本文選題：上市公司　切入點(diǎn)：關(guān)聯(lián)交易　出處：《華東政法大學(xué)》2010年博士論文

【摘要】： 作為轉(zhuǎn)軌經(jīng)濟(jì)過(guò)程中的制度安排,我國(guó)上市公司的出現(xiàn)不是傳統(tǒng)企業(yè)發(fā)展到一定階段的產(chǎn)物,而主要是計(jì)劃經(jīng)濟(jì)體制向市場(chǎng)經(jīng)濟(jì)體制轉(zhuǎn)軌過(guò)程中由上而下被嫁接到企業(yè)中去的。1990年12月隨著上海證券交易所的開(kāi)業(yè),中國(guó)證券市場(chǎng)便被賦予了承擔(dān)國(guó)有企業(yè)改革的使命。以在上海證券交易所上市的公司為例,大部分上市公司是由原國(guó)有企業(yè)改制剝離而來(lái)的,這樣的公司結(jié)構(gòu)從出生之日起就與原國(guó)有企業(yè)有著千絲萬(wàn)縷的關(guān)系,關(guān)聯(lián)交易便應(yīng)運(yùn)而生。 上市公司關(guān)聯(lián)交易是指上市公司及其控股子公司與上市公司的關(guān)聯(lián)人之間發(fā)生的轉(zhuǎn)移資源或義務(wù)的行為。由于交易雙方特定的關(guān)聯(lián)性,關(guān)聯(lián)交易節(jié)約了大量的信息搜索、商業(yè)談判、合約實(shí)現(xiàn)等交易成本,并可運(yùn)用關(guān)聯(lián)性保證交易的優(yōu)先執(zhí)行。關(guān)聯(lián)交易所帶來(lái)的交易成本的節(jié)約、交易安全和效率是其他一般交易望塵莫及的。但同時(shí),若關(guān)聯(lián)方濫用控制權(quán),利用關(guān)聯(lián)交易輸送、轉(zhuǎn)移利益,則會(huì)侵害上市公司、中小股東、債權(quán)人等的合法利益,從而破壞市場(chǎng)公平交易的基礎(chǔ),擾亂證券市場(chǎng)的正常秩序。 中國(guó)證券市場(chǎng)經(jīng)過(guò)十多年的發(fā)展,上市公司關(guān)聯(lián)交易的法律制度在經(jīng)歷了缺失、萌芽和初步形成后,相關(guān)法律制度體系已逐步建立。但由于“新興加轉(zhuǎn)軌”的市場(chǎng)基礎(chǔ),上市公司關(guān)聯(lián)交易日趨復(fù)雜化、多樣化和隱形化,加之國(guó)有經(jīng)濟(jì)體制的因素,使得關(guān)聯(lián)交易法律制度面臨新的變革。 本文以法制史理論、比較法學(xué)及實(shí)證案例為基礎(chǔ),通過(guò)對(duì)我國(guó)上市公司關(guān)聯(lián)交易法律制度的演變過(guò)程和大量典型案例的分析,并比較國(guó)外相關(guān)法律制度對(duì)關(guān)聯(lián)交易的規(guī)制,說(shuō)明關(guān)聯(lián)交易是證券市場(chǎng)商事規(guī)則的典型現(xiàn)象,觀察和研究關(guān)聯(lián)交易法律制度的發(fā)展,可以看到一個(gè)經(jīng)濟(jì)體對(duì)商事規(guī)則的內(nèi)生需求和法律制度移植的關(guān)系。本文結(jié)合我國(guó)上市公司的特點(diǎn)和上市公司參與企業(yè)集團(tuán)化趨勢(shì),提出我國(guó)上市公司關(guān)聯(lián)交易法律制度改革的方向。建議在我國(guó)上市公司參與企業(yè)集團(tuán)化發(fā)展過(guò)程中,關(guān)聯(lián)交易法律制度應(yīng)確認(rèn)企業(yè)集團(tuán)關(guān)聯(lián)交易的事實(shí),從立法引導(dǎo)和司法救濟(jì)兩方面予以規(guī)制,在關(guān)聯(lián)交易涉及的多方利益關(guān)系中找到規(guī)制的平衡點(diǎn),將上市公司關(guān)聯(lián)交易“利益輸送”規(guī)范化,在規(guī)定關(guān)聯(lián)方,即主要是控股股東對(duì)上市公司履行必要義務(wù)的前提下,考慮企業(yè)集團(tuán)的整體利益,在發(fā)揮控股股東與上市公司這種母子公司組織結(jié)構(gòu)功能的同時(shí),實(shí)現(xiàn)上市公司利益的最大化,從而維護(hù)上市公司、中小股東和債權(quán)人等的利益。實(shí)現(xiàn)法律上的公平和公正,實(shí)現(xiàn)法律對(duì)關(guān)聯(lián)交易這種社會(huì)經(jīng)濟(jì)活動(dòng)的積極調(diào)整。本論文結(jié)構(gòu)由五個(gè)部分組成: 第一部分中國(guó)上市公司關(guān)聯(lián)交易概況。主要根據(jù)我國(guó)現(xiàn)有的法律和證監(jiān)會(huì)等相關(guān)行政部門的部門規(guī)章或規(guī)范性文件界定了關(guān)聯(lián)交易、關(guān)聯(lián)方、關(guān)聯(lián)關(guān)系,以及與此相關(guān)的定義。通過(guò)大量數(shù)據(jù)介紹了我國(guó)證券市場(chǎng)關(guān)聯(lián)交易的總體情況,分析了上市公司關(guān)聯(lián)交易產(chǎn)生的背景和原因。說(shuō)明在我國(guó)國(guó)有股權(quán)集中的證券市場(chǎng)結(jié)構(gòu)下,關(guān)聯(lián)交易有其自身的特點(diǎn)。 第二部分中國(guó)上市公司關(guān)聯(lián)交易法律制度的演變。從分析關(guān)聯(lián)交易的法律本質(zhì)著手,以代理理論為基礎(chǔ),分析關(guān)聯(lián)交易的本質(zhì)是利益沖突。這種利益沖突主要表現(xiàn)在控股股東與中小股東之間,以及所有者與經(jīng)營(yíng)者之間。并詳細(xì)介紹了我國(guó)公司法解決關(guān)聯(lián)交易利益沖突的規(guī)則,以及我國(guó)目前法律制度體系對(duì)關(guān)聯(lián)交易的規(guī)制。從歷史的角度介紹了我國(guó)關(guān)聯(lián)交易法律制度從缺失、萌芽到初步形成的三個(gè)階段,說(shuō)明現(xiàn)有法律制度體系調(diào)整關(guān)聯(lián)交易存在著局限性。 第三部分中國(guó)上市公司關(guān)聯(lián)交易的實(shí)證考察。通過(guò)對(duì)上市公司典型個(gè)案的分析,發(fā)現(xiàn)我國(guó)上市公司作為經(jīng)濟(jì)體制改革發(fā)展的主要實(shí)驗(yàn)體,在關(guān)聯(lián)交易中存在積極應(yīng)對(duì)關(guān)聯(lián)交易和消極濫用關(guān)聯(lián)交易的不同行為傾向,即有在關(guān)聯(lián)交易法律制度約束下被動(dòng)減少關(guān)聯(lián)交易的情況,也有受資產(chǎn)證券化和直接融資引導(dǎo),主動(dòng)減少關(guān)聯(lián)交易、提高企業(yè)集團(tuán)內(nèi)關(guān)聯(lián)交易規(guī)范化程度的意愿。 第四部分各國(guó)關(guān)聯(lián)交易法律制度的比較。從歐美成熟市場(chǎng)和亞洲新興市場(chǎng)兩方面,比較研究美國(guó)等國(guó)家和地區(qū)的關(guān)聯(lián)交易立法以及相關(guān)規(guī)則制度,探討各國(guó)在規(guī)范和監(jiān)管關(guān)聯(lián)交易行為上的制度優(yōu)勢(shì),并在分析我國(guó)與上述國(guó)家關(guān)聯(lián)交易法律制度差異的基礎(chǔ)上,研究如何借鑒境外關(guān)聯(lián)交易法律制度。 第五部分中國(guó)上市公司關(guān)聯(lián)交易法律制度演變趨勢(shì)。通過(guò)對(duì)在上海證券交易所上市公司參與企業(yè)集團(tuán)化趨勢(shì)的分析,以中石油為例分析企業(yè)集團(tuán)關(guān)聯(lián)交易的特點(diǎn),結(jié)合前述有關(guān)我國(guó)上市公司關(guān)聯(lián)交易的實(shí)證考察和境外法律制度對(duì)關(guān)聯(lián)交易規(guī)制的比較,本文認(rèn)為關(guān)聯(lián)交易在企業(yè)集團(tuán)化情況下,可分別借鑒德國(guó)事前引導(dǎo)的立法救濟(jì)和美國(guó)事后公平審查的司法救濟(jì)來(lái)規(guī)制關(guān)聯(lián)交易,在考慮企業(yè)集團(tuán)整體利益的基礎(chǔ)上,明確控股股東責(zé)任,在規(guī)定控股股東對(duì)上市公司履行必要義務(wù)的前提下,維護(hù)上市公司和中小股東的利益。
[Abstract]:As in the process of transition of economic system, the Chinese listed companies than traditional enterprise development to a certain stage of the product, which is mainly from planned economy to market economy in the process of transition from top to bottom was grafted into the enterprises to.1990 in December with the opening of the Shanghai stock exchange, the stock market will be Chinese given the mission of state-owned enterprises reform. The company listed on the Shanghai stock exchange as an example, most of the listed companies is the former state owned enterprises stripping, such corporate structures from the date of birth and the original state-owned enterprises are inextricably linked, related transactions will come into being.
The related transactions of listed companies is the link between the listed company and its controlling subsidiaries of listed companies with the transfer of resources or obligations. Because the transaction specific relevance, related transactions will save a lot of information search, business negotiation, contract implementation of transaction costs, and the use of association to ensure the execution of the transaction. The transaction cost associated. Exchange brings savings, transaction security and other general trading efficiency is unmatched. But at the same time, if the parties abuse the control power and the use of related party transactions transfer, transfer of interest, it will infringe the right of listed companies, shareholders, creditors and other legitimate interests, thus undermining the market even bargain, disturb the normal the order of the securities market.
Chinese stock market after more than 10 years of development, the related transactions of Listed Companies in the legal system in the absence of experience, the bud and the initial formation, relevant legal system has been gradually established. But because of the "emerging and transitional market foundation", the related transactions of listed companies is becoming more complex, diverse and invisible factors, coupled with the state-owned economic system the legal system of the connected transactions, facing new changes.
Based on the theory of legal history, comparative law and case studies as the basis, through the analysis of the evolution of China's legal system of related party transactions of listed companies and a large number of typical cases, and compare the regulation of foreign legal system of related party transactions, related party transactions that is a typical phenomenon in the securities market and commercial rules, the development of observation and Research Association the transaction of the legal system, the relationship between students and the legal system of the transfer request can see an economy of commercial rules. The participation trend of enterprise groups and listed companies according to the characteristics of the listed companies in our country, the legal system of the connected transactions of Listed Companies in our country reform direction. Suggestions in China's Listed Companies in the group development in the process of legal system of the connected transactions should confirm enterprise transactions facts, from the legislative guide and judicial relief from two aspects in the regulation. Find the balance regulation of interest related parties involved in related party transactions, the related transactions of the listed companies "benefits" of standardization, in the provisions of related parties, which mainly is the premise of controlling shareholders of listed companies to fulfill the necessary obligations under the consideration of the overall interests of the enterprise groups, play in controlling shareholders and the listed company the parent subsidiary company organizational structure function at the same time, to maximize the interests of the listed company, so as to maintain the listed companies, minority shareholders and creditors and other interests. To achieve legal fairness and justice, the realization of legal adjustment to the related transaction of this kind of positive social and economic activities. This thesis consists of five parts:
The first part of related transactions of listed companies of the main China. According to China's existing laws and the Commission and other relevant administrative departments of the department regulations or normative documents defining the related transactions, related party relationship, and the definition of the related data. Through a large number of the overall situation of related transactions in China's securities market analysis is introduced. The background and reason of the related transactions of Listed Companies in the securities market. The structure of China's state-owned equity concentration, trade association has its own characteristics.
The second part of the evolution of Chinese related transactions of the listed companies in the legal system. Starting from the analysis of the legal nature of the transactions, the agent theory, analyze the nature of related party transactions is a conflict of interest. This is mainly manifested in the conflict of interests between controlling shareholders and minority shareholders, and between the owner and the operator are introduced in detail. The company law of our country to solve benefits associated with the transaction conflict rules, and China's current legal system of related party transactions regulation. From the historical point of view, introduces the related transaction of our legal system from the lack of germination to three stages of the initial formation of the existing legal system to adjust the system of related party transactions have their limitations.
The third part is the empirical study of listed companies related transactions China. By analyzing the typical case of listed companies, found that listed companies in China as the main subject of the economic reform, there are positive and negative coping related transactions abuse related transactions different behavior in the transactions, the related transactions in the legal system under the constraints of passive to reduce the associated transactions, but also by the asset securitization and the direct financing, the initiative to reduce the related transactions within the group, to improve the standardization of the connected transactions will.
The fourth part is the comparison of the legal system of the connected transactions. From two aspects of the mature markets of Europe and Asia and emerging markets, a comparative study of the United States and other countries and regions of the related trade legislation and related rules and regulations, explores every advantage in the regulation and supervision of related party transactions on the system, based on the analysis of differences between our country and the National Trade Association on the legal system of the legal system, the study on how to learn foreign related transactions.
The fifth part covers the development trend Chinese listed company related transaction legal system. Through the analysis on the Shanghai Stock Exchange listed companies to participate in the trend of enterprise groups, in the case of oil analysis of the characteristics of enterprise group affiliated transaction, is combined with the aforementioned about China's listed companies affiliated transactions overseas empirical research and legal system on the regulation of related transactions, this paper argues that related party transactions in the group case, respectively from the German relief prior guidance legislation and the United States after a fair review of judicial relief to the regulation of related party transactions, in consideration of the overall interests of the enterprise group, the controlling shareholder of clear responsibility, subject to the provisions in controlling shareholders of listed companies to fulfill the necessary obligations, and maintenance of the listed company the interests of small shareholders.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2010
【分類號(hào)】：D922.291.91

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前1條

1 李文莉;非公允關(guān)聯(lián)交易的監(jiān)管制度研究[D];華東政法大學(xué);2012年

相關(guān)碩士學(xué)位論文 前5條

1 肖鄭東;我國(guó)上市公司關(guān)聯(lián)交易信息披露制度研究[D];安徽大學(xué);2011年

2 劉小娟;論對(duì)上市公司控股股東關(guān)聯(lián)交易的公司法規(guī)制[D];復(fù)旦大學(xué);2012年

3 劉珊;我國(guó)上市公司關(guān)聯(lián)交易規(guī)則、特征及動(dòng)機(jī)研究[D];西安石油大學(xué);2012年

4 張宏;我國(guó)上市公司關(guān)聯(lián)交易監(jiān)管制度的研究[D];吉林大學(xué);2013年

5 孫立偉;上市公司非公允關(guān)聯(lián)交易監(jiān)管制度研究[D];山西財(cái)經(jīng)大學(xué);2014年

，

本文編號(hào)：1663086