轻资产上市公司违法违规行为分析及监管建议

发布时间：2018-04-09 17:28

本文选题：轻资　切入点：上市公司　出处：《浙江大学》2013年硕士论文

【摘要】：轻资产上市公司主要依靠核心人员或技术,从而较容易复制、转移。而中国资本市场受国内政治体制、法制健全程度和信用体系建设情况等因素制约,实际控制人等(拟)上市公司相关人员利用资本市场谋取个人不法利益欲望明显。笔者根据监管实践中看到的轻资产上市公司风险苗头,提出如何加强轻资产上市公司监管的问题。笔者结合多年上市公司监管实践,通过对现行监管制度下上市公司违法行为收益-成本分析,提出“市场博弈、立法灵活、严刑重罚、内部制约、舆论监督”等提高上市公司监管有效性及效率的综合思路和建议。结合轻资产上市公司特点,对核心资产复制、转移等利益输送、借壳炒作获利、重复募资、恶意退市、盲目投资、欺诈发行、虚抬发行价、操纵股价与内幕交易等轻资产上市公司侵害投资者利益行为,逐条分析并提出对策建议；研究提出通过市场化改革提高资本市场生态环境的建议,以及强制提高信息披露标准,要求发行人等做出承诺,要求中小投资者代表进入董事会和监事会,支持轻资产上市公司运用股权激励减少核心人员的流动,强化轻资产上市公司退市机制并建立退市责任追究赔偿机制、募集资金追回机制等5项具体措施。笔者在综合上市公司违法行为收益-成本,以及轻资产上市公司侵害投资者利益行为两方面分析及建议,提出分行业、类型制定轻资产公司上市标准,强化轻资产上市公司退市机制；对轻资产上市公司首次发行股份比例设定更高标准,增加外部股东持股比例；强制提高轻资产上市公司信息披露标准,鼓励主动披露；要求发行人及实际控制人等关联人做出承诺；要求中小投资者代表进入董事会和监事会,设立董事会道德委员会；支持轻资产上市公司市场化运用股权激励等6项轻资产上市公司差异化监管建议。本文主要创新之处是提出轻资产上市公司差异化监管思路及具体建议；根据轻资产上市公司特点及现行监管制度预研轻资产上市公司可能的风险点；整理分析上市公司违法收益-成本,提出提高上市公司监管有效性及效率的综合思路及对策建议。
[Abstract]:Light assets listed companies mainly rely on core personnel or technology, thus easier to copy, transfer.However, China's capital market is restricted by factors such as domestic political system, the degree of legal perfection and the construction of credit system.According to the risks of listed companies with light assets, the author puts forward the problem of how to strengthen the supervision of listed companies with light assets.Based on the practice of supervision of listed companies for many years, through the analysis of the income and cost of illegal acts of listed companies under the current supervision system, the author puts forward that "market game, flexible legislation, severe punishment and severe punishment, internal restriction,"Public opinion Supervision "and other comprehensive ideas and suggestions to improve the effectiveness and efficiency of supervision of listed companies."Combining the characteristics of listed companies with light assets, conveying the benefits of copying and transferring core assets, making profits through shell speculation, refinancing, malicious delisting, blind investment, fraudulent issuance, and false raising of the issue price,Manipulating stock price and insider trading and other light assets listed companies encroach on investors' interests, analyze them article by article and put forward countermeasures, put forward suggestions to improve the ecological environment of capital market through market-oriented reform, and compulsorily raise information disclosure standards.Requiring issuers and others to make commitments, requiring representatives of small and medium-sized investors to enter the board of directors and supervisory boards, and supporting listed companies with light assets to use equity incentives to reduce the flow of core personnel.Strengthening the delisting mechanism of light assets listed companies, establishing delisting liability and compensation mechanism, collecting funds recovery mechanism, etc.The author analyzes and proposes two aspects of comprehensive listed companies' illegal behavior income-cost and light assets listed companies' infringing on investors' interests, and puts forward the standard of listing of light assets companies by industry and type.Strengthening the delisting mechanism of listed companies with light assets; setting a higher standard for the proportion of shares issued by listed companies with light assets for the first time, increasing the proportion of external shareholders holding shares; increasing the disclosure standards of information of listed companies with light assets by force, encouraging active disclosure;To require the issuer and the actual controller to make a commitment, to require the representatives of small and medium investors to enter the board of directors and the board of supervisors, to set up a board of directors ethics committee;To support the light assets listed companies market-oriented use of equity incentives and other six light assets listed companies differential regulatory recommendations.The main innovation of this paper is to put forward the ideas and specific suggestions of differential supervision of listed companies with light assets, to study the possible risk points of listed companies with light assets according to the characteristics of listed companies with light assets and the current regulatory system.This paper analyzes the illegal income-cost of listed companies and puts forward the comprehensive ideas and suggestions to improve the effectiveness and efficiency of supervision of listed companies.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.6

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