我国IPO过程中关联交易信息披露法律问题研究

发布时间：2018-01-21 22:28

本文关键词： IPO 关联交易信息披露集团诉讼投资者保护机制　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：信息披露是保障证券市场各主体之间的信息对称的有效手段,是证券法律中重要的一部分。采取IPO注册制的国家,满足交易所对信息披露的要求是作为发行人能否成功进行证券发行的依据。在我国,虽然近年来证监会提出要从核准制向注册制转变,但从目前我国上市公司出现的问题以及证监会披露的IPO过程中存在问题看,我国的信息披露水平尚未达到注册制要求的标准。发行人的信息披露的内容涵盖了拟上市公司方方面面的内容,包括公司的历史沿革、主营业务、财产、涉诉事宜、关联方及关联交易、环保、劳动关系等。其中对发行人的关联方以及关联交易是中介机构及监督主体IPO核查的重点之一,也是证券市场有序健康发展、投资者利益保护的重要内容。从关联交易信息披露的角度进行研究,原因是关联交易是证监会以及各中介机构核查和审核的重点,同时关联交易又同企业以及股东之间密切相关。非公允的关联交易涉及到发行或者股东与关联方之间的利益输送,不仅存在损害发行人利益的可能性,更存在侵害各投资者的利益的风险。而从证监会查处以及处罚的公开情况看,IPO未依法披露关联交易是发行人未过会的一大原因;而公司上市后,在持续性信息披露中,隐瞒重大关联交易也是企业被处罚的主要原因之一。据此,本文选取发行人在IPO阶段的关联交易的信息披露为研究方向,在正文部分对发行人IPO关联交易的信息披露现状以及存在的法律问题的分析、域外立法及责任救济经验的借鉴,对我国信息披露制度的改进进行了系统的分析。首先,从证券市场、投资人、企业发展的角度剖析关联交易信息披露的意义。对于证券市场而言,良好的信息披露制度,能有效地稳定市场秩序、促进证券市场的稳定发展;对于投资者而言,及时、准确的信息披露制度使其能及时获取企业的信息,在作投资判断时不发生因企业信息被隐瞒或者信息不全面而被误导;从企业来说,全面的信息披露制度,使企业的经营透明公开,免于企业受到大股东的控制,成为其利益输送的工具。其次,分析我国IP0关联交易信息披露法律现状及法律规制的不足。关于现状,从关联交易信息披露的要求即真实披露、完整披露、及时披露方面入手,分析我国现阶段IPO关联交易信息披露存在虚假披露、不充分披露、不及时披露等问题。进而从披露机制、监督机制和责任承担机制等方面分析出现上述问题的原因。再者,分析法律体系较完善的英美法系以及大陆法系的国家和地区的先进的制度设计,包括关联交易信息披露的标准、法律的规制、事后的救济等;对信息披露制度较完善的美国、英国、香港、台湾等在内的国家和地区关联交易领域信息披露制度的可借鉴之处进行分析。并从监管主体、发行人、中介机构等不同角度提出如何规范我国IPO关联交易的信息披露以及责任承担机制。最后,对我国的IPO关联交易信息披露提出法律层面的完善建议。包括统一各机构在IPO时对关联方的认定标准;从监管层面完善审核机制;通过建立不同层级的关联交易的信息披露标准以及完善时候救济渠道,以保障投资者的利益以及稳定证券市场的发展。
[Abstract]:Information disclosure is an effective means of information symmetry between the security market, is an important part of the securities law. Take IPO registration system, as the issuer the successful issuance of securities exchange according to meet the requirement for the information disclosure. In our country, although in recent years, the Commission proposed to approval from to change the registration system, but from the listed companies in our country at present problems and IPO problems in the disclosure of the Commission, the level of information disclosure in our country has not yet reached the requirements of the standard registration system. The issuer information disclosure of listed companies covering all aspects, including the history of the company the main business, property, litigation matters, related party transactions, environmental protection, labor relations. The related party of the issuer and the related transaction is the agency and supervision of nuclear IPO One of the focus of the investigation, the orderly and healthy development of the stock market is also an important content, to protect the interests of investors. The study from the perspective of information disclosure, the reason is the related transaction is the Commission and the agency for verification and audit focus, and related transactions between the enterprise and shareholders and closely related to the non fair related party transactions involving to issue or between shareholders and related party transfer of benefits, not only damage the possibility of issuing the interests of people, more risk of infringement the interests of investors from the Commission for investigation and public punishment, IPO fails to disclose related party transactions is a major cause of the issuer will not over; and after the listing of the company and in the continuing disclosure of information, one of the main reasons for concealing significant related party transactions is also the enterprise to be punished. Therefore, this paper selects the issuer in the IPO stage of the related transactions The information disclosure as the direction of research, analysis of legal problems in the body part of the issuer IPO information disclosure of related party transactions and the existing status, extraterritorial legislation and liability relief experience, on the improvement of information disclosure system in China were analyzed. Firstly, investors from the stock market, enterprise development perspective the information disclosure of related party transactions. In the securities market, good information disclosure system, can effectively stabilize the market order, and promote the stable development of the securities market; for investors, timely and accurate information disclosure system so that it can timely access to business information, or to hide the information is not comprehensive and misguided for enterprise information does not occur in the investment judgment; from the enterprise, the information disclosure system comprehensively, make the business enterprise be transparent, from large shareholder control, become the The interests of the transport tool. Secondly, the analysis of IP0 related transaction information disclosure of China's lack of legal status and legal regulation. On the current situation, from the related transaction information disclosure requirements: true disclosure, full disclosure, timely disclosure of related transaction information, analysis of current IPO in China to disclose the existence of false disclosure, inadequate disclosure, problems not timely disclosure. Then from the disclosure mechanism, analysis of the causes of these problems in terms of supervision mechanism and responsibility mechanism. Furthermore, advanced analysis system design more perfect legal system of Anglo American law system and continental law countries and regions, including the related transaction information disclosure standards, legal regulation, relief etc. the information disclosure system; perfect the United States, Britain, Hongkong, Taiwan and other countries and regions related transactions information disclosure system can be drawn from the sub Analysis. And the issuer from the regulatory body, and how to regulate connected transaction of the IPO of China's information disclosure and responsibility of different angle intermediary institutions bear mechanism. Finally, the IPO related transaction information disclosure in our country put forward the legal suggestions. Including the unified agencies in IPO on the standard of related parties; perfect the audit mechanism from the perspective of supervision; the transaction through the establishment of different levels of information disclosure standards and improve relief channels, to protect the interests of investors and the stability of the securities market.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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