????希望接下來傳來的消息是CSRC建立起了中國公司直接赴美上市的審批程序。在美國，中國企業(yè)直接上市沒有任何障礙。經(jīng)過CSRC審批就意味著這些公司要接受中國政府的監(jiān)管，對投資者來說這是件好事，因?yàn)镃SRC有權(quán)處罰那些欺騙投資者的公司。

????不過，直接上市并不能解決VIE帶來的問題。我聽到傳聞?wù)f，中國政府已經(jīng)下發(fā)文件，要求采用VIE結(jié)構(gòu)的公司在赴海外上市前接受CSRC的審核。CSRC的審批也許會讓這些公司的高層在決定不赴美上市前多做一些斟酌。我希望CSRC能選擇另一條途徑，從而使這些公司無需再借助VIE結(jié)構(gòu)。三中全會提出的改革方案給外資直接在中國設(shè)立互聯(lián)網(wǎng)和教育企業(yè)提供了充足的空間。中國互聯(lián)網(wǎng)企業(yè)在CSRC的監(jiān)管之下直接赴美上市則是在保護(hù)美國投資者方面向前邁出了一大步。

????直接在美國上市還將為這些中國公司在中國證券交易所二次上市鋪平道路。目前，中國國內(nèi)的投資者反而無緣持有許多最成功的中國上市公司的股票。（財(cái)富中文網(wǎng)）

????譯者：Charlie??

????Hopefully the next thing in line is a process for CSRC approval of direct listings of Chinese companies in the U.S. There is no barrier in the U.S. to direct listing of Chinese companies, but requiring CSRC approval will bring these companies under Chinese regulation, which is a good thing for investors since the CSRC has the power to punish companies that defraud investors.

????Direct listing, however, does not solve the VIE problem. I have heard rumors of a paper circulating that would require the CSRC to vet VIE structures before they list abroad. CSRC approval might suggest that CEOs think twice before walking away from the agreements. I hope the CSRC goes another way, and eliminates the need for VIEs. There is enough room in the Third Plenum reforms to allow direct foreign ownership in companies in the internet and education sectors. Direct listings of Chinese internet companies in the US with CSRC oversight would go a long way towards protecting U.S. investors.

????And direct listings of Chinese companies in the U.S. also paves the way for secondary listings of these companies on China’s stock exchanges. To date, Chinese citizens have been blocked from owning shares in many of China’s most successful companies.