in HK GEM.
This paper has three parts:
In the first part, I intrduce the HK GEM, and analyze the motive and chance of the interior private enterpises listed in HK GEM.
In the second part, I study perfecting the corporate governance. There are four sections in this part, which is the key point of this paper. The first and second section shows the intension and function of the corporate governance and defines the theory on the corporate governance and specifies the boundary of this paper. The third and fourth section, I study the means of perfecting corporate governance. This is the main section of this part and this parper. The interior private enterprise is lack of corporate governance, so establishment efficient mechanism responsible to the shareholders and Perfecting corporate governance according to the international practice are main problem and the only way.
In the third part, I study standardizing financial accounting of the interior private enterprise listed is HK GEM. There are three sections in this part. First, I analyze the demand of HK GEM to listed company. HK
GEM doesn't ask the listed company must be profitable, it hopes the financial accoutning is transparent and normal. Second, I study the means of standardizing financial accounting. This is the main section of this part and another key point of this paper. Because there are many connected transactions between the private company with controlling shareholders and some transactions aren't equal, the key of standardizing financial accounting is to standardize the connected transaction and information disclosure.The private enterprise can choose financial adviser of high reputation to ensure its listing in HK GEM. So standardize financial accounting and gain the investor's trust is the guarantee of the private enterprise listing in HK GEM. I hope it will be helpful to the interior private enterprises.
This paper is not perfect due to the time and my ability. If there is any suggestion and disagreement on this paper, please let me know.
本文共分为三章：
第一章首先介绍香港创业板设立的经济原因和现实背景，然后通过对内地民营企业在香港创业板上市的动因分析，阐明在香港创业板上市给内地民营企业带来的机遇。
第二章是对内地民营企业完善公司治理结构进行研究，这一章是全文的重点，共分为四节。第一、二节介绍公司治理结构的内涵、功能及其与公司营运的关系，旨在为后面的研究提供必要的理论，也为全文分析作一个界定，以使本篇论文所讨论的内容具有清晰明确的范畴，以说明有效的公司治理是公司高效运行的前提。第三、四节是对内地民营企业完善公司治理结构方法的研究。这部分是本章的重点，也是全文的重点。由于内地民营企业治理结构比较薄弱，因此按国际惯例完善公司治理结构，强化董事的诚信与勤勉义务，建立对所有股东负责的有效机制是内地民营企业香港创业板上市要解决的主要问题和必经之路。
第三章是对内地民营企业规范财务会计进行研究，这一章是全文的另一重点，共分为三节。第一节分析了香港创业板对上市企业财务会计的有关要求，香港创业板对申请企业不作盈利要求，但它希望在其上市的企业财务会计是透明的、规范的。第二节是对内地民营企业
规范财务会计方法的研究。这部分是本章的重点，也是全文的另一重点。因为内地民营企业在日常经营中与控股股东及其他关联公司间的关联交易较多，且有相当一部分具有明显的不公平性，所以规范财务会计的关键是规范关联交易及其信息披露。同时，内地民营企业选择声誉良好的财务顾问，有助于在香港创业板的顺利上市。规范财务会计以赢得投资者认可, 是内地民营企业香港创业板上市的保证。
由于笔者研究时间太短，能力有限，文章存在论述不充分，力度不够深入的地方，恳请老师指正。
The fund deficient and narrow financial channel are becoming the main factor that restrict many Chinese private enterprises to develop healthily. The establishment of Hong Kong Growth Enterprise Market (HK GEM) not only can consolidate its international financial center position, but also provide the chance that the interior private enterprises develop financial channel and enter international capital market. The private enterprises listed in HK GEM must obey the international capital narket regulation and standardize their operation and management according to modern enterprise rules. They can enter international market by bridgehead Hong Kong. Therefore, still will be helpful to induce and sum up useful and practical means by studying the interior private enterprises listed in HK GEM.
This paper has three parts:
In the first part, I intrduce the HK GEM, and analyze the motive and chance of the interior private enterpises listed in HK GEM.
In the second part, I study perfecting the corporate governance. There are four sections in this part, which is the key point of this paper. The first and second section shows the intension and function of the corporate governance and defines the theory on the corporate governance and specifies the boundary of this paper. The third and fourth section, I study the means of perfecting corporate governance. This is the main section of this part and this parper. The interior private enterprise is lack of corporate governance, so establishment efficient mechanism responsible to the shareholders and Perfecting corporate governance according to the international practice are main problem and the only way.
In the third part, I study standardizing financial accounting of the interior private enterprise listed is HK GEM. There are three sections in this part. First, I analyze the demand of HK GEM to listed company. HK
GEM doesn't ask the listed company must be profitable, it hopes the financial accoutning is transparent and normal. Second, I study the means of standardizing financial accounting. This is the main section of this part and another key point of this paper. Because there are many connected transactions between the private company with controlling shareholders and some transactions aren't equal, the key of standardizing financial accounting is to standardize the connected transaction and information disclosure.The private enterprise can choose financial adviser of high reputation to ensure its listing in HK GEM. So standardize financial accounting and gain the investor's trust is the guarantee of the private enterprise listing in HK GEM. I hope it will be helpful to the interior private enterprises.
This paper is not perfect due to the time and my ability. If there is any suggestion and disagreement on this paper, please let me know.
引文
1、《企业的产权分析》 费方域著
上海人民出版社1998年版
2、《公司治理的理论与实践》 田志龙著
中国发展出版社1999年版
3、《现代公司与企业改革》 吴敬琏著
天津人民出版社1994年版
4、《企业理论与中国企业改革》 张维迎著
北京大学出版社1999年版
5、《现代企业法人治理结构》 荣兆梓、王刚、刘振歧著
安徽人民出版社1995年版
6、《看得见的手——美国企业的管理革命》
钱德勒著
商务印书馆1987年版
7、《证券市场会计问题实证研究》 陈慧谷著
上海财经大学出版社1998年版
8、《转轨经济中的公司治理结构》 青木昌彦、钱颖一（主编）
中国经济出版社1995年版
9、《中国证券市场分析》 刘波（主编）
学林出版社1997年版
10、《中国资本市场发展的理论与实践》
厉以宁著
北京大学出版社1998年版
上海人民出版社1998年版
2、《公司治理的理论与实践》 田志龙著
中国发展出版社1999年版
3、《现代公司与企业改革》 吴敬琏著
天津人民出版社1994年版
4、《企业理论与中国企业改革》 张维迎著
北京大学出版社1999年版
5、《现代企业法人治理结构》 荣兆梓、王刚、刘振歧著
安徽人民出版社1995年版
6、《看得见的手——美国企业的管理革命》
钱德勒著
商务印书馆1987年版
7、《证券市场会计问题实证研究》 陈慧谷著
上海财经大学出版社1998年版
8、《转轨经济中的公司治理结构》 青木昌彦、钱颖一（主编）
中国经济出版社1995年版
9、《中国证券市场分析》 刘波（主编）
学林出版社1997年版
10、《中国资本市场发展的理论与实践》
厉以宁著
北京大学出版社1998年版