2014.06.02【英译中】The 'Singapore Solution' to China's Stock Woes(三)

ydyinglluk (Erin) 译坛新秀
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发表于:2014-06-02 11:42 [只看楼主] [划词开启]

The challenge now is for authorities inChinaand the main overseas listing venues for Chinese companies in Hong Kong and theU.S.to find ways to apply the basicSingaporemodel to their own markets. This will not necessarily be easy, but it is certainly achievable.

目前的挑战在于中国管理机构,以及在香港和美国等中国公司在海外主要的上市地,如何才能在他们自己的市场中将新加坡模式运用起来。这不会很简单,然而绝对是切实可行的

Chinacould start by allowing Chinese companies to list directly overseas after gaining approval from CSRC. The vetting process could take account ofBeijing's traditional concerns about overseas listing of companies possessing state secrets or with disreputable management.

中国可以通过允许中国可以从允许中国公司在经过证监会批准后直接在海外上市。以往的审批程序正是中国出于对海外上市公司可能泄露国家秘密以及这些公司可能违规操作的担忧。

The heart of the Singapore Solution is to make the CSRC the primary gatekeeper and regulator of overseas listed Chinese companies, charged with the responsibility to ensure that these companies comply with Chinese and foreign laws. The CSRC might ask foreign authorities such as the U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board to help them meet their responsibilities, including sending inspectors to work with the CSRC to regulate these companies. Chinese regulators will likely reserve the right to punish miscreants, and the SEC and PCAOB should be happy to let them do so if the result is that American standards are met.

新加坡模式的核心,是让中国证监会成为海外上市中国公司的主要监管者和看门人,并负责确保这些公司既遵守中国法也遵守外国法。中国证监会有可能向外国证券管理机构比如美国证券交易委员会和公司会计监管委员会寻求帮助以履行其职责,这些措施包括向中国证监会派员进行合作对这些公司进行监管。中国监管部门很有可能保留惩罚不法公司的权利,如果这一结果与美国法律相符,此举可以说正合SECPCAOB的心意。

Other reforms might be more difficult.Beijingneeds to allow a greater number of companies to accept foreign investment. The Third Plenum reforms last year promised liberalization in the rules on foreign investment in e-commerce and education, two of the most popular sectors that use the VIE structure. Premier Li Keqiang reiterated the commitment in his remarks to the National People's Congress on March 5. Allowing foreign investment in e-commerce and education would remove the need for the VIE structure for companies in those industries.

而另一项改革将更为困难。北京需要接受一大批公司接受外资投入。去年咱中全会的改革承诺在电商领域和教育领域要放宽外资准入,而这两个领域则是可变利益结构常见的两个领域。李克强总理在三月五日的全国人民代表大会上重申了这一承诺。允许外资进入电商和教育领域将消除这些领域的公司适用可变利益结构来上市的需要。

The Singapore Solution will require some attitude adjustment from regulators all around. But the alternative—booting Chinese companies off foreign exchanges while denying them the opportunity to list at home—is no alternative at all. After a troublesome several years concerning these listings, regulators should seize on the most promising model to date for how to move forward.

新加坡模式可能会要求所有的监管部门在态度上做出一些转变,但是,如果既希望中国公司引入外资又阻断他们在国内上市的机会,无疑是不可行的。可能在经过对海外上市公司经过几年的艰难摸索后,监管部门才能够建立起最合适并适合当前时代发展的制度,从而推动整个金融市场的发展。

Mr. Gillis is a professor atPekingUniversity'sGuanghuaSchoolof Management.

字数统计:619字

最后编辑于:2014-06-02 18:45
分类: 英语
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