【作者】 刘沛佩；

【导师】 张育军；

【作者基本信息】 华东政法大学 ， 经济法学， 2013， 博士

【摘要】 资本市场的繁荣需要资本的流通与交易，作为资本流通主要方式之一的股份转让，其存在具有必要性和现实意义。经过二十余年的发展，以沪深交易所为代表的交易所市场在国民经济发展中起到了举足轻重的作用。然而，随着市场经济的发展和社会实践的需要，交易所市场“一枝独秀”的局面不可避免地暴露出了资本市场发展的局限性。要想取得资本市场的进一步发展，势必要突破现有的瓶颈，以开拓融资和股份流转渠道为着眼点，探索建立满足市场主体多样化投融资需求的多层次资本市场体系。公司的股份转让制度因公司类型而异，大多数学者在理论研究中亲睐于融资能力强、社会影响力大的上市公司，抑或是以自治性和任意性规范显著著称的有限责任公司的相关法律制度，而对于非上市股份公司相关制度的研究存在不少空白地带。自股份制改革以来，我国非上市股份公司存在的问题逐渐显露。对于这类公司而言，无论是基础概念的厘清、运行制度的规范，还是监管主体和规则的确定，都难以在现有法律框架下找到合适的应对方法加以调整，各方都面临着“巧妇难为无米之炊”的困境。就股份流通的现状来看，首先缺乏的是体系化的股份转让市场架构。如果稍对现有的股份转让市场进行研究就会发现，股权托管登记制度的混乱、信息披露制度的不完善、投资者保护制度的不完备等已成为我国非上市股份公司股份转让市场运行中的几大突出问题。若不对此加以及时和适当的调整，又将有可能引发更大的问题与风险。所以如何完善我国非上市股份公司股份转让市场法律制度，为非上市股份公司的股份提供一个规范化、体系化的层次性转让平台，成为目前学术界亟待研究的问题。我国非上市股份公司作为国企股份制改造的产物，形成于上世纪80年代，因其特定的形成背景和运行机制而颇具复杂性。从法律规范来说，一直以来，《中华人民共和国公司法》仅简单的根据设立股份和参与投资人数的多少对实践中存在的各类公司进行了两种类型的分类：有限责任公司和股份有限公司，而未再根据公司治理结构和资本流通状况的不同对公司进行其他标准的划分。这显然是过于简单和粗线条的，并使得非上市股份公司这一概念仅存于理论层面上，而未在法律规范中予以明确。流动性是股份的天性，缺乏流动性的股份公司好似“一潭死水”。就股份公司股份转让的现状来看，上市公司的股票在证券交易所上市交易，但非上市股份公司的股份到底应该通过何种法定渠道交易，目前存在非统一的多样性。《公司法》第一百三十九条关于股份转让“应当在依法设立的证券交易场所或按照国务院规定的其他方式”的规定，意味着法律对于非上市股份公司股份转让方式做了强制性的选择。从实践看来，全国中小企业股份转让系统（原代办股份转让系统运作平台）、地方产权交易市场成为目前符合法律规定的非上市股份公司股份转让的主要场所。不过遗憾的是，在上述市场发展的过程中，遇到的障碍和瓶颈依然很多。就全国中小企业股份转让系统来说，其在新年伊始开始与代办股份转让系统对接。虽然中关村科技园区股份报价转让业务的推行，使得原代办股份转让系统的规模有所扩大，但挂牌企业的素质参差不齐、对股东人数和投资主体的直接限制，以及将挂牌企业的注册地点限定为四大高新区的做法导致证券市场的功能无法在此清淡的交易市场中全部发挥。新运行的全国中小企业股份转让系统虽然针对上述问题进行了一定的改进和完善，但该系统目前尚处于过渡运行阶段，要想彻底使市场“旧貌换新颜”还需假以时日。而对各地产权交易市场而言，则因为法律规定的缺失，交易信息不透明，暗箱操作和定价机制不合理等原因被贴上了无统一交易模式、无统一管理部门、无统一信息披露方式这样的“三无”标签。针对现实中遇到的这些问题，首先需要对发展水平层次参差不齐、各具优势却又缺乏体系的各类交易市场进行整合。针对我国场外交易市场尚处于发展的初级阶段的特点，在目前情况下，全国中小企业股份转让系统和地方产权交易市场宜借鉴沪深交易所并行发展、错位竞争的运行模式，及时找准自己的定位，发挥各自的优势。在下一步整合的过程中，可以尝试将全国中小企业股份转让系统发展成为类似OTCBB的全国统一的非上市股份交易平台。但全国性场外交易市场的建立，离不开各方的协调与配合。地方产权交易市场可以在和证监会、地方政府等部门沟通的基础上，在条件成熟的产权交易市场大规模的开展非上市股份公司股份转让业务，并在不同层次的场外交易市场中实施差异化的挂牌标准，以使现存各类非上市股份公司股份转让市场在新一轮的多层次资本市场建设中占有一席之地。上述这些是对我国非上市股份公司股份转让市场未来发展方向的总体设想，但美好蓝图的实现总是需要具体制度作支撑的。从股份转让市场的规范框架来看，必然包含了两大块内容：对基于股份转让这一商事交易活动而发生的社会关系进行调整的法律规范，以及国家从社会整体效率可持续发展最大化的价值出发，对具有社会公共性的证券市场中的股份转让活动进行干预、管理和调控的法律规范。简而言之，可以概括为市场运行规范和市场监管制度。证券市场的运行始终围绕着证券交易来展开，在股份发行完成以后，股权托管登记是股份转让的第一步。有限责任公司的股权由工商行政管理部门负责托管登记，上市公司的股权托管登记工作由中国证券登记结算公司负责。但遗憾的是，我国非上市股份公司的股权托管登记一直处于混乱无序的状态。在全国中小企业股份转让系统挂牌的非上市公众公司，股份的初始和变更登记是由中国证券登记结算有限责任公司来完成的。除此之外的非上市股份公司，根据法律规定，仅由工商行政管理部门在这类公司设立时对发起人进行登记。对不涉及公司章程修改事项的发起人变更，以及非发起人股份转让和变更登记，无论是工商行政管理部门还是中国证券登记结算公司均不受理，非上市股份公司的股权托管登记在立法上身陷“被遗忘的角落”。在下一步的改革中，作为未来直接与交易所市场对接的市场，全国性场外交易市场的股权托管登记制度一定是集中化、统一化和全国化的；对于地方性股份转让市场而言，应有条件的向集中统一托管登记过渡，实行与全国性场外交易市场区别和联系并存的集中统一托管登记模式。在地方产权交易市场挂牌的非上市股份公司的股权托管登记可以由地方股权托管机构负责，各地托管机构应该在中国证券登记结算公司的主导下统一托管登记规则、统一托管登记系统，建立起相互之间以及与中国证券登记结算公司相衔接的协调机制。再者需要改进的是目前以集中竞价和协议交易为主的市场交易制度。作为资本市场“正金字塔型”底端的场外交易市场，是给证券的流通提供兜底便利的大市场，对这一市场来说，保持一定的开放性是十分必要的。而只有由券商担任证券交易一方当事人的做市商交易制度的引入，才能使交易活跃并保持低成本，并在合理定价机制的基础上实现资源的有效配置。但从我国的实际出发，非上市股份公司股份转让市场交易制度的选择应考虑各个市场交易的不同特点和不同市场中挂牌企业的内在特征和差异。基于做市商交易制度与竞价和协议交易制度各具特点、各存优劣的现状，尝试采用多种交易机制相结合的混合交易制度来适应不同时期、不同市场和产品交易的需求不失为一个较好的选择。这样既保持了制度的稳定性、保留了现行制度的优点，又能在恰当的时候充分发挥他种交易制度的优势，解决目前市场发展的症结，实现制度的优势互补。多年来，非上市股份公司一直身陷被遗忘的角落，法律、法规的出台总是有意无意的把其排除在外。作为非上市股份公司本身，其虽然在苍白无力的监管之外获得了更多的自由，但由此给投资者和场外交易市场带来的灾难是沉痛的。在非上市股份公司股份转让市场中，首先要解决的就是监管模式的选择和监管职能的划分问题。合理界定证监会政府监管与证券业协会自律管理的关系是非上市股份公司监管权高效运行的第一层次，从实践来看，证监会的监管权力在很多方面已经越界涉入了依靠市场力量可以自我调整的领域。过多的行政干预将限制非上市股份公司股份转让的自由，同时也人为破坏了市场的自我完善机能，不利于市场的发展，且容易诱发公权力的道德风险。行业自律管理作为最基本的市场交易监管方式，在非上市股份公司股份转让市场的监管中应占有主导地位并负有直接监管的职责。凡是可以通过证券业协会的自律管理解决的，证监会的监管职能应当从中抽离出来，转而对这种市场化的资本市场运作保障机制进行监督，并成为对场外交易市场监管的最后一道防线。在监管职能的横向划分上，非上市股份公司股份转让市场的层次性架构，使得随着层次的走低，监管主体呈现出多元化的样态。在对地方产权交易市场的监管争夺上，是以证监会、证券业协会的监管为主还是以地方政府监管为主导是需要进行探究的。地方政府是地方产权交易市场的建立者和管理者，它们更容易即时掌握挂牌公司及市场的动态，并给予指导和监督，在监管效果上对本地企业有着较强的约束力。但地方政府并不需要对证券市场的整体性负责，相比证监会而言，在多层次资本市场监管权的配置上缺乏整体性考量。且地方政府存在为了利用地方产权交易市场的高收益来实现其自身的财政目标而疏于或懈怠监管的可能，所以地方政府监管的局限性需要中央政府对此加以协调。就目前看来，可由证券业协会和地方政府共享地方产权交易市场的监管权。等到区域性和地方性的产权交易市场发展到一定规模后，还是应当以证券业协会的监管为主线，构建以证券业协会为主导、地方政府加以指导、产权交易市场进行一线监管的监管体系。不过，无论是哪种监管模式或是由哪一方去履行监管职责，所要达到的目的首先就是对投资者权益进行保护。在Taylor关于金融监管的“双峰”理论中，对中小投资者利益的保护被认为是金融监管的目标之一，《中华人民共和国证券法》在第二条也开宗明义的指出了保护投资者是证券法区别于其他经济法律规范的特有目的。和交易所市场相比，投资非上市股份公司的风险相对较大。场外交易市场本身对投资者的知识背景、投资经验和风险承受能力就有一定的要求，若不对中小投资者在该市场中信息获取的劣势状况加以改善，他们将犹如市场中的“裸奔者”，利益随时可以被大股东“屠宰”。所以在对非上市股份公司股份转让市场的具体监管上，要以投资者利益保护为出发点，着眼于合格投资者制度以及以证券交易合适性原则、风险警示和投资者教育为代表的投资者利益多重保障机制，根据公司类型和交易方式的不同对不同层次的市场设计差异化的投资者准入制度。在非上市公众公司股份转让市场中，应逐步取消对自然人投资者在准入和日常交易中的限制，贯彻开放性的准入原则；在非公众股份公司股份转让市场中，应当通过直接与间接限制相结合的方法对投资者的准入进行较为严格的把握，并辅之以协议转让下合格投资者制度的豁免适用。对投资者利益保护的另一方面就是适当的信息披露制度。资本市场在资源配置中发挥作用离不开投资信息的优化，强制筹资者进行客观、充分、完整的信息披露，对于投资者信息不对称的克服和理性投资选择的做出，乃至使稀缺的社会资源得到优化配置都是大有裨益的。但在对挂牌公司进行信息披露的要求时，必须做到保护投资者利益与证券流动性的兼顾、与筹资便利和证券市场运行效率的协调。这就要求在信息披露的内容上做到只对具有重大影响的信息进行披露，在格式上尽量简单、易懂，便于投资者获知和理解；在不同层次市场中，以公众性和投资者成熟度为标准施以差异化的安排，并对小额发行实行信息披露豁免，以实现交易的迅捷、市场运行的高效与投资者利益保护的统一。更多还原

【Abstract】 The boom in capital market requires circulation and transactions of capital. As one ofthe main ways of capital circulation, the share transfer is necessary and has practicalsignificance. After the growth of over two decades, the exchange market, representedby Shanghai and Shenzhen Stock Exchange, is playing a crucial role in the nationaleconomy development. However, with the development of market economy andneeds of social practice, the limitation of the exchange market as the only thrivingway exposes inevitably. In order to achieve further development of capital market, wemust break existing bottleneck, focus on opening up the channels of financing andshare circulation, and explore to set up a multi-level capital market system whichmeets the market entity’s needs of diversified investment and financing.The share transfer system of the joint stock company varies from different companytypes. Most scholars majored in Company Law prefer the related legal system of thelisted company with strong financing ability as well as social influence and companywith limited liability known for the significant autonomy and arbitrary norms, whileleaving a lot of blank areas of related legal system of the non-listed company. Theproblems of the non-listed company have been gradually revealed since the joint stocksystem reform. It is difficult to find the suitable solutions under the existing legalframework to deal with the regulation and adjustment of the clarification of basicconception, standardization of operative system or determination of monitor entity forthese companies. Taking an overview of the current situation of the share circulation, there is lack of a systematical share transfer market framework at first. A littleresearch on current share transfer market may show that, the chaos of share custodyregistration system, the imperfection of information disclosure system and lack ofinvestors protection system have been the several critical problems in the operation ofshare transfer market of the non-listed company in China. If there is no timely andappropriate improvement, it may lead to more problems and risks. Therefore, it hasbecome an urgent problem to research for the academic world that how to improve thelegal system of the share transfer market of the non-listed company and provide astandardized, systematical and hierarchical transfer platform for the non-listedcompany in China.Compared with Western countries, the non-listed company in China was formed inthe1980s as the product of state-owned joint-stock reform. They are quitecomplicated because of their specific background and operation mechanism. Thecompany law classify companies of diverse governance structure and differentcirculation methods simply by the number of establishment of the shares and theparticipation in investment of two types: the company with limited liability and thejoint stock companies, but not shows different effective division of the companyaccording to the corporate governance structure and capital flows, which is obviouslytoo simple and broad-brush as well as let the concept of the non-listed company existsonly on a theoretical level rather than clear and definite in the legal norms. Liquidityis the nature of shares and the corporation whose shares lack of liquidity just like apool of dead water. On the current situation of shares’ flow, the stock of the listedcompany traded on the stock exchange, but the legal channels for the transfer ofshares of the non-listed company still of non-unity and diversity. According to thearticle139of the company law, assignment of shares by a shareholder must be carriedout at a lawfully established securities exchange or in other manners stipulated by theState Council.This means that the law made mandatory choice to the legal means ofconveyance of the non-listed company shares. From the practical view, the StockTransfer Agent System and the local property right exchange market have been theshare transfer markets of the non-listed company which are compliance with the law.However, there are still a lot of obstacles and bottlenecks in the development processof above markets unfortunately. Although the implementation of the business of theoffer for sale of shares in the Zhongguancun Science Park expanded the scale of theStock Transfer Agent System, it’s still failed to change the quo of the listed enterprises uneven quality. In addition, the current range of business is limited toenterprises which are located in four high-tech park, market makers system is not yetintroduced to the system and there is also a limit on the number of shareholders andthe investment entities directly, so that the function of the securities market can notplay fully in the market of light trading. As the mainstream place for transferringshares of the non-listed company, the local property right exchange market is labeledwith “three noes“tab which can be explained non-unified trading patterns, absence ofa unified management departments and non-uniform information disclosure becauseof the lack of law, black-box operation, the unreasonable pricing mechanism and soon. In response to these problems encountered in reality, we need to integrate currentmarkets which have uneven development level hierarchy at first. For thecharacteristics of the OTC market in China are still in the early stage of development,the Stock Transfer Agent System and the local property right exchange market shouldlearn from the Shanghai and Shenzhen Stock Exchanges, whose run mode is paralleldevelopment and competition, to pinpoint their locations in a timely manner and playto their strengths in the present circumstances. In next integration process, it’s betterto develop the Stock Transfer Agent System as the national unified unlisted sharetrading platform which is similar with the OTCBB in America. However, thecoordination and cooperation of all the parties is necessary for the establishment of anational OTC market. The local property right exchange market can carry out thetransfer of shares of the non-listed company in the advanced property right exchangemarket based on communication with China Securities Regulatory Commission(hereinafter refer to as “CSRC”) and local government. It also can set different listingstandards for diverse level of the OTC market in order to achieve good results in theconstruction of a new round of multi-level capital market. All the above is the overallvision of the future development direction of the share transfer market of thenon-listed company in our country, however, the realization of the blueprint alwaysrequires specific system. From the normative framework point of view, theregulations for the share transfer market of the non-listed company inevitably containstwo blocks, they are norms for adjusting social relations occurred from the tradingactivities of transferring shares and rules deriving from intervention, management andregulation on the share transfer activities in the social and public securities marketbased on the country’s economic management authority. In a word, it can besummarized as market operation norms and market regulatory system. The operation of the securities market takes securities trading as the commencement.When the share issue completed, share custody registration is the first step in thetransfer of shares. Shares of the company with limited liability are registered by theindustrial and commercial administration, while the China Securities Depository andClearing Corporation is responsible for the equity registration of the listed company.Unfortunately, the share custody registration of the non-listed company in China hasbeen in a state of chaos. When talks about the unlisted public corporation listed in thenational equities exchange and quotations and a small part of non-public corporationsof Science and technology engaged in stock quotation and transfer, registrations forinitial and change are done by the China Securities Depository and ClearingCorporation. In addition to the above, the industrial and commercial administrationjust carries out the registration of promoters according to the law, but promoterschange does not involve modify matters of the Articles of Association, as well asregistration of non-promoters’ shares transfer or change, whether the industrial andcommercial administration or the China Securities Depository and Clearing Companywill not accept. Therefore, share custody registration of the non-listed company iscaught in "forgotten corner" in the legislation. In the next step of reform, as themarket directly docking with the stock exchange in the future, share custodyregistration of the national OTC market must be centralized, unified and national. Forthe local property right exchange market, the share custody registration should becarried out to the centralized and unified custody model conditionally. Share custodyregistration of the non-listed company in the local property right exchange market canbe operated by the local registration agency which should set up unified custodyregistration rules and system, as well as mutual coordination mechanism under theauspices of the China Securities Depository and Clearing Corporation. Furthermore,it’s necessary to improve the current market trading system, which is mainly thecentralized price-competitive transactions and the agreement transactions. As thefoundational market in the pyramid structure of the capital market, the OTC marketshould provide convenient to the circulation of securities, so maintaining certainopenness it’s essential. It is the market maker trading system, which takes thesecurities company as a party of the securities trading, that can active trading, keeplow cost and achieve effective allocation of resources based on the reasonable pricingmechanism. From the reality of our country, the different characteristics of eachtransactions and the inherent characteristics of listed companies in different markets should be taken into consideration to the choice of the market trading system of thenon-listed company. Try to establish the hybrid trading system using the combinationof a variety of trading mechanisms to adapt to the different periods, the needs ofdifferent markets and products trading would be a better choice. In this mode, thestability of the system can be maintained and the advantages of the current systemalso can be retained. As a result, it gives full play to the advantages of other tradingsystem at the right time to address the crux of the current market development and tohelp integrate the advantages of each other.Over the years, the non-listed company has been ignored by laws and regulations.Although it gained more freedom under the pale supervision, investors and the OTCmarket suffered painful disaster at the same time. In the share transfer market of thenon-listed company, firstly we must solve is the choice of the regulatory model andthe partition of regulatory functions. The first level of efficient operation of regulatoryauthority has got to be the reasonable definition of the government regulation ofCSRC and the self-regulation of Securities Association of China (hereinafter refer toas “SAC”). But it’s a pity that, the regulatory powers of CSRC “crossed the border”and influenced the field where can be adjusted by the market force. Excessiveadministrative intervention will limit the freedom of transferring shares of thenon-listed company and destruct the self-improvement function that is not conduciveto the development of the market, as well as induce moral hazard of public powereasily. As the basic supervision mode of market transactions, the self-regulation playsa dominant role in the supervision of share transfer market of the non-listed company.Anything that can be solved by self-regulation of SAC, to which the regulatoryfunctions of CSRC should give way and turn to supervise the market-orientedoperation and protection mechanism of capital market as the last line of defense in thesupervision of OTC market. In the lateral division of regulatory functions, the mainbody of supervision shows diversified situation along with the declines of markets’level and the hierarchical structure of the share transfer market of the non-listedcompany. In the matter of the competition of supervisory powers on local propertyright exchange market, it’s important to determine the dominant regulatory powerbetween CSRC-led supervision and local government-led supervision. The localgovernment is the creator and manager of the local property right exchange marketthat it can grasp the market dynamics immediately and give guidance to the listedcompany of OTC market conveniently, which become binding on local enterprises strongly in regulatory effect. On the other hand, the local government does not need tobe responsible for the integrity of the securities market, so it lacks of considerationsfrom the whole word on the configuration of the regulatory power of the multi-levelcapital market compared to CSRC. Meanwhile, in consideration of its financial targets,the local government may lax or slack supervision on the local property rightexchange market in order to take advantage of the financial gain from it. So thelimitation of the supervision implemented by the local government needs to becoordinated by the central government. As far as it is concerned, the supervisorypower on local property right exchange market can be shared by the SAC and thelocal government. But in the long run, it is SAC that should be the core of supervisorysystem when the regional and local property right exchange market develops to acertain stage. However, no matter which regulatory mode or party to perform itsregulatory responsibilities we choose, to achieve the purpose of protecting investors’interests is compulsory. According to the "Twin Peaks" theory made by Taylor aboutfinancial supervision, the protection of the interests of small and medium investors isconsidered as one of the objectives of financial supervision. The Securities Law of thePRC (hereinafter refer to as “Securities Law”) also outset that the protection ofinvestors is Securities Law’s peculiar purpose which is different from other legalnorms. Compared to the stock exchange market, the risk of investing the non-listedcompany is relatively large. The OTC market itself makes demands of the knowledgebackground, investment experience and risk tolerance of investors. If we still ignorethe disadvantage of getting information of small investors and don’t improve it, theywill be as the “streaker” in the market that their interests may be "slaughtered" bymajor shareholders at any time. So we should take the protection of the interests ofinvestors as the starting point, focus on the qualified investor system and thesuitability doctrine of securities transactions, risk warning and investor education andother representative multiple protection mechanisms of the interests of investors,designing different levels of investors access system according to the company typesand transactions. In the share transfer market of unlisted public corporations, the openaccess principle shall be implemented that the restrictions to natural persons in theadmittance and transactions procedure must be phased out. In the share transfermarket of non-public corporations, posing stringent requirements on the accesssystem of investors through direct and indirect limitation method, complemented byexemption applies of the qualified investor system under the agreement for sale is necessary. The appropriate information disclosure system is another aspect to protectthe interests of investors. Capital markets play an important role in the allocation ofresources, which can not be separated from the optimization of the investmentinformation. Demanding money raisers disclosure information to investors objectively,fully and completely can overcome information asymmetry of investors and help forrational investment choices as well as let the scarce social resources to better use. Butin the information disclosure requirements for listed companies, how to balance theprotection of the interests of investors and securities liquidity, or coordinate withfacilitating funds collection and securities markets operating efficiency is the problemwe must think about. It requires just disclosure significant information in the contentand to be simple, easy to get and understand for investors in the format. Meanwhile,it’s also necessary to make different system arrangement based on the public andinvestors’ mature degree along with implementing information disclosure exemptionsfor micro-issue in order to achieve the swiftness of the transaction, the efficiency ofmarket operation and the protection of the interests of investors.更多还原