獨角獸、法律週期論與民族國家建構

借鑒美國耶魯法學院蔡美爾教授種族法理論，參考其對發展中國家外商投資法領域出現的“市場化—國有化—市場化”歷史怪圈現象及其動因的分析，有助於識別中國境外設立的創新企業回歸我國資本市場並跨境發行存托憑證規則（《創新企業回歸A股規則》）存在的核心問題。我國法律對創新企業存在“支持—限制—支持”的歷史怪圈，其背後動因在於中國境內企業與帶有外資身份的創新企業在爭取境內外上市資源過程中產生的張力。更進一步講，《創新企業回歸A股規則》將帶來境內企業與創新企業的直接對立，並將延續境內資本市場一直存在的大企業和小企業之間的緊張關係，存在針對創新企業的新一輪限制的可能性。

This article borrows the ethnicity and law theory developed by Amy Chua to analyze rules governing China depositary receipts issued by innovation enterprises incorporated outside China(Innovation Enterprise CDR Rules). This article argues that a support-restriction cycle exists in the past two decades, which reflects the attitude of Chinese law towards innovation enterprises. The main cause of this cyclicality is the tension between Chinese domestic enterprises and these innovation enterprises in competing for financing and listing opportunities. This article further argues that the Innovation Enterprise CDR Rules will increase this tension, which may lead to a new cycle of restriction on innovation enterprises.