| 摘要: |
| 近期，有新闻报道爆出特朗普政府正在考虑将中国公司从美国股市中摘牌，中概股应声下跌，引发股市震荡。随后美财政部虽对该消息进行了否定，但在中美贸易争端前景不明的形势下，不能完全排除美政府日后强迫中国企业退市、在金融领域升级紧张局势的可能性。本文回顾总结了中国企业在美股市场的发展历程与现状，从依据美国主要交易所退市规则与依据美国金融制裁法律框架两类常规与特殊途径出发，推测特朗普政府可能采取的制裁措施与情景，分析中概股退市后出路，为我国制定后续应对政策提出建议。 |
| 关键词: 中概股；退市；美股市场；制裁 |
| DOI： |
| 分类号:F831.6 |
| 基金项目: |
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| Sino-US Financial Conflicts:The Analysis of Chinese Companies’ Risks of Being Delisted From U.S. Stock Markets |
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SONG Xiangyan WANG Yun
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PBOC Representative Office for the Americas
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| Abstract: |
| Recently, shares of Chinese companies tumbled amid the news that the Trump Administration was considering delisting Chinese companies from U.S. stock markets. Although later the U.S. Treasury denied the news, it could not completely rule out the possibility that the Trump Administration would force Chinese companies to delist in the future, escalating Sino-U.S. tensions in the financial sector in the context of the uncertain prospect of the trade dispute. The paper overviews the development course and current situation of Chinese companies in the U.S. stock markets. Then it speculates two kinds of sanction measures and scenarios which the Trump administration may take: one conventional way is based on the major U.S. exchanges delisting rules and the other special way is based on the legal framework of financial sanction in U.S.. The article also analyzes the probable ways out of the delisted Chinese stocks and proposes suggestions for follow-up policies of China. |
| Key words: Oversea-listed Chinese Shares;Delisting;U.S. Stock Markets; Sanction |
