International stock financing refers to an international financing method in which corporate organizations that meet the issuance conditions issue tradable equity securities to foreign investors in accordance with prescribed procedures. International equity financing is different in nature from international debt financing. It is essentially the act of a stock issuer selling the company's asset rights and future asset rights to international investors in a standardized transaction method; correspondingly, investors subscribe for shares The behavior is essentially a direct investment. According to this transaction, the subscriber will obtain indefinite shareholder rights, which not only include shareholders’ self-benefit rights aimed at realizing capital interests, but also include the purpose of controlling and supervising the issuer company. shareholders’ common interest rights.
International stock financing has the following basic characteristics: (1) According to the corporate and securities laws of most countries, international stock issuers are limited to specific types of companies whose capital has been demutualized. Organization, usually a joint stock company or a specific type of limited liability company; ⑵ International stock issuers and investors belong to different countries or regions, and their stock issuance or listing and trading activities are governed by the laws of different countries. Since the application of their laws is relatively different It deeply involves the corporate laws, property laws and securities laws of different countries, so the resolution of legal conflicts is more complicated; (3) International stocks are essentially a freely transferable shareholder rights certificate, which has unlimited rights and adopts In the form of registered securities, the content of rights is complex and complex, so the issuance, trading and rights dispute resolution of international stocks are different from international bonds; (4) International stock financing usually does not consist of a simple one-time stock issuance. The issuer Often pursuing the dual consequences of international stock issuance and stock listing, the purpose is to improve the efficiency of international stock issuance and establish some long-term stable international financing channels, which in turn leads to the mixed use of the concepts of stock issuance and stock listing in practice; ⑸ International stock financing is highly technical and complex. The securities laws or company laws of most countries stipulate conditional rules, listing hearing rules and procedural rules for stock issuance and listing. Therefore, in modern society, when it comes to stocks, Issuance and listing usually means that this behavior is carried out with the assistance of financial intermediaries and professional institutions, is carried out in accordance with the principles of openness and fairness, and is carried out under the control of conditional rules and procedural rules stipulated by law. To sum up, international stock financing is not only different in nature from traditional investment behavior (such as Sino-foreign joint venture contract behavior), loan behavior or other similar contractual behavior, but also from international bond financing behavior. It can be said that the securities laws of modern countries have The rules for international securities issuance and trading are mainly designed to control stock financing activities.
The core content of international stock financing is international stock issuance, which refers to corporate organizations that meet the issuance conditions to raise funds.The act of offering to sell shares representing certain shareholder rights to foreign investors for the direct purpose of raising funds in accordance with the provisions of the law and the company's articles of association. According to the provisions of the securities laws of most countries, stock issuance should comply with the basic principles of openness, fairness and impartiality. The laws of some countries even have general provisions on the methods of stock issuance (for example, our country’s law provides an enumerated summary of the methods of stock issuance). . But in general, the laws of most countries have different rules for international public offerings of shares and private placements.
