论我国公众公司关联交易公允性的界定

发布时间：2019-03-08 22:07

【摘要】：2015年年底,中国证监会正式发布修订后的《首次公开发行股票并上市管理办法》、《首次公开发行股票并在创业板上市管理办法》和《公开发行证券的公司信息披露内容与格式准则第1号——招股说明书》。修订内容意味着监管部门将仅要求发行人如实披露在独立性方面的相关信息,而将发行人独立性等问题及其对投资价值影响的判断主要交给市场。关联交易作为对公司独立性判断的重要组成部分,有为法律所保护的公允关联交易和为法律所规制的非公允关联交易之分。因此,对关联交易,尤其是对股东人数超过200人、股票公开转让的公众公司关联交易的公允性进行界定具有维护法律上的公平原则和突破实践中相关困境的重大意义。笔者对我国现有涉及关联交易的5部法律、5部行政法规、3部司法解释、30部部门规章和4部行业规定进行统计分析,并对2015年6月以来我国监管部门对公众公司申请在主板或创业板首次公开发行股票、在全国中小企业股份转让系统挂牌公开转让、向特定对象发行股票及重大并购重组等事项的21份审核意见、反馈意见中涉及关联交易的部分进行归纳总结,将关联交易公允性界定过程中所须的判断要素分为程序要素和实质要素。其中,程序要素包括内部审批程序和信息披露义务,实质要素包括交易形成的原因与必要性和交易协议的重要条款及履行。笔者在总结国内学者观点和借鉴国外规则的基础上对程序要素和实质要素在界定中的具体适用及其之间的效力关系作出阐释。该等分类及阐释具有创新性。最后,笔者认为,信息披露义务作为程序要素之一,是实质要素得以参与关联交易公允性界定的程序性路径,同时也是另一程序要素——内部审批程序得以顺利执行的前置性条件。因此,笔者提出应完善我国公众公司关联交易的信息披露规则,以解决信息不对称环境下的中小股东理性冷漠等问题。
[Abstract]:At the end of 2015, the China Securities Regulatory Commission officially issued the revised measures on the Administration of initial Public offerings and listing, Measures for the Administration of initial Public offerings and listing on the gem and guidelines for the content and format of Corporate Information Disclosure of publicly issued Securities No. 1-prospectus. The changes mean regulators will only require issuers to disclose information about their independence, while issues such as issuer independence and their impact on investment value will be left to the market. As an important part of judging the independence of a company, affiliated transactions are divided into fair affiliated transactions protected by law and unfair related transactions regulated by law. Therefore, it is of great significance to define the fairness of related transactions, especially the number of shareholders more than 200, and the public related transactions of public companies which are transferred publicly by shares. It is of great significance to safeguard the principle of fairness in law and break through the relevant difficulties in practice. The author makes a statistical analysis of 5 laws, 5 administrative regulations, 3 judicial interpretations, 30 departmental regulations and 4 industry regulations concerning related transactions in China. And since June 2015, China's regulatory authorities have applied to public companies for the initial public offering of shares on the main board or on the gem, and have publicly transferred shares in the national system for the transfer of shares of small and medium-sized enterprises, 21 audit opinions on issues such as the issuance of shares to specific objects and major mergers and acquisitions and reorganization, and the relevant parts of the feedback on related transactions are summarized and summarized. The judgment elements needed in the process of defining the fairness of related transactions are divided into procedural elements and substantive elements. The procedural elements include the internal approval procedure and the information disclosure obligation. The substantive elements include the reason and necessity of transaction formation and the important clauses and performance of the transaction agreement. On the basis of summarizing the views of domestic scholars and drawing lessons from foreign rules, the author explains the specific application of procedural elements and substantive elements in the definition and the effective relationship between them. These classifications and interpretations are innovative. Finally, the author believes that the obligation of information disclosure, as one of the procedural elements, is the procedural path through which the substantive elements can participate in the definition of fairness of related transactions. At the same time, it is also another procedure element-the pre-condition for the internal approval procedure to be carried out smoothly. Therefore, the author puts forward that we should perfect the information disclosure rules of related transactions of public companies in our country, in order to solve the problems of rational indifference of minority shareholders in the environment of information asymmetry.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.291.91;D922.287

【相似文献】