大陆一级与香港二级市场资本真实性治理——跨市场风险一致性框架
Journal: Economics DOI: 10.32629/ej.v9i5.3515
Abstract
随着资本市场双向开放加速,内地企业通过红筹、VIE及多层离岸SPV架构赴港上市增 多,一级市场非标准化资本真实性风险借助跨境结构向二级市场迁移。本文构建ICM CRF跨市场资本风险一致性治理框架,以资本真实性、合规性与可追溯性为统一内核 ,通过“准入核验—风险量化—资金追踪—风险干预”四层递进闭环,实现系统识别、动态 监测与闭环控制。通过TMT领域三类典型跨境上市案例验证框架适配性与治理契合度 ,提出“风险迁移—形态标准化—统一治理”的跨市场风险分析体系,为投资机构、红筹 企业及监管部门提供可量化治理工具。
Keywords
跨市场资本风险；红筹架构；VIE结构
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