英美控制海外上市融資誠信風險的機制與啓示

The Mechanism of Controlling Listed Overseas Financing Credit Risk in UK & USA and Its' Enlightenment

英美等法治國家主要從海外對沖基金的「做空」和「獵殺」、監管機構的調查和制裁、投資者的集團訴訟和索賠，這樣三個方面來控制外國企業上市融資誠信風險。對這些方面有一個清晰的瞭解，不僅可為中國大陸企業海外上市的自律與自救提供明確的行動方向和行為標準，而且也是中國大陸證券市場雙向開放的必修課。

The UK and the United States, as the countries under the rule of law, control foreign enterprises credit risk of listed financing mainly from the three aspects as follows: short and hunting of overseas hedge funds , investigations and sanctions of the regulatory authorities, group litigation and claims of investors. A clear understanding of these aspects is obligatory, not only for providing clear direction and behavior standard in self-discipline and self-help for overseas listing Chinese enterprises, but also for the provition of valuable lesson for Chinas securities market two-way open door policy.