【作者】 黄颖；

【导师】 谢志红；

【作者基本信息】 江西财经大学 ， 经济法， 2003， 硕士

【摘要】 所谓关联交易，即指关联方之间发生转移资源或义务的事项，而不论是否收取价款。其作为一种中性的经济范畴，如同一把双刃剑，同时兼具好坏两方面的影响。在宏观上，它可以强化企业间的综合支配力，促使企业经济力量集中，形成规模效益，进而推动整个社会经济的发展；在微观上，它可以优化企业集团的内部资源配置，增强企业核心竞争力，以及增加交易机会，节约交易成本，保障交易安全，维护企业的各项优势。但同时，由于关联交易中交易双方关系的特殊性和地位的不平等性，以及交易的非市场性、非透明性，使其极易成为某些利益集团及个人非法获利的手段，因此可能会侵害交易中从属公司及其股东、债权人的合法权益，甚至造成国有资产严重流失和破坏社会主义市场制度的严重后果。而且随着现代经济合作性要求的日益提高，关联交易现象对各种行业的影响必将逐渐扩大，因此，对其进行严格的法律规制已经是迫在眉睫的问题。 加强对上市公司关联交易的法律规制，是对其进行规范和引导，以求趋利避害的最佳方式。通过对其信息的强制性披露，使中小投资者(或中小股东)可以获得与作为关联方的控制股东相同的信息，并能够有平等的机会作出投资选择。也就是说，通过信息披露实现对作为非关联方的其他投资者的保护，这是对关联交易进行法律规制的首要意义；其次，加强监管可以保证市场的公平性和透明度，从而增强投资者信心，利于市场的长期可持续发展；第三方面的意义即防止不公平关联交易及虚假信息披露的发生，以保证股价能够反映股票的实际价值，保证市场能对任何真实有效的信息作出及时、适当的反应，从而实现资源的优化配置。 但是，综观我国现有的相关法律规定，大多是行政法规及规定，立法级别太低，且缺乏对各个领域不同规范加以协调、统驭全局的规制理念及原则，造成各领域立法中尚有交叉及冲突之处。同时，也缺乏对基本概念的界定和基本理论的建立与基本制度的设计。例如，我国《公司法》中没有涉及关联企业及其交易的概念界定，没有确立法人人格否认制度，没有规定股东诚信义务及其民事赔偿责任。总之，现行公司法中缺乏对中小股东和债权人保护的相关规定，缺乏对控制股东控制权的制衡机制等等诸多缺陷；我国《证券法》中关于关联交易的规定也不多，几乎处于空白状态。对上市公司关联交易的证券法规制主要是靠国务院、财政部及证监会的各项法规、规章、规定等文件，立法级别较低，且很多为试行意见或批复等，变动较快，没有形成较为稳定和统一的证券立法。就上述法规、法章而言，其在现实操作中已基本构架起关联交易信息披露的各项基本制度及与之配套的法律责仟体系，但仍存在缺乏证券民事赔偿责仟制度以及证券市场信息披露监管效率不高等问题，严重影响证券市场的公平性和广大投资者的信心，影响我国资本市场的长期可持续发展；《会计法》及《税收征管法实施细则》分别从会计制度设计、会计从业人员法律责任制度设置和反制关联企业非法避税等角度出发进行了相应的立法，但在实际操作中尚有许多理论和现实问题急待解决；《反不正当竟争法》领域也对关联企业或企业集团现象对市场的影响进行了研究，但尚未有正式立法。总之，我国对于上市公司关联交易各个方面的法律规制均尚属初步建立，极不完善，有许多理论和实践中的问题急待研究和解决。 针对上述问题，我国应当在《公司法》的修订中以专章规范关联企业现象，确立“法人人格否认原则”，重塑法人制度，并且同时引入该原则的姐妹原则——“深石原则”，以更好地保护关联交易中从属公司债权人的利益；还应当在《公司法》中明确确立股东诚信义务，赋予中小股东以制衡关联方大股东控制权的有力武器：此外，《公司法》修订中还应规定对上市公司关联交易的诸多事前、事中规制措施，鼓励中小股东积极保护自己权利、参与决策，防止不公平关联交易的发生。同时，在今后我国《证券法》进行修订时也应专章对关联交易进行规定，继续完善证券民事赔偿制度、建立中介机构及其从业人员的信用体系，以提高关联方的违规成本，减少违规行为的发生率；同时还应当制定更为广泛和细致的披露细则，增加造假难度，确立政府监管、行业自律和社会监督三位一体的监管模式，提高监管效率，加大查处力度，增强对各类违法、违规行为的威慑力。 本文的创新之处在于，通过从公布半年度报告的上市公司中随机抽取一定比例的报告作为研究样本，并对其中的重大关联交易信息进行定性和定量的实证分析，以掌握目前我国上市公司关联交易的总体数量、类型分布及关联交易的根本经济性质与特征，为后文的理论分析和对策建议提供充实的现实依据，保证其合理性。并以此为主线提出“全面、综合规制”、“与国际接轨”以及“促进经济可持续发展”等三项规制理念以及“保护投资者及债权人利益”、“披露重于存在”和“股东诚信义务”等三项规制原则，并在此理念及原则的统一指导之下提出对我国上市公司关联交易法律规制制度体系设计的具体建议。更多还原

【Abstract】 Related Party Transactions refer to the obligations and recourses instead of money transferred between related parties. It is a neutral economic concept, which unavoidable carries both merits and demerits. From the macro view, it can strengthen the comprehensive forces; enhance the centralization of the economic forces of the corporation to form the scale economy so that the whole economy can be promoted. From the micro view, it can optimize the inside recourses, and enhance the core competitive edges, increase the transaction chances, economize the costs and ensure the security of the transaction, maintain every advantage the corporation has. However, due to the inequality and specialty of the related parties and the obscurity of transactions, these transactions could be easily be used by some groups and individuals as a way to obtain illegal interests, which will possibly harm the corporation and the investors, the holders and the debtors, even the whole social economic system, for much state owned assets will be lost. With the increase of the modern economic cooperation, the related party transactions will inevitably influence all fields more. Therefore, it is urgent to make strict regulations on related party transactionsTo strengthen the legal regulations on related regulations and guide them is the best way to avoid demerits and make full use of the merits. By the compulsory disclosure of the related party transactions, the medium and small sized investors (or share holders) can get the same information as the main stock holders of related parties, so they can have the equal chance to make the choice to invest. That is to say, why the related party transactions should be regulated mostly is the protection of the investors besides the related parties. Second, to strengthen the supervision can ensure the equality and transparency of the market so that the confidence of the investors will be boosted, which is beneficial to the sustainable development of the market in the long term. Third, the regulation on the related transaction can prevent the unequal related transactions and the bogus disclosed information so that the price of the shares could reflect the authentic values of the shares, and the market could make the prompt and just response to any real and effective information, which is good to the optimization of the recourses.However, the current regulations on the related party transactions in China mainly belong to the administrative regulations, which enjoys low levels in the whole legal system. And all these regulations lack coherence and a set of principles and ideas, which guide the whole regulations. So it is inevitable for these regulations to conflict with each3other. Meanwhile the definition of the basic concepts and the design of the basic system and the establishment of the basic theory cannot be found yet till now. For example we can hardly find the definition of the related transactions and related party. Neither can we find the system of piercing the Corporate Veil or the fiduciary duty shouldered by the shareholders and the civil compensation system. The current Corporation Law lack the related propositions on the protection of the medium and small sized share holders and debtors as well as the system to restrict the right of controlling belonging to the share holders. Seldom could be found in Securities Law too. Exactly speaking, almost none. Therefore, the regulations on the related transactions mostly rely on the low-leveled government regulations most of which are provisional suggestion and answers, with the characteristic of changing too fast. So no stable and unified securities legislation has been formed on related transactions. As for the above-mentioned regulations, it is hard to put them into force for in reality, the current basic system and legal responsibility on related transactions are short of civil responsibility of compensation system and efficient supervision on the disclosed information, all of which affect the equality of the market and the co更多还原