在中国,由作为监管当局的证券监督委员会(简称证监会)确定股票能否上市以及上市时间,而非证券交易所和证券公司。证监会由于担心国内股票市场的供求关系恶化,自2014年2月以后一度暂停了IPO。证监会主席肖钢表示,2014年下半年新增上市企业数将控制在100家左右,目前等待上市的企业约达到600家。对于等待上市的企业来说,无法得知何时能筹措到资金已经成为棘手的问题,因此越来越多的企业选择海外上市。2004年以来,一大批民营企业纷纷在海外上市,形成了海外上市的潮流。以百度为例,百度在 In China, the Securities Regulatory Commission (SFC), as a regulatory authority, determines whether a stock can be listed and time to market instead of a stock exchange or a securities firm. The SFC suspended its IPO after February 2014 after fearing a deterioration in the supply and demand in the domestic stock market. Xiao Gang, chairman of the SFC, said that in the second half of 2014, the number of new listed companies will be controlled at around 100 and the number of enterprises currently waiting for listing will reach about 600. For companies waiting for listing, can not know when to raise funds has become a thorny issue, so more and more companies choose to go overseas. Since 2004, a large number of private enterprises have been listed overseas, forming a trend of overseas listing. To Baidu, for example, Baidu in