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Editor's note: According to the latest news from the Economic Observation Network，The international board that has been prepared by the Shanghai Stock Exchange for a long time has obtained the principles of relevant ministries and commissions on many key issues，At present, it has entered a more detailed preparation work，The launch schedule of the international board may also be announced in the near future，The most likely possibility of officially launched in the second quarter of next year。However, Hu Haifeng, a scholar at Beijing Normal University, wrote an article，my country's current launch of international board is immature，Rushing the international board risk is huge。Start the risk of capital escape from capital under the control of capital projects，Differences of Chinese and foreign accounting standards increase the difficulty of international board supervision，International board may be reduced to foreign -funded "withdrawal machine"，It may also lead to loss of state -owned assets。

The international board is the product that the capital market has developed to a relatively mature stage，The need for a complete capital market system to provide institutional guarantee for it，and China's capital market is still in the earlier development stage of continuous improvement，The improvement of the capital market system is far away。

International board is a "market" formed by attracting overseas enterprises to release and listed in China。Usually under the circumstances，Bet365 lotto review Launched the international board，Require corresponding economic conditions and supporting measures to provide them with the necessary living space。At present, the living space of the international board in my country does not have，The timing of the international board is not yet mature，Rushing the international board risk is huge。

First, start the risk of capital escape from capital under capital control。Well knows，China Capital Project has not yet achieved free exchange，Capital flow Disposes of asymmetric control，and from the current point of view，This control will not be completely let go for a short period of time。In fact，When a country's financial system is not highly improved and perfect，Implementation of capital project control，For the orderly flow of capital、Prevent Capital Escape、It has an important role in improving the ability to resist external impact，This is repeatedly proven by history。For example，When the Asian financial crisis occurred in 1997，The Chinese government is based on capital project control and huge large -scale foreign exchange reserves，Surprisingly in front of the crisis，Help Hong Kong successfully repel external capital attacks。Not only that，For China with high -speed development，Implementing the asymmetric control of capital projects，Reduced capital outflow，Guide long -term capital form，For moderate absorption and orderly use foreign capital，Promoting the economic growth of the country，There is a lot of profit but no harm。But，Under capital control conditions，The primary encounter of the development of the international board is that the raised funds cannot be freely remitted，bet365 live casino games To allow the raising funds to be remitted freely，It is tantamount to opening up a legitimate channel for domestic capital to bypass capital control，The outflow and escape of capital will become difficult to prevent and control。

Second, the differences in the differences in accounting standards for Chinese and foreign accounting increases the difficulty of international board supervision。Due to the differences in Chinese and foreign accounting standards，Specifications of financial statements and information disclosure of international board listed companies have become unavoidable difficult problems。For overseas enterprises，If the regulators ask them to prepare a complete financial statement in accordance with the Chinese accounting standards，Cost burden can be imagined，But if the regulator allows it to make a report in accordance with international accounting standards，It does not meet China's regulatory requirements，It may cause information disclosure and the effectiveness of investor protection.。Imagine，The business environment of investors in the international board distribution company in China、Business development、In the case of lack of full understanding of the profit model，No specification、Efficient information disclosure system，What is the protection of investors on the international board?。So，The accounting foundation for the development of the international board in China does not have，If you rashly start，The difficulty of supervision can be imagined。

Third, the difference between the price -earnings ratio of the new shares may cause the international board to become a foreign "withdrawal machine"。Issuance (IPO) P / E ratio is a bet365 best casino games measurement indicator for the stock market financing capabilities。From the perspective of average level，The IPO P / E ratio of mature stock markets such as the United States and Hong Kong, the United States and China is relatively low，Such as about 20 times the United States，More than 10 times more than Hong Kong, China; China、Brazil and other emerging market IPO price -earnings ratio is relatively high，like Brazil's more than 40 times，Shanghai market in China in recent years IPO's price -earnings ratio 30-40 times，In July 2009, the domestic IPO price -earnings ratio further went up，As of the end of June 2010, 23 new IPO P / E ratio reached 42.8 times。It is not difficult to find，In the future, international board distribution companies will have the opportunity to enjoy the high -value profit ratio that their mother country cannot reach，Revised more funds，This is equivalent to China's precious financing opportunities in China to make a hand -to -one，Not only will it squeeze the financing space of domestic enterprises，It will also cause domestic funds and wealth outflows，As a "withdrawal machine" that caused the international board to become a foreign capital。

Fourth, the development of international board lack of reference can be used for development under the conditions of the main board administrative split conditions。Due to historical reasons，Shanghai、The exchanges that are performed by the two motherboards，Two motherboard resource splitting problems are suspended but not decided。In fact，and listed company、Investor、Separation of member resources compared with external performance compared to，Different valuation levels reflect Bet365 lotto review the internal splitting of the two main boards。As of the end of June 2010，Evaluate according to the overall method，Shanghai A -share market earnings 16.5 times，Shenzhen A -share market earnings 32.1 times，The scissors of the valuation level are 15.6 times the difference。Look at it historically，So far，No country launches international boards under the main board split conditions，Therefore, China's development international board lacks can learn from experience，Not only potential risks are difficult to compare、Defense，It also adds bondage to the main board market structure that must be reformed in the future。

Five is the capital market turning board、Poor delisting channels will cause moral risk。The international board is the product that the capital market has developed to a relatively mature stage，The need for a complete capital market system to provide institutional guarantee for it，and China's capital market is still in the earlier development stage of continuous improvement，The improvement of the capital market system is far away，For example, China's multi -level capital market transfer system is still absent，Listed company transfer to board、The delisting channel is not smooth。"Go to、Can't get down "system design，On the one hand, it inspires companies that do not meet the standards to obtain the opportunity to enter the market through false means such as fans of the financial statements，On the other hand, it leads to fried shell、Bare -shell prevails。It can be said，The development of moral risks and China's capital market is like a shadow。In such a fake、Start the international board of the capital market Bet365 app download that violates the rules，Not only does it violate the inherent laws and institutional requirements of the development of the capital market，It may also exacerbate the hidden dangers of moral risks in China's capital market。

Six is ​​the start of the international board in front of the stock market that may lead to loss of state -owned assets。Important steps and historical relics as the reform of equity distribution，Restricted stock restricted stocks are lifted as a sharp sword hanging in the Chinese stock market，It will definitely have an important impact on the long -term development of China's capital market and the future fate that cannot be ignored。At present，This problem may take at least two to three years to gradually resolve。Look at the data at the end of June 2010，There is still 620 billion yuan limited to sale stocks without listing，39%of the circulating share capital、28%of the total share capital，and most of them are state -owned capital。It is not difficult to judge，At this stage, if you rashly introduce overseas enterprises to go public in China and develop international boards，It is bound to have a blood -drawing effect on the domestic market，Increase the pressure of the market valuation center down pressure，When the restriction stocks represented by state -owned capital in the future，Shining market value is inevitable，This will cause the loss of state -owned assets。

(Source: Chinese Social Science Journal Author: Hu Haifeng unit: School of Economics and Business Administration of Beijing Normal University)