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自我国加入WTO以及《外资参股证券公司设立规则》颁布实施以来,外资进入中国证券市场的步伐加快,境外券商参股或重组国内证券公司的趋势日渐显现。继高盛高华之后,瑞银重组北京证券无疑是第二轮外资重组中的典型个案,并开创了全新的“瑞银模式”。本文以瑞银重组北京证券这一典型案例为背景,分析对比现阶段利用外资重组国内证券公司的利弊,并进一步探讨现阶段外资重组国内证券公司的总体思路与路径选择,以及向外资开放我国证券中介市场时所需注意的问题。
Since China’s accession to the WTO and the promulgation of the Rules for the Establishment of Foreign-invested Securities Companies, the pace of foreign investment in China’s securities market has accelerated and the trend of overseas securities companies participating in or restructuring domestic securities companies has become increasingly apparent. Following the Goldman Sachs Gao Hua, UBS restructured Beijing Securities is undoubtedly the typical case of the second round of foreign-funded restructuring and create a new “UBS mode.” This paper, based on the typical case of UBS Restructuring Beijing Securities, analyzes and compares the advantages and disadvantages of using foreign capital to reorganize domestic securities companies at this stage, and further explores the overall mentality and path selection of domestic securities firms reorganized by foreign capital at this stage as well as the opening of China’s securities to foreign investors Intermediary markets need to pay attention to the problem.