交叉持股的公司法规制

【作者】 卿燕；

【导师】 韦忠语；

【作者基本信息】 西南政法大学 ， 民商法学， 2008， 硕士

【摘要】 公司交叉持股现象是现代商业文明在20世纪高速发展的产物,但交叉持股现象在我国出现较晚,这与我国改革开放前实行的计划经济体制有关。交叉持股引入我国一开始被政策性推广,作为改革国有企业的一项手段。其后在发展演变中,弊端初显,然而,其对公司和资本市场的影响尚未引起人们广泛而足够的关注,我国新修改的公司法亦未对交叉持股进行明确的法律规制,形成公司法立法上的一大空白。近几年来,虽有学者从公司法、证券法、会计法、税法、垄断法等角度对交叉持股进行相关立法的检讨,然而,我国法律界对于交叉持股问题的研究尚不够深入,且未有系统的理论研究,尤其缺乏对其在公司法上的规制,据此提出相应的法律建议,在借鉴国外相关立法及立足本国实际的基础上,构建一套适应我国现状又对交叉持股未来发展有良性引导意义的法律制度,这对企业的长期良性发展,对保护中小股东及债权人利益,并对整个市场的健康运行具有十分重要的现实意义。本文全文包括引言、正文、结论三大部分,文章正文结构如下:一、交叉持股概述。首先介绍了学理上以及立法上交叉持股的涵义,另外还介绍了交叉持股划分类型,以助于更深刻的理解交叉持股。其次,分析了交叉持股出现的三个原因,一是法理基础,交叉持股的存在是因为公司拥有独立的人格以及“资本多数决”原则的影响;二是交叉持股的产生与公司发展的内在需求以及外部激烈竞争有关;三是交叉持股也是公司经营者争夺控制权的结果。再次,介绍了交叉持股的动机,主要基于收益目的和支配目的,另外我国还有基于政策原因的交叉持股。最后,分析了交叉持股的法理本质,笔者认为交叉持股的本质有两个,即交叉持股实质上是双向转投资行为以及公司间接持有自己股份的行为。本文通过层层递进的方式对交叉持股做一个较为全面的论述。二、交叉持股之利弊分析。本文运用辨证的分析方式,从正反两面,对公司交叉持股在实践上以及理论上的积极意义及消极意义做了比较全面的分析。其积极意义主要体现在经济上,笔者从微观与宏观两个角度进行了总结,微观上有利于公司降低交易成本,降低经营风险,实现规模经济效益,防止恶意收购,抑制分红以保证公司的长期发展,操纵股价为公司谋利;宏观上有利于推进大公司大集团产生,从而推进产业结构调整和优化升级,有利于民族企业参与国际竞争,并强大民族产业。当然其消极意义也是明显的,主要体现为其引起的公司资本虚增,导致对债权人保护不利,以及危害股东平等,助长不公允关联交易,以及破坏公司治理,破坏证券市场正常交易秩序。在认清交叉持股利弊的情况下,才可能对其进行科学的规制,避免其消极影响,而发展其积极作用。三、交叉持股与相关法律制度的关系。首先分析了公司交叉持股对资本制度产生的冲击,根据资本信用在实际中的意义,并通过目前各国对资本制度采取的宽松的态度,以及我国立法也有此趋势,来说明交叉持股对资本制度的冲击将成为历史。同时对我国转投资制度做了反思,思考转投资制度与交叉持股的融合。另外交叉持股与公司持有自己股份性质类似,笔者也对公司持有自己股份在我国及其他国家的规制做了介绍,结合前面对资本制度的理论分析,来说明持有自己股份符合我国未来的立法趋势。其次对交叉持股与关联交易制度做了制度整合的思考,借鉴德国以及我国台湾地区明确将交叉持股纳入关联交易制度进行规制,并根据我国的立法状况,笔者提出可以考虑做类似规制的思考。最后,交叉持股对公司治理也产生了重大影响,笔者认为可以从约束控股股东、高管权力,赋予中小股东更多权力,以及增强救济体制的角度进行解决。四、交叉持股的比较法考察。本文主要运用比较法视野,对交叉持股在英美法系以及大陆法系典型国家及我国台湾地区的立法现状进行了介绍。国外立法一般不完全禁止交叉持股制度,并且大部分国家和地区采取“区别对待主义”,对一般交叉持股和特殊交叉持股进行分别规制。另外,上述国家及我国台湾地区对公司取得自有股份制度与母子公司交叉持股制度的立法态度基本上是一致的,有些国家还明确将母子公司交叉持股纳入公司取得自有股份制度进行一并规制。通过对上述国家及我国台湾地区交叉持股立法状况的总结,为我国借鉴先进国家立法作制度铺垫。五、我国交叉持股的公司法规制分析与构建。根据前文的研究,结合交叉持股在我国目前的发展状况,以及目前我国相关立法情况,笔者对交叉持股在我国的立法理念作了分析,并在立足本国交叉持股现状及借鉴相关国家立法的基础上,提出适合我国国情及符合我国目前法律体系的交叉持股立法建议。笔者提出对交叉持股区别规制,即对交叉持股的一般规制和母子公司的特殊规制;引入表决权限制,信息公开、告知义务;在考虑交叉持股与相关法律制度关系的基础上,在公司法框架内提出在转投资制度下限制母子公司交叉持股的相关立法建议,并且认为母子公司交叉持股也可纳入公司取得自己股份制度进行统一规制,以及对交叉持股明确纳入关联交易制度进行规制的设想,另外需要完善保护利益相关人的其他法律配套措施,如独立董事制度、监事制度等。更多还原

【Abstract】 The phenomenon of cross-shareholding enterprise is the result of the rapid development of commercial civilization in the 20th century. And it appeared lately in China which is related with the planned economy system carried out before reforming. Cross-shareholding is introduced to China by policy extension first and seen it as a method to reform the State-owned Enterprise. During the subsequent developing process, the disadvantages of cross-shareholding appeared. But people has not pay enough attention to its influence to the company and the capital market, Chinese new corporation law has also not set down explicit legal rules and regulations on cross-shareholding, which leads to a big lacuna in the legislation of corporation law. In recent years, although scholars had engaged in research on the legislation and related matching measures of cross-shareholding from the aspects of corporation law, security, accountancy, tax law, monopoly. However the research on cross-shareholding in China is not thoroughly deep, and there still has not a comprehensive system in theoretical research, especially lacking related regulation in corporation law. So, I will give some legal advice about it. The article is based on drawing related legislation both China and some other nations, constructing the legal system of cross-shareholding, which is adaptable to our country present situation and would be the good guidance with the development of future cross-shareholding. It has important meaning for enterprise’s long-term development, protecting the rights of Minority Shareholders and creditor, and the healthy operation of the whole market. This paper includes three parts, namely foreword, text and conclusion. The following is the frame of the article:The first part is a summarization, firstly introduce the concept of cross-shareholding both on doctrinal and legislative meaning. And then introduces the different types of cross-shareholding to contribute to the profound understanding. Secondly, analyze the three main reasons of the appearance of cross-shareholding. One reason is the legal basis, which is because of company owning independent personality and the influence of the capital majority rule. The other is the internal demand of the development of company and external fierce competition. Another is the result of the operator contesting control rights. Thirdly introduces the motivation of it. The two main motivation is purpose of income and domination, furthermore there also has political reason in China. Lastly, analyze the legal nature of the cross-shareholding. There are two legal nature of it, one is conduct of bidirectional reinvestment, the other is conduct of the company holding its own shares indirectly. This article discusses cross-shareholding comprehensively by the progressive way.The second part is about the positive and negative effects of cross-shareholding. Analyzing dialectically, the article probe of the cross-shareholding comprehensively from positive and negative effects in theory and practice. The positive effect mainly reveal in economy. This article will summarize its positive effect from microscopic and macroscopic angles. Microscopically, that could descend the corporation’s capital costs and business risk, coming to scale economy, preventing hostile takeover, and inhibit dividend payment to ensure the company’s long-term development, manipulating the stock price to seek profit for company. Macroscopically, that could promote the development of giant corporations and enterprise groups so as to promote the adjustment and optimization upgrade of industry’s structure, and contribute national enterprise to take part in the international competition, and make national industry more powerful. Certainly its negative effect is also obvious, which mainly includes that it may cause inflated capital, and damage creditors’ benefit and the equality of shareholders, and it will destroy corporate management and the normal transaction of securities market. Only recognizing the advantages and disadvantages of cross-shareholding, we could regulate it scientifically to avoid its negative effect and develop its positive effect.The third part is about the relationship between cross-shareholding and some related legal system. Firstly, it analyzes its impulse on capital system. But the impulse on capital system will become history for the fact that many countries have a loose attitude towards the capital system and Chinese legislation also has this tendency. Meanwhile it reflects the legal system of company reinvestment, and thinks about how to consummate the fusion of the legal system of reinvestment and cross-shareholding. Cross-shareholding has similarity to the shareholding of its own stock in nature, which is introduced about the regulation in China and other countries. Through introducing the legal system of company holding its own stock in other country and China, according to the theory analysis of capital system, it shows that the shareholding of the company’s own stock accords with the trend of China’s legislation. And then thinks about the conformity of the system of cross-shareholding and related transaction. Cross-shareholding is definitely brought into the legal system of related transaction in Germany and Taiwan Area, which we can learn from according to the situation of China’s legislation. Finally, it has substantial influence on corporate governance. We can solve the problem from the different aspects, such as constraint the right of controlling shareholder, endow more rights to minority shareholders and reinforce the relief system, and so on.The fourth part is to compared with the legislation and regulation of the cross-shareholding company in other different countries and areas. By comparing, it introduced the cross-shareholding company legal norms in representative countries. Foreign legislation generally not completely prohibits cross-shareholding. Most countries and regions adopt "differential treatment" principle to regulate separately the general cross-holding and special cross-holding. Furthermore, some countries have also brought the cross-shareholdings of parent and subsidiary companies into companies holding its own shares system together. It is also summarizing the differences between common law, civil law, and the related overall national laws and regulations, which lay foundation to our legislation about it.The finally part gives legislative proposals in accord with our country status and regulated system, according to the above study and based on the practical status of the cross-shareholding and related laws in our country. Considering the cross-shareholding and related laws, it suggests "differential treatment", which means regulating separately the special cross-holding to the company of parent company and Non-parent, and general cross-holding. Furthermore, introduce the system of restrictions on voting rights, information disclosure and inform obligation. Considering the relationship between cross-shareholding and other relevant legal system, in the framework of Corporation law, I advice about use reinvestment system to restrict Parent company and Non-company cross-shareholding holding shares. And I advise taking cross-shareholding in to related transaction system to regulate it. There still need to perfect other related law system, such as independent director system, supervisor system, etc, to protect the right of the benefit-related person.更多还原