雖中國大陸逐步履行WTO入會之承諾，且開放經核准的境外機構投資人於申請額度內投資A股，但仍未全面開放A股自由交易。對於中國近年來持續的高經濟成長，預期上市公司增加快速且因應A股市場股權分置改革完成，流通股的比例將會提高，因此外資證券公司皆希望能及早取得在中國大陸經營證券業務的資格。目前外資參股大陸證券公司的投資比例仍未提高，但由於近年來證券公司弊案連連，中國證券監管當局已要求問題證券公司限期完成其公司重整，並考慮引進外資參與問題證券公司的重整，並藉由相關監管法令的修訂，將整個證券市場回歸到正常的監督管理程序。 本研究論文共分為六章，第一章主要敘述研究動機與研究目的。第二章為文獻探討。 第三章為中國大陸資本市場分析，探討大陸證券市場概況與大陸證券公司的發展概況等相關內容。第四章中國大陸證券相關法令概述。第五章探討個案如何突破中國大陸相關法令之限制，取得合資或入資公司的控制權。第六章為結論與建議。 藉由探討成功進入中國大陸的外資證券公司如高盛證券及瑞銀集團，對其如何克服現行的相關限制，在不違反法令規範下，取得證券公司的控制權並直接參與A股交易市場的經營。本研究希望能提供欲積極進入中國大陸的外資證券公司，參考個案的市場進入模式佈局中國大陸，並預期在未來，放寬外資投資證券公司的比例後，快速地成功取得合資或入資公司的經營控制權。 Although China is fulfilling its promise for WTO to allow Qualified Foreign Institutional Investors to invest on A shares under applied quota. There are still many unnecessary restrictions on the trade of A shares in China. Due to the astounding economic growth, more and more companies are expected to go public. Besides, with the completion of the reform of allotting ownership structure in A share market, the circulation of the stocks is also expected to rise up in the near future. In response to the improvement in stock market, the foreign are eager to acquire the qualification to practice security business in china. However, some problems remain to be resolved, such as the strict limit on the proportion of foreign capital in domestic securities company and the ongoing securities company-related scandal. Therefore, the regulatory authorities of stock market not only require the related securities companies to reorganize under limited time, but also consider introducing foreign capital to help the reorganization. In addition, with the assistance of the amendment of monitoring laws, China government hopes these measures will direct the overall stock market into a sound monitor and management system.
This thesis is divided into six chapters. Chapter one is the Research Motivation and Objective. Chapter two is the Literature Review. Chapter three is the Analysis of capital market in China, it deals with current situation of the stock market and the development of the securities companies in China. Chapter four is the Outline of the related regulations on China stock market. Chapter five the Case Study deals with how the case company successfully get around with the related regulations to become joint venture or acquire shares to gain control of the domestic securities company. Chapter six is the Conclusions and Suggestions. It discusses how Goldman sachs group and UBS investment bank make their way to conquer the related obstacles without violation of the regulations to gain the control of the domestic securities company and practice securities business on A share market. These successful cases can serve as the reference for those securities companies who want to follow their market-entering model to invest on China. Furthermore, after the deregulation of the proposition of foreign capital on domestic securities companies, those companies can become the joint venture or gain shares to get the control of the securities companies in China.