上市公司关联交易法制演变的研究

发布时间：2018-03-25 12:16

本文选题：上市公司　切入点：关联交易　出处：《华东政法大学》2010年博士论文

【摘要】： 作为转轨经济过程中的制度安排,我国上市公司的出现不是传统企业发展到一定阶段的产物,而主要是计划经济体制向市场经济体制转轨过程中由上而下被嫁接到企业中去的。1990年12月随着上海证券交易所的开业,中国证券市场便被赋予了承担国有企业改革的使命。以在上海证券交易所上市的公司为例,大部分上市公司是由原国有企业改制剥离而来的,这样的公司结构从出生之日起就与原国有企业有着千丝万缕的关系,关联交易便应运而生。上市公司关联交易是指上市公司及其控股子公司与上市公司的关联人之间发生的转移资源或义务的行为。由于交易双方特定的关联性,关联交易节约了大量的信息搜索、商业谈判、合约实现等交易成本,并可运用关联性保证交易的优先执行。关联交易所带来的交易成本的节约、交易安全和效率是其他一般交易望尘莫及的。但同时,若关联方滥用控制权,利用关联交易输送、转移利益,则会侵害上市公司、中小股东、债权人等的合法利益,从而破坏市场公平交易的基础,扰乱证券市场的正常秩序。中国证券市场经过十多年的发展,上市公司关联交易的法律制度在经历了缺失、萌芽和初步形成后,相关法律制度体系已逐步建立。但由于“新兴加转轨”的市场基础,上市公司关联交易日趋复杂化、多样化和隐形化,加之国有经济体制的因素,使得关联交易法律制度面临新的变革。本文以法制史理论、比较法学及实证案例为基础,通过对我国上市公司关联交易法律制度的演变过程和大量典型案例的分析,并比较国外相关法律制度对关联交易的规制,说明关联交易是证券市场商事规则的典型现象,观察和研究关联交易法律制度的发展,可以看到一个经济体对商事规则的内生需求和法律制度移植的关系。本文结合我国上市公司的特点和上市公司参与企业集团化趋势,提出我国上市公司关联交易法律制度改革的方向。建议在我国上市公司参与企业集团化发展过程中,关联交易法律制度应确认企业集团关联交易的事实,从立法引导和司法救济两方面予以规制,在关联交易涉及的多方利益关系中找到规制的平衡点,将上市公司关联交易“利益输送”规范化,在规定关联方,即主要是控股股东对上市公司履行必要义务的前提下,考虑企业集团的整体利益,在发挥控股股东与上市公司这种母子公司组织结构功能的同时,实现上市公司利益的最大化,从而维护上市公司、中小股东和债权人等的利益。实现法律上的公平和公正,实现法律对关联交易这种社会经济活动的积极调整。本论文结构由五个部分组成: 第一部分中国上市公司关联交易概况。主要根据我国现有的法律和证监会等相关行政部门的部门规章或规范性文件界定了关联交易、关联方、关联关系,以及与此相关的定义。通过大量数据介绍了我国证券市场关联交易的总体情况,分析了上市公司关联交易产生的背景和原因。说明在我国国有股权集中的证券市场结构下,关联交易有其自身的特点。第二部分中国上市公司关联交易法律制度的演变。从分析关联交易的法律本质着手,以代理理论为基础,分析关联交易的本质是利益冲突。这种利益冲突主要表现在控股股东与中小股东之间,以及所有者与经营者之间。并详细介绍了我国公司法解决关联交易利益冲突的规则,以及我国目前法律制度体系对关联交易的规制。从历史的角度介绍了我国关联交易法律制度从缺失、萌芽到初步形成的三个阶段,说明现有法律制度体系调整关联交易存在着局限性。第三部分中国上市公司关联交易的实证考察。通过对上市公司典型个案的分析,发现我国上市公司作为经济体制改革发展的主要实验体,在关联交易中存在积极应对关联交易和消极滥用关联交易的不同行为倾向,即有在关联交易法律制度约束下被动减少关联交易的情况,也有受资产证券化和直接融资引导,主动减少关联交易、提高企业集团内关联交易规范化程度的意愿。第四部分各国关联交易法律制度的比较。从欧美成熟市场和亚洲新兴市场两方面,比较研究美国等国家和地区的关联交易立法以及相关规则制度,探讨各国在规范和监管关联交易行为上的制度优势,并在分析我国与上述国家关联交易法律制度差异的基础上,研究如何借鉴境外关联交易法律制度。第五部分中国上市公司关联交易法律制度演变趋势。通过对在上海证券交易所上市公司参与企业集团化趋势的分析,以中石油为例分析企业集团关联交易的特点,结合前述有关我国上市公司关联交易的实证考察和境外法律制度对关联交易规制的比较,本文认为关联交易在企业集团化情况下,可分别借鉴德国事前引导的立法救济和美国事后公平审查的司法救济来规制关联交易,在考虑企业集团整体利益的基础上,明确控股股东责任,在规定控股股东对上市公司履行必要义务的前提下,维护上市公司和中小股东的利益。
[Abstract]:As in the process of transition of economic system, the Chinese listed companies than traditional enterprise development to a certain stage of the product, which is mainly from planned economy to market economy in the process of transition from top to bottom was grafted into the enterprises to.1990 in December with the opening of the Shanghai stock exchange, the stock market will be Chinese given the mission of state-owned enterprises reform. The company listed on the Shanghai stock exchange as an example, most of the listed companies is the former state owned enterprises stripping, such corporate structures from the date of birth and the original state-owned enterprises are inextricably linked, related transactions will come into being.
The related transactions of listed companies is the link between the listed company and its controlling subsidiaries of listed companies with the transfer of resources or obligations. Because the transaction specific relevance, related transactions will save a lot of information search, business negotiation, contract implementation of transaction costs, and the use of association to ensure the execution of the transaction. The transaction cost associated. Exchange brings savings, transaction security and other general trading efficiency is unmatched. But at the same time, if the parties abuse the control power and the use of related party transactions transfer, transfer of interest, it will infringe the right of listed companies, shareholders, creditors and other legitimate interests, thus undermining the market even bargain, disturb the normal the order of the securities market.
Chinese stock market after more than 10 years of development, the related transactions of Listed Companies in the legal system in the absence of experience, the bud and the initial formation, relevant legal system has been gradually established. But because of the "emerging and transitional market foundation", the related transactions of listed companies is becoming more complex, diverse and invisible factors, coupled with the state-owned economic system the legal system of the connected transactions, facing new changes.
Based on the theory of legal history, comparative law and case studies as the basis, through the analysis of the evolution of China's legal system of related party transactions of listed companies and a large number of typical cases, and compare the regulation of foreign legal system of related party transactions, related party transactions that is a typical phenomenon in the securities market and commercial rules, the development of observation and Research Association the transaction of the legal system, the relationship between students and the legal system of the transfer request can see an economy of commercial rules. The participation trend of enterprise groups and listed companies according to the characteristics of the listed companies in our country, the legal system of the connected transactions of Listed Companies in our country reform direction. Suggestions in China's Listed Companies in the group development in the process of legal system of the connected transactions should confirm enterprise transactions facts, from the legislative guide and judicial relief from two aspects in the regulation. Find the balance regulation of interest related parties involved in related party transactions, the related transactions of the listed companies "benefits" of standardization, in the provisions of related parties, which mainly is the premise of controlling shareholders of listed companies to fulfill the necessary obligations under the consideration of the overall interests of the enterprise groups, play in controlling shareholders and the listed company the parent subsidiary company organizational structure function at the same time, to maximize the interests of the listed company, so as to maintain the listed companies, minority shareholders and creditors and other interests. To achieve legal fairness and justice, the realization of legal adjustment to the related transaction of this kind of positive social and economic activities. This thesis consists of five parts:
The first part of related transactions of listed companies of the main China. According to China's existing laws and the Commission and other relevant administrative departments of the department regulations or normative documents defining the related transactions, related party relationship, and the definition of the related data. Through a large number of the overall situation of related transactions in China's securities market analysis is introduced. The background and reason of the related transactions of Listed Companies in the securities market. The structure of China's state-owned equity concentration, trade association has its own characteristics.
The second part of the evolution of Chinese related transactions of the listed companies in the legal system. Starting from the analysis of the legal nature of the transactions, the agent theory, analyze the nature of related party transactions is a conflict of interest. This is mainly manifested in the conflict of interests between controlling shareholders and minority shareholders, and between the owner and the operator are introduced in detail. The company law of our country to solve benefits associated with the transaction conflict rules, and China's current legal system of related party transactions regulation. From the historical point of view, introduces the related transaction of our legal system from the lack of germination to three stages of the initial formation of the existing legal system to adjust the system of related party transactions have their limitations.
The third part is the empirical study of listed companies related transactions China. By analyzing the typical case of listed companies, found that listed companies in China as the main subject of the economic reform, there are positive and negative coping related transactions abuse related transactions different behavior in the transactions, the related transactions in the legal system under the constraints of passive to reduce the associated transactions, but also by the asset securitization and the direct financing, the initiative to reduce the related transactions within the group, to improve the standardization of the connected transactions will.
The fourth part is the comparison of the legal system of the connected transactions. From two aspects of the mature markets of Europe and Asia and emerging markets, a comparative study of the United States and other countries and regions of the related trade legislation and related rules and regulations, explores every advantage in the regulation and supervision of related party transactions on the system, based on the analysis of differences between our country and the National Trade Association on the legal system of the legal system, the study on how to learn foreign related transactions.
The fifth part covers the development trend Chinese listed company related transaction legal system. Through the analysis on the Shanghai Stock Exchange listed companies to participate in the trend of enterprise groups, in the case of oil analysis of the characteristics of enterprise group affiliated transaction, is combined with the aforementioned about China's listed companies affiliated transactions overseas empirical research and legal system on the regulation of related transactions, this paper argues that related party transactions in the group case, respectively from the German relief prior guidance legislation and the United States after a fair review of judicial relief to the regulation of related party transactions, in consideration of the overall interests of the enterprise group, the controlling shareholder of clear responsibility, subject to the provisions in controlling shareholders of listed companies to fulfill the necessary obligations, and maintenance of the listed company the interests of small shareholders.

【学位授予单位】：华东政法大学
【学位级别】：博士
【学位授予年份】：2010
【分类号】：D922.291.91

【引证文献】