本文關(guān)鍵詞： 信托型PE 上市退出 法律障礙 對(duì)策 協(xié)調(diào)監(jiān)管　出處：《華東政法大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：銀監(jiān)會(huì)2008年6月25日印發(fā)的《信托公司私人股權(quán)業(yè)務(wù)操作指引》第15條規(guī)定，“信托公司在管理私人股權(quán)投資信托計(jì)劃時(shí)，可以通過(guò)股權(quán)上市、協(xié)議轉(zhuǎn)讓、被投資企業(yè)回購(gòu)、股權(quán)分配等方式，實(shí)現(xiàn)投資退出�！�1然而目前現(xiàn)實(shí)中境內(nèi)信托制私募投資股權(quán)通過(guò)被投資企業(yè)上市方式實(shí)現(xiàn)退出的道路卻并不暢通。分析其上市退出產(chǎn)生障礙的原因，主要包括五個(gè)方面： 一、信托型PE中投資顧問法律地位與現(xiàn)實(shí)需求不符。實(shí)踐中由于信托公司股權(quán)投資經(jīng)驗(yàn)往往不足，所以要引入獨(dú)立第三方作為投資顧問。某些情況下投資顧問實(shí)際上擔(dān)任了信托基金投資管理人的角色，然而由于法律對(duì)投資顧問的角色定位與現(xiàn)實(shí)情況不符，造成了某些情況下對(duì)投資顧問的監(jiān)管不足；但同時(shí)《信托公司私人股權(quán)投資信托業(yè)務(wù)操作指引》對(duì)投資顧問成立門檻的過(guò)高規(guī)定又可能將一些專業(yè)能力強(qiáng)而資金實(shí)力一般的管理公司拒之門外。 二、信托型PE缺乏有效的信托財(cái)產(chǎn)登記、公示制度。根據(jù)我國(guó)目前法律規(guī)定，信托財(cái)產(chǎn)登記并不是在信托型PE設(shè)立時(shí)的強(qiáng)制義務(wù)，但是如果不對(duì)信托資金進(jìn)行登記，信托公司的信托財(cái)產(chǎn)的范圍就難以確定，從而導(dǎo)致關(guān)聯(lián)交易認(rèn)定上的困難，進(jìn)而影響了信托型PE作為上市公司合格發(fā)起人的主體適格性。 三、對(duì)信托型PE的被投資企業(yè)的實(shí)際控制人的披露可能存在障礙。一種觀點(diǎn)認(rèn)為《信托法》與《信托公司管理辦法》中規(guī)定的受托人對(duì)委托人的保密義務(wù)與《證券法》等上市規(guī)則中對(duì)擬上市企業(yè)實(shí)際控制人進(jìn)行披露的要求相沖突。因此信托型PE被排除在上市公司合格發(fā)起人門外。 四、信托公司關(guān)聯(lián)交易難以控制。相比于一般公司，信托公司存在兩類特的關(guān)聯(lián)方——信托公司自有財(cái)產(chǎn)和信托公司信托財(cái)產(chǎn)，而信托登記制度的不完善又使得在信托公司內(nèi)部對(duì)這兩類關(guān)聯(lián)方以及存在于他們之間的關(guān)聯(lián)交易的界定變得更加困難。 五、投資人變化失控。一種觀點(diǎn)認(rèn)為，賦予信托型PE投資主體地位會(huì)可能導(dǎo)致對(duì)上市公司投資人變化的監(jiān)管失控，進(jìn)而形成一個(gè)在上市公司股東層面之上的交易市場(chǎng),投資人會(huì)以此規(guī)避對(duì)于上市公司股東、實(shí)際控制人持股鎖閉期的規(guī)定。2上市公司發(fā)起人、高管、控股股東以及實(shí)際控制人還會(huì)借此以規(guī)避法律對(duì)于上市公司股權(quán)轉(zhuǎn)讓限制的規(guī)定。 面對(duì)上市退出的重重障礙，現(xiàn)實(shí)中產(chǎn)生了許多變通的應(yīng)對(duì)措施，然而卻也是各有弊端。本文對(duì)信托制PE上市退出障礙產(chǎn)生的原因進(jìn)行了逐個(gè)分析，并提出了應(yīng)對(duì)的建議。 最后，筆者提出，問題的最終解決仍有賴于建立多部門協(xié)調(diào)監(jiān)管體系。在目前國(guó)內(nèi)金融市場(chǎng)分業(yè)監(jiān)管的既定格局下，筆者提出從建立不同監(jiān)管機(jī)構(gòu)間協(xié)調(diào)機(jī)制和不同監(jiān)管機(jī)構(gòu)間監(jiān)管信息共享平臺(tái)兩方面入手。各金融監(jiān)管機(jī)構(gòu)應(yīng)主動(dòng)聯(lián)手，盡快達(dá)成共識(shí)，，將監(jiān)管的目標(biāo)聚焦于利用信托外殼規(guī)避法律的行為上來(lái)。3同時(shí)，可以根據(jù)國(guó)內(nèi)學(xué)者的提議，由央行牽頭建立金融監(jiān)管信息共享平臺(tái)，從而利用信息技術(shù)加快金融業(yè)發(fā)展，維護(hù)金融市場(chǎng)穩(wěn)定。
[Abstract]:The CBRC issued the "June 25, 2008 business of private equity trust company operating guidelines > fifteenth provisions," trust in the management of private equity investment trust plan, by listing the transfer agreement, the invested enterprises repurchase, equity allocation mode, realize the investment exit. "1 however the current domestic private equity investment trust system equity investment companies listed by way exit road was not smooth. Analyzing the reasons of listed exit barriers, mainly includes five aspects:
A type of PE, trust the legal status of the investment advisers and the reality does not meet the requirements of practice. Because of the trust equity investment experience is often inadequate, so the introduction of an independent third party as an investment adviser consultant. Actually served as the role of trust fund investment managers investment in some cases, however, because the role of law on investment advisers and the reality does not match, resulting in a lack of regulation of investment under certain conditions; but at the same time "for the private equity investment trust business operation guidelines > of investment advisers and high threshold established provisions may be some professional ability and financial strength of the general management of the company shut out.
Two, the lack of effective trust based PE trust property registration and publicity system. According to the present law, compulsory trust property registration is not set up in trust PE, but without the trust fund registration, the scope of the trust property is difficult to determine, which leads to difficulties related transaction identification the main body, thereby affecting the trust PE listed companies as a qualified sponsor eligibility.
Three, the actual control of the trust type PE invested enterprise disclosure may exist obstacles. One view is that "Regulations" and "management trust trust > the trustee of the disclosure of the actual control of listed companies to client confidentiality obligations and Securities Law > listing rules requirements etc. conflict. Therefore trust PE promoters were excluded outside the qualified listed companies.
Four, related party transactions trust is difficult to control. Compared to the general company, there are two kinds of special related party -- the trust's own property and trust property trust, and the trust registration system is not perfect and the trust company of the two types of related party and related transactions between them are defined. It becomes more difficult.
Five, investors change out of control. One view is that, given the trust based PE investment status may lead to the change of the listed companies, investors and the formation of a regulatory control, shareholders of the listed company above the level of the market, investors in order to avoid the shareholders of listed companies, the actual control of shares locking period requirement of.2 listed companies the sponsors, executives, regulations of controlling shareholders and actualcontroller will take in order to circumvent the law to the listed company equity transfer restrictions.
Facing many obstacles in the market exit, there are many flexible Countermeasures in reality. However, there are also some drawbacks. This paper analyzes the causes of the withdrawal of trust PE, and puts forward some suggestions.
Finally, the author proposes that the final settlement of the problem still depends on the establishment of multi sectoral coordination supervision system. In the established pattern of the current domestic financial market supervision, the author puts forward the coordination mechanism and the different regulatory agencies regulatory information from the establishment of different regulatory agencies sharing platform in two aspects. The financial regulators should take the initiative to reach a consensus. As soon as possible, will focus on the goal of supervision with the trust the behavior of circumventing the law of.3 at the same time, according to the domestic scholars proposed by the central bank led the establishment of financial supervision and information sharing platform, and the use of information technology to accelerate the development of the financial industry, to maintain financial market stability.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.28;F832.51

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 姚強(qiáng);我國(guó)信托型股權(quán)與創(chuàng)業(yè)投資的法律問題研究[D];吉林大學(xué);2013年

本文編號(hào)：1490844