企业集团利益一致的关联交易研究

发布时间：2019-03-17 07:46

【摘要】：随着公司发展趋向集团化,公司间的关联交易也呈现利益多样化。按照关联方在交易过程中的交易双方主观动机及利益的增减,可将关联交易分为利益一致的关联交易及利益冲突的关联交易。关联交易的动机不同,则侵害的对象和相应的规制方法也有所不同。企业集团的成员除资金纽带连接外,还存在人事、经营等纽带连接,因此企业集团中普遍存在股东(大)会和董事会层面的双重治理现象。与一般的关联企业相比,企业集团各成员利益结合程度更高,因此在企业集团中,利益一致的关联交易发生的更为频繁。关联人及关联企业的认定是规制关联交易的首要问题。不同专业领域对关联企业或关联方的认定范围有所不同,造成此种差异的原因则在于不同领域规制的重点有所不同。我国《公司法》虽未直接定义关联人,但从关联人角度定义了关联关系。而该定义使“关联人”仅成为关联交易的“媒介”,而忽略了关联人也可能成为关联交易的主体的情形。我国沪深《上市规则》则将关联人分为“关联自然人”和“关联法人”,《港交所上市规则》采取对“关连人士”详细列举的形式确定了关联人的范围。德国《股份公司法》对关联企业以专章形式进行了立法,台湾地区也借鉴了这一立法模式,在《公司法》中专设“关系企业”一章,并直接对关系企业进行了界定。从根本上说,对企业集团关联交易的规制实质上是公司治理层面的问题。对企业集团利益一致的关联交易的规制,应在厘清“关联人”与“关联企业”关系的基础上对公司治理模式进行相应调整,尤其从限制交易方在关联交易中的权限入手。同时,对于外部监管机构和中介机构发挥的作用还应进一步强化。此外,在司法层面上还应考虑到利益一致关联交易的特殊性而对交易外第三人赋予较轻的举证责任。
[Abstract]:As the development of the company tends to collectivize, the related transactions between companies also show the diversification of interests. According to the subjective motivation of the parties involved in the transaction and the increase or decrease of the interest, the connected transaction can be divided into the related transaction with the same interest and the connected transaction with the conflict of interest. If the motivation of related transaction is different, the object of infringement and the corresponding regulation method are also different. The members of the enterprise group have not only the link of capital, but also the link of personnel, management and so on. Therefore, the double governance phenomenon of shareholders (large) and board of directors is common in the enterprise group. Compared with the general affiliated enterprises, the degree of interest combination among the members of the enterprise group is higher, so in the enterprise group, the related transactions with the same interests occur more frequently. The identification of related parties and affiliated enterprises is the first problem to regulate related transactions. The scope of cognizance of affiliated enterprises or related parties is different in different professional fields, and the reason for this difference is that the emphasis of regulation in different fields is different. Although the company law of our country does not directly define the related person, it defines the related relationship from the angle of the related person. The definition makes "connected person" become only the "medium" of related transaction, and neglects that the related person may also become the subject of related transaction. In the listing rules of Shanghai and Shenzhen, affiliated persons are divided into "connected natural persons" and "affiliated legal persons". The listing rules of Hong Kong Stock Exchange define the scope of affiliated persons in the form of detailed enumerations of "connected persons". The joint-stock company law of Germany has legislated the affiliated enterprises in the form of a special chapter, and the Taiwan region has also used this legislative model for reference, and has set up a chapter on "relational enterprises" in the "company law", and has directly defined the related enterprises. Fundamentally speaking, the regulation of related transactions of enterprise groups is essentially a problem of corporate governance. On the basis of clarifying the relationship between "affiliated person" and "affiliated enterprise", the regulation of related transaction with the same interests of enterprise group should adjust the corporate governance mode accordingly, especially by restricting the authority of the trading party in the related transaction. At the same time, the role of external regulators and intermediaries should be further strengthened. In addition, on the judicial level, the third party outside the transaction should be given a lighter burden of proof taking into account the particularity of the related transaction.
【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】：2015
【分类号】：D922.291.91

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