金融控股公司对子公司救援责任研究

发布时间：2018-01-03 03:35

  本文关键词：金融控股公司对子公司救援责任研究　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

  更多相关文章： 金融控股公司 金融子公司 救援责任

【摘要】：2002年12月,中信控股有限责任公司的成立标志着我国首家金融控股公司诞生。而至今,我国金融控股公司数量已达400余家,所涉资产规模亦庞大,且其发展继续呈扩张之势。从金融控股公司在域外发展的轨迹以及金融全球化、混业化的浪潮来看,我国金融业实行跨业经营的趋势不可逆转。然而,与我国金融控股公司迅速发展态势不同的是,鲜有专门法律法规对其予以规范,亦即立法稍显滞后。同时,由于金融控股公司是属金融业与控股公司这一组织形式的有机融合,其不可避免地具有金融业多风险性以及一般控股公司影响子公司独立性等特性。譬如,在金融控股公司之母公司为获取高额利润而削弱子公司独立性、牺牲子公司利益时,此即便引发道德风险。子公司若因此而受损,此时母公司对子公司所负责任如何则成一问题。不可否认的是,基于金融控股公司的特有属性,此时若仍适用法人格否认制度以期解决前述问题,已不合时宜。通过考察域外立法,台湾地区有关金融控股公司对子公司之救援责任制度对于解决这一问题确有裨益。因此,我国在确立金融控股公司相关立法时,亦可考虑根据具体情形移植该法律制度。本文的研究思路为:在金融控股公司相基础理论的基础上,结合我国金融控股公司对子公司责任现状的分析,提出无论是国家法律层面抑或是实践操作层面均缺乏对我国金融控股公司责任规定之问题,尔后分析产生该问题的原因,最后提出解决该问题的路径即构建金融控股公司对子公司救援责任。在重点分析构建金融控股公司救援责任的必要性与可行性分析后,提出构建救援责任的具体措施。除引言和结语外,论文分为四部分:第一部分界定了金融控股公司以及救援责任,阐析了救援责任的性质,辨析了救援责任的理论基础。金融控股公司是指至少控制银、证、保等二者以作为其子公司的组织机构,或是其主要资产明显分布于银、证、保等二者以上的控股型企业。而救援责任是指在特定情形下金融母公司对子公司所承担的资本援助责任,在于保证子公司的清偿能力。其实质上是一种监管措施,属于保护性监管、外部性监管以及事后监管;在对救援责任的基础理论如“实力来源理论”、“大至不可倒”、“饿狼假设”进行逐一分析后,认为虽然诸理论并非完美,但前二者相较后者更为合理,因此可作为救援责任的理论基础。第二部分从法律规制方面和实证层面分析了金融控股公司对子公司救援责任现状及存在的问题,以及分析致该现状的原因。目前,与我国金融控股公司相关的金融立法现状主要表现出在立法层面存在发展空间、金融立法注重监管领域以及金融监管实行分业监管,并以联席会议形式加强合作等特点。根据该立法现状可以看出,当前金融控股公司对子公司责任的法律规制主要表现出立法缺失这一问题。此外,金融控股公司在我国的法律地位亦不明确。继而,以“德隆”案为实证,分析了正是金融控股公司对子公司救援责任制度的缺失,才致其最后损失由政府承受而转化为全体国民之税负。而致该问题出现之诱因不仅有历史方面的,亦有相关利益冲突的影响以及政府干预的制约。第三部分主要对构建救援责任的可行性与必要性进行了分析,依次从法理基础角度、金融控股公司在我国发展现状角度、该责任本体具有合理性角度进行了阐释。认为构建该责任是权利、义务一致性以及权利、权力相协调的要求,此外其还能规范金融控股公司在我国的组建,有效应对道德风险与系统性风险。该责任的合理性除体现在是对现有监管体制的完善之外,另亦是对公司法人格否认制度的补充以及对金融防火墙制度弊端的弥补。第四部分则提出了构建该责任的具体构想。在立法时可以考虑采取集中式的立法模式,列举与概括相结合的立法例;同时构建该制度应当确立确定性原则、灵活性原则、公平公正原则以及成本最低原则。救援责任主体当属金融控股公司无疑,至于救援对象则应限定为银行子公司与保险子公司,尚不能囊括证券子公司。引发该责任的情形为相关金融子公司未达到主管机关规定的最低资本充足率以及财务状况发生显著恶化,不能支付其债务或有损存款人利益。当然,论文也对何为“未达最低资本充足率”、“显著恶化”、“有损存款人利益”以及“协助子公司恢复正常运营”之标准进行了论述。母公司承担救援责任的方式主要是资金注入,同时该资金之来源应以非放弃投资而取得为主。该责任的实行亦需相应的配套保障措施,主要表现为应对监管机关滥用该救援责任时金融控股公司的救济途径有所规定以及做好与现行监管机制的协调。
[Abstract]:In December 2002, CITIC holdings limited liability company marks the establishment of the first financial holding company in our country was born. So far, the number of financial holding company in China has reached more than 400, the underlying assets scale is huge, and its development continued to show expansion potential. From the financial holding company in foreign development and financial globalization, mixed the wave of view, China's financial industry has a trend of cross industry is irreversible. However, with the rapid development of China's financial holding company is different, no special laws and regulations to regulate the legislation, which is lagging behind. At the same time, because of the financial holding company is the organic integration of the organization form of Finance and controlling the company, which inevitably has the characteristics of subsidiary independence of financial industry risk and general holding companies. For example, in the financial holding company to obtain high Profit and weaken the independence of the subsidiary, sacrifice the interests of the subsidiary companies, which even lead to moral hazard. If the subsidiary is damaged, the parent subsidiary company responsible for how to become a problem. It is undeniable that the unique attributes of the financial holding company based on, if still apply to the system of disregard of corporate personality to solve the aforementioned problems. Through the investigation of extraterritorial legislation has already be inopportune or inappropriate, the rescue system responsibility in Taiwan area about financial holding company to solve this problem indeed benefit. Therefore, our country in the establishment of the financial holding company legislation, may be considered according to the specific circumstances of the transplantation of legal system. The idea of this research is: Based on the financial holding company is based on the theory, combined with analysis of the subsidiary liability status of China's financial holding company, whether national law or practice layer Are the lack of regulations on the responsibility of China's financial holding company, and the reason analysis of the problem, and finally puts forward the path to solve the problem that the construction of financial holding company in the rescue responsibility. Focuses on the analysis of necessity and feasibility of establishing a financial holding company rescue responsibility, put forward concrete measures for constructing the rescue responsibility. In addition to the introduction and conclusion, the thesis is divided into four parts: the first part defines the financial holding company and rescue responsibility, analyzes the nature of rescue responsibility, theoretical basis of rescue responsibility. The financial holding company is at least control card, Paul Silver, two as the organization of its subsidiaries, or is the main asset was distributed in the silver card, holding enterprises more than two insurance. While the rescue responsibility means that in certain circumstances the financial subsidiary of the parent company undertakes the responsibility for assistance Ren, is to ensure that the subsidiary's solvency. In fact it is a regulatory measure, which belongs to the protective supervision, external supervision and supervision; based on the theory of rescue responsibility such as "source of strength theory", "to not be poured," the wolf "hypothesis" by an analysis, think although the theory is not perfect, but the first two compared to the latter is more reasonable, it can be used as theoretical basis for rescue responsibility. The second part analyzes the status quo of financial holding company rescue responsibilities and problems from the aspects of legal regulation and the empirical level, and analysis of the causes of the situation caused by. At present, associated with financial holding the company the status quo of China's financial legislation mainly existed in the development of space at the legislative level, the legislative focus on financial supervision in the field of financial supervision and the implementation of separate supervision, and to form joint meeting to strengthen cooperation. According to the current legislation can be seen, the current financial holding company liability legal regulation mainly reflects the lack of legislation of this problem. In addition, the financial holding company in our country "s legal status is not clear. Then, in the case of" Delong "as an example, the analysis is the lack of financial holding company rescue responsibility the system, due to its final losses by the government under which all citizens into tax incentive. The problem is not only from history, which also influence the conflict of interest and government intervention. The third part mainly analyzes the necessity and feasibility of the rescue from the legal responsibility, in turn the basic point of view, the financial holding company in our country the development perspective, the responsibility body has explained the rationality. Think that the construction of the responsibility is right, obligation and right consistency The power, the requirements of coordination, in addition it can regulate the financial holding company in China for the establishment of effective response to the moral risk and system risk. Besides the rationality embodied in is in addition to improve the existing supervision system of the responsibility, the other is the disregard of corporate personality system complement and make up for the drawbacks of the financial firewall system the fourth part puts forward concrete suggestions on how to construct the responsibility. In legislation we consider centralized legislative mode, combing list and summary of legislation; and the construction of the system should be established in the uncertainty principle, flexibility principle, fair principle and minimum cost principle. The main responsibility is to rescue the financial holding company is as rescue object should be limited to bank subsidiaries and insurance subsidiaries, not include securities subsidiaries. The liability for financial subsidiaries Not to the competent authority of the minimum capital adequacy ratio and financial situation has deteriorated significantly, unable to pay its debts or against the interests of depositors. Of course, it is not up to the minimum capital adequacy ratio of "," significant deterioration "," interest "and" loss of depositors to assist the subsidiary company to resume normal operations "the standard is discussed. The parent company rescue responsibility is the main way of capital injection, while the source of the funds should be based on the non abandon investments made. The responsibility should also implement corresponding safeguard measures, mainly for the relief way to deal with the abuse of the regulatory authorities responsible for rescue of the financial holding company shall and coordinating with the current regulatory mechanism.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.281
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本文编号：1372204