上市公司关联交易信息披露法律规制研究

发布时间：2018-05-23 14:05

本文选题：关联交易 + 信息披露　；参考：《中国政法大学》2015年硕士论文

【摘要】：证券市场运行的基础和核心就是证券信息,投资者的决策有赖于证券信息的披露。因此信息披露对于维护证券市场的和谐稳定有重要作用。关联交易是上市公司普遍的经济活动之一,它的存在有其经济上的合理性。但关联交易具有两面性,一方面公允的关联交易可以降低上市公司的交易风险和成本,提高其市场竞争力,形成企业集团效应;另一方面非公允的关联交易势必会损害广大投资者、中小股东、债权人和国家的利益,造成证券市场秩序紊乱。由于关联交易的普遍性和存在的合理性,法律不能全部禁止,只有对关联交易进行调整和规制,上市公司关联交易信息披露制度是其中的一种有效手段。只有对上市公司关联交易信息进行及时、准确、充分、真实的披露,才能防止关联方利用非公允关联交易攫取利益,破坏证券市场秩序。本篇论文除引言部分外共分为四章:第一章首先从经济学角度分析上市公司关联交易现象的合理性及其危害性,指出今后的证券市场将仍然普遍存在上市公司关联交易,全面禁止关联交易并不可能。上市公司关联交易信息披露制度是规制关联交易的重要手段,具有法律规制的必要性。该制度的优点是能够形成事前遏制非公允关联交易效应,并且具有成本低、操作性好,有利于优化资源配置和保护投资者权益的优势。第一章主要论述了上市公司关联交易信息披露是规制关联交易的有效手段,具有法律规制的必要性,也是本篇论文写作的意义所在;第二章主要论述了我国上市公司关联交易信息披露制度的基本架构,主要包括:上市公司关联交易信息披露的内涵和原则、披露的主体、程序和载体。上市公司关联交易信息披露要求披露主体遵循披露原则,履行完毕相应的披露程序后在规定的披露载体中披露。第二章是对上市公司关联交易信息披露制度架构的介绍;第三章对我国现行上市公司关联交易信息披露制度存在的问题和立法缺陷进行剖析。第一部分总结了我国上市公司在实践中关联交易信息披露主要问题有:对关联方披露较为混乱、拒不披露关联交易、披露不全面不及时不真实、中介机构虚假披露、董事会秘书制度不完善等问题。造成上述问题的原因是我国上市公司关联交易在立法上的疏漏。第二部分对我国上市公司关联交易信息披露的法律进行一次全面的梳理,通过立法梳理上市公司关联交易信息披露内容、程序和责任等方面的规定,总结出我国立法上存在问题主要有:对关联方和关联交易的界定不统一导致披露混乱、关联交易定价披露不充分和披露责任制度不完善等;第四章作为本文的重点,主要是对完善我国上市公司关联交易信息披露制度的建议,包括两方面:立法方面主要是统一关联方和重大关联交易的界定及其披露制度、完善关联交易信息披露内容,完善独立董事意见制度、独立顾问报告制度、表决权回避制度的信息披露以及违规披露法律责任制度。这些主要是针对信息披露的主体、内容、程序和责任方面的建议;二是信息披露配套制度的完善,包括加强证监会、证券交易所的监管,完善证券中介机构制度以及上市公司董事会秘书制度。其中关于关联交易信息披露中定价政策和董事会秘书制度的完善是本文的创新点。最后希望本文的建议能够对上市公司关联交易信息披露和相关公司治理有所益处。
[Abstract]:The basis and core of the operation of the securities market is the securities information, and the decision of the investors depends on the disclosure of the securities information. Therefore, information disclosure plays an important role in maintaining the stability and stability of the securities market. Related transactions are one of the common economic activities of the listed companies, and its existence has its economic rationality. On the one hand, fair related transactions can reduce the transaction risk and cost of listed companies, improve their market competitiveness and form an enterprise group effect. On the other hand, non fair related transactions will damage the interests of the majority of investors, small and medium shareholders, creditors and the state, resulting in the disorder of the securities market order. The rationality of the existence and the existence of the law can not be completely prohibited, only the related transactions are adjusted and regulated, the disclosure system of related transactions of listed companies is an effective means. Only the timely, accurate, full and true disclosure of related transaction information of listed companies can prevent the related parties from the use of unfair related transactions. In addition to the introduction, this paper is divided into four chapters. The first chapter, in the first chapter, analyzes the rationality and harmfulness of the related transactions of listed companies from the economic perspective, and points out that the future securities market will still be common in the listed companies, and the comprehensive prohibition of related transactions is impossible. The information disclosure system of the company related transaction is an important means to regulate the related transaction, which is of the necessity of legal regulation. The advantage of this system is that it can form the advantage of reducing the unfair related transaction effect before the incident, and has the advantages of low cost, good operation, and advantages to optimize the allocation of resources and protect the rights and interests of investors. The disclosure of related transaction information of the city company is an effective means to regulate related transactions. It is necessary for the legal regulation, and it is also the significance of this paper. The second chapter mainly discusses the basic structure of the information disclosure system of related transactions in China's listed companies, mainly including the connotation and principles of the disclosure of related transaction information in the Shanghai company. The subject, procedure and carrier of disclosure, the disclosure subject of the listed company related transaction information disclosure requires the disclosure subject to follow the disclosure principle, and after fulfilling the corresponding disclosure procedure, the second chapter is an introduction to the information disclosure system framework of the listed companies' related transactions; the third chapter is the related transaction letter to the current listed companies in China. The first part summarizes the main problems of the disclosure of related transaction information in the practice of Listed Companies in China, which are: the disclosure of related parties is more chaotic, the related transactions are not disclosed, the disclosure is not timely and untrue, the agency false disclosure, the imperfect secretarial system of the board of directors and so on. The cause of the above problems is the legislative omission of the related transactions of the listed companies in China. The second part makes a comprehensive combing of the laws of the disclosure of related transactions of the listed companies in China, and summarizes the legislation of the related transactions in the listed companies through legislation, and summarizes the legislation of our country. The main problems are as follows: the disunity of the related parties and related transactions leads to the confusion of disclosure, the insufficient disclosure of the pricing of related transactions and the imperfect disclosure responsibility system. The fourth chapter, as the focus of this article, is mainly to improve the information disclosure system of related transactions in China's listed companies, including two aspects: the main legislative aspects It is the definition and disclosure system of unified related party and major related transaction, perfect information disclosure content of related transaction, perfect independent director's opinion system, independent consultant report system, information disclosure of voting rights avoidance system and legal liability system of violation disclosure. These mainly aim at the subject, content, procedure and responsibility of information disclosure. The two is the improvement of the information disclosure supporting system, including strengthening the supervision of the Securities Regulatory Commission, the stock exchange, perfecting the securities intermediary institution and the secretarial system of the board of directors of the listed companies. The proposal can be beneficial to information disclosure and related corporate governance of listed companies.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91;D922.287

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