【作者】 蒋言斌；

【导师】 漆多俊；

【作者基本信息】 中南大学 ， 管理科学与工程， 2008， 博士

【摘要】 国有产权交易法律问题是指国有产权交易实体法与程序法整体构架中涉及产权交易主体、交易中介、交易行为、交易制度等相关法律问题,这些问题不仅直接决定一个国家的社会经济制度的结构与性质,而且影响着国家资源配置与制度运行的成本和效率。产权交易是市场经济国家促进企业竞争和经济结构调整,从而保障社会资源高效利用的一种有效机制和惯用做法。国有产权交易是国有企业改革深化的必然结果,是当前国有资产和社会资源的一种最活跃、最有效、最经济的市场配置方式。它使国有资产结构、产业结构得到调整,促进产权主体多元化格局的形成,使要素存量获得经常性自动调整机制,是解决国有体制弊端的一种有效途径。要发展国有产权交易,最重要的是要创造产权交易法制环境,明确产权关系,改革国家所有制的形式和结构,逐步实现政府对企业的“生产经营型”管理向“财产经营型”管理转变,根据国有企业经营和市场竞争状况推行产权交易制度,用法律手段保障国有产权交易顺利进行。国有产权交易有特定的交易形式和交易原则。国有产权交易法律法规的冲突可以通过权威立法来消解。国有产权交易法具有自己特定调整对象和制度体系,有序的国有产权交易需要法律制度环境,伦理制度环境,政策制度环境,市场制度环境等配套制度体系。产权交易主体是拥有产权,并享有占有、使用、收益、处分权能的国家(及其授权的职能机构)、自然人、法人或非法人单位。产权交易的主体必须具有民事权利能力和行为能力,享有或拥有财产所有权或具体享有所有权某一项权能,以及享有与所有权有关的财产权利。产权交易主体结构就是产权交易主体中,国有企业、国外企业或国有企业和私有企业的比例结构。国有产权交易主体多元化,不会导致国有资产流失、只要控制到位,也不会逃废银行债务、不会导致国有企业失控、是国有产权退出渠道。从国家经济安全、产业结构调整、国家经济结构调整,对国有产权交易主体限制具有意义。有多项政策能实现国有产权交易主体多元化。产权交易主体失真可以还原,准入和退出制度有缺陷但可以弥补。产权交易中介组织是多层次资本市场的一部分。产权交易中介组织具有桥梁功能,服务功能,导向功能,规范功能。产权交易中介组织面临的问题有:地方垄断,政府设租寻租,国有非标准化交易。解决出路包括:明确产权归属,完全市场化,加强监管。产权交易竞争规则是产权交易中介组织运行的总规则。产权交易所分散监管具有必要性和可能性,其法律责任主要是行政责任,民事责任次之,鲜有刑事责任。北京联合产权交易所、上海产权交易所、深圳产权交易所等实证研究提供了很好的产权交易中介范式。国有产权交易行为是以国有产权转移、实现国家经济结构、行业结构战略调整、国有资产保值和增值为目的的法律行为。产权交易所是一个信息零损失的通路或平台。因产权交易信息不对称形成交易合谋,扭曲产权交易公平秩序,导致产权交易无序化,形成交易陷阱,损害投资者的信心。防止国有产权交易合谋的途径包括:建立多信道评估系统,缔结混合委托的代理契约,建立锦标制度和隐性声誉歧视制度,期权激励,瓦解合谋。对瑕疵产权交易行为不能简单地全部否定为无效。强化监管措施和加大惩处力度,预防和杜绝国有产权交易中的违法行为发生。国有产权交易的一般制度包括:法人财产制度,入市制度,评估制度,税收优惠制度,处罚制度。特别的产权交易制度包括:做市商制度,黄金股制度,MBO制度,信息披露制度,产权托管制度。其中做市商制度最主要的功能是促进市场的流动性。黄金股制度保持国有产权和私人产权的必要张力,英国在国有企业退出机制上的黄金股制度对我国企业改制具有重要的启示意义。MBO制度是企业重视人力资本、提升管理价值的一种激励模式制度。信息披露制度是一种预防制度,解决了信息不对称的现状,具有重要的价值。产权托管制度是一种建立在信托关系上的权利托管,无论是罗马的财产托管还是英美的权利托管,都具有重要的借鉴意义。国有产权交易已具有实体法、程序法的整体构架,制度相对完整,却不够完善,可操作性不强,存在瑕疵和缺陷。国有产权交易制度创新具有宪法依据,需要对国有产权交易病床制度进行完善。拓展国有产权交易主体准入条件和退出机制、激励机制。完善产权交易中介组织的职能,实施阳光交易。规范国有产权交易行为,倡导实施做市商制度、黄金股制度、MBO制度、信息披露制度、产权托管制度等产权交易特别法律制度,为国有产权改革提供制度支撑。扩展黄金股制度,慎行MBO制度,强化信息披露监管制度,推广和完善产权托管制度。更多还原

【Abstract】 The state-owned property right conveyance legal questions refer to the main body, the conveyance intermediary, the conveyance behavior, the conveyance system and other related legal questions of state-owned property right conveyance in both substantive and procedural legal systems. These questions are not only the directly decisive factors of the state social economy system structure and its nature, but also the influencing factors of the state resource’s disposition and the cost & efficiency of system running. The state-owned property right conveyance is the inevitable result of the profound state-owned enterprise reform. Currently, it is the most active, most effective and most economical market disposition method for state-owned property and social resources. It can adjust state-owned property structure and industrial structure, promote the forming of property right main body multiplication pattern, build the regular automatic control mechanism for essential factor storage quantity and it is an effective solution to shortcomings of state-owned system. In order to develop state-owned property right conveyance, the most important methods are creating the property right conveyance legal system environment, defining property right relations, reforming state ownership form and structure, gradually realizing transformation of government’s management way from production management to property management, carrying out the property right conveyance system according to state-owned enterprise management and market competition situation and using legal method to safeguard state-owned property right conveyance functioning. The state-owned property right conveyance has its specific conveyance form and principles. Conflict of laws and regulations related to the state-owned property right conveyance may be dispelled by authority legislation. The state-owned property right conveyance law has its specific modifying objects and institutional framework. The orderly state-owned property right conveyance needs legal system environment, ethics system environment, policy system environment, market system environment and etc.The main body of property right conveyance refers to the country, and its authorized function organization, natural person, legal person, and non legal person unit, who has the property right, and can possess, use, benefit and dispose the property. The main body of property right conveyance must has civil right ability and capacity, has either possession of the property or specifically some item of property right, as well as the rights related to the property right. Structure of property right conveyance main body is the proportion structure between state-owned enterprise and overseas enterprise or state-owned enterprise and private enterprise. The multiplication of state-owned property right conveyance main body, is not leading to the drain of state-owned property. As long as controlled properly, it will not cause the wasting of bank debt. It is a withdrawal channel of state-owned property right. It has significance to limit the state-owned property right conveyance main body from state economy security, industrial structure adjustment and state economy structure adjustment. There are many policies can realize the multiplication of state-owned property right conveyance. The distortion of main body of property right conveyance can be put to the original state and the incomplete entering & withdrawal system can be made up.It is necessary and possible for the property right conveyance intermediary organizes form the multi-level capital market. The property right conveyance intermediary organization has intermediary, organization and policy characteristics. Its structure is a diffusion structure and it has bridge function, service function, guidance function and standard function. The property right conveyance intermediary organization faces some questions, which includes: regional protectionism, government supposing & seeking rent, non-standardized state-owned property conveyance. The solution outlets: distinguish property right ownership, completely goes to market, enhance supervision & management. The property right conveyance competition rule is the main regulation of property right conveyance intermediary organization running. The disperse supervision and management of property right bourses is necessary and possible and the legal liability is mainly the administrative responsibility, while the civil liability is next to it, rarely criminal responsibility.The state-owned property right conveyance behavior is a kind of legal conduct. The property right conveyance should be a circuit or platform of zero-lose information. Because of the information asymmetry, the conspiracy can be caused, thus the property right conveyance could be made unfair, its order could be disturbed, the conveyance trap could appear and investor’s confidence could be harmed. To prevent conspiracy, we can establish multi-channel appraisal system, establish mix request the proxy contract, establish trophy system and recessive prestige discrimination measure, option incentive to disintegrate the formation of conspiracy. We cannot simply completely deny those slightly defected property right conveyances. Strengthening supervision & management and enforcing punishment, we can prevent illegal activities in state-owned property right conveyance from happening.The general systems of state-owned property right conveyance include: Legal person property system, market entering system, appraisal system, tax preferential benefit system and punishment system. The special property right conveyance systems include: the market maker system, the main function of this system is promoting the market fluidity; the gold stock system, this system maintains the essential tensility of state-owned property right and private property right, the gold stock system of the withdraws mechanism for state-owned enterprise in England has important enlightenment & significance for state-owned enterprises in our country; The MBO system is an incentive system by which the enterprises attach importance to human capital and promote management value; The information disclose system is a kind of prevention system, as an important regulation in property right market, which has solved the problem of information asymmetry at present situation and has important value; The property right trusteeship is a kind of right entrustment which is based on the trust relations. Either the Rome property entrustment system or the England & America property entrustment system shows that the property entrustment or property right entrustment has great significance.The state-owned property right conveyance has both substantive law and procedural law overall framework. Though the system is relatively integrity, it is still incomplete. Its maneuverability is not strong and has defect and flaw. The state-owned property right conveyance system innovation has constitutional source and market source. It is necessary to complete the state-owned property right conveyance hospital system and the system environment. The state-owned property right conveyance’s main body entering condition, withdrawal mechanism and incentive mechanism are to be developed. The intermediary organization’s function of property right conveyance is to be perfected, thus we could realize sunshine conveyance. The state-owned property right conveyance behavior is to be standardized. The systems of state-owned property right conveyance behavior, enterprise annex & purchase and the property right conveyance special legal system are needed to be completed. It is important to expand gold stock system, cautiously carry out MBO system, strengthen information disclose, supervision and management system, promote German property right entrustment experiences and complete entrustment system.更多还原