我國證券市場國際板與CDR制度建設

The International Board of China and the Construction of CDR

資本市場國際化是金融全球化發展的必然趨勢，開辟國際板是我國證券市場順應歷史潮流的必然選擇。由於我國資本市場處於新興加轉軌的發展階段，證券法律制度還不完善，金融市場建設相對比較薄弱，因而，在設計國際板塊相關法律制度時，借鑒資本市場相對成熟國家和地區的經驗，顯得尤為重要。就中國的實際情況而言，應該合理安排境外企業上市次序、科學設計CDR產品種類、妥善建立CDR定價機制，遵循漸進方式有序推出不同層次的CDR產品，從而保障CDR的順利發行和交易。

Capital market internationalization is the trend of financial globalization, and the construction of international board is a right choice for China to adapt to this trend. In China, due to the 'emerging and transition' stage of its capital market, the imperfect securities legal system and the weak financial market, it is particularly important to draw the experience of countries and regions with mature capital market in designing international board legal system. Specifically, China should reasonably arrange the sequence of listed overseas enterprises, scientifically design the category of CDR products and CDR pricing mechanism, introduce various levels of CDR products step by step, so as to insure the smooth issuance and exchange of CDR.