上市公司小股东权益保护机制研究
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摘要
本文讨论的是我国上市公司小股东权益保护的问题。在我国，上市公司虽然只有十几年的历史，发展却相当迅速，截止2004年4月我国的上市公司已有近1300家，在国民经济中占有相当重要的地位。但是由于各种原因，制度的规范未能跟上经济发展的步骤，也出现了诸多问题，其中由于相应制度的缺位，对小股东权益的忽视和侵犯屡见不鲜，已经严重制约了股票市场的健康、有序的发展。
笔者认为国际竞争实质上是制度的竞争。相关研究也表明，一国对小股东权益保护的好坏同该国股份公司、股票市场乃至整体经济的良性发展有着一定的正比关系，而保护小股东权益正是促进良性循环的起点，制度的缺乏会埋下危机的隐患。我国应当深入研究小股东权益保护问题，并尽快引入一些适合我国国情的制度，构建我国的小股东权益保护机制，以利于我国的上市公司在今后的国际竞争中占有优势。
在我国，切实加强措施保护小股东权益的意义在于：1、有利于提高公司价值，扩大资本市场规模；2、有利于维护资本市场的稳定，维持投资者信心；3、有利于发挥资本市场资源配置的功能；4、有利于推进国企改革，完善现代企业制度。
本论文分为六章。第一章从微观和宏观两个角度阐述了保护上市公司小股东权益的特殊意义；第二章作为全文的理论基础，对股东权的定义、性质和内容进行了界定；第三章列举了我国上市公司小股东权益遭受侵害的具体表现；第四章对上市公司小股东受侵害的原因进行了分析；第五章和第六章是本文的主体部分，在对我国小股东权益保护现状做出分析和国外经验学习借鉴的基础之上，充分考虑到我国的特殊国情，提出了一套较具可操作性的小股东保护机制的构想。
本文从股份制发展的历史和内在矛盾方面分析小股东权益保护问题，并对侵犯小股东权益做出较详尽的理论探讨。在对国际比较的基础之上，论证保护小股东权益是促进股份制、股票市场良性循环的起点。在对我国现状研究和国外经验借鉴的基础上，提出一套具有可操作性的小股东权益保护机制。
本文在研究方法上注重理论与实际相结合，多方运用演绎和比较分析等研究方法，系统论述了小股东保护的历史渊源、现状以及解决方案。但是由于此问题本身所具有的高难度和作者水平的限制，文章仍存在诸多不尽人意之处，特别是在保护机制的设计上，因笔者未曾接受过法律专业的系统熏陶，一些细节考虑不完全，方案亦会有不周之处。不过，希望本文能够提供一种可资借鉴的思路。
This dissertation is concerned with the protection of minority shareholders' rights and interests in listed companies in China. In China, the listed companies only have a history of about ten years though they have been developing very rapidly. However, due to various reasons, the institution normalization does not keep pace with the steps of economic development, and many problems have emerged, and particularly, the negligence and encroachment of the rights and interests of minority shareholders have occurred frequently. All of such problems seriously restrict the development of the stock market.
It is recognized that the essence of international competition is competition of system. Pertinent researches indicate that stand or fall in protecting the rights and interests of minority shareholders in a country has the direct relation with the sound development of the stock company, stock market or even the whole economy of that country. Protection of the rights and interests of minority shareholders is the starting point to expediate virtuous circles. Lack of institution will give rise to hidden troubles of crisis. It is advisable that we should thoroughly study the problems of protecting the rights and interests of minority shareholders and introduce a sound system in accordance with the situation of our country. Establishing the protection mechanism of the rights and interests of minority shareholders in our country shall help the listed companies of our country to enjoy various advantages in international competitions in the future.
In our country, the significances in protecting the rights and interests of minority shareholders are as follows: 1. it helps increase the value of the company and extend the scope of the capital market; 2. it helps keep the stabilization of the capital market and maintain the investors' confidence; 3. it helps realize the function of resource allocation in capital market; 4. it helps push the reform of state-owned companies and perfect the modem company institution.
This thesis is divided into six chapters. Chapter one sets forth the special significance in protecting the rights and interests of minority shareholders in terms of microcosmic and macroscopic. Chapter two is the theoretical basis of this thesis and it gives the definition, character and content of rights of the shareholders.
1
Chapter three enumerates various kinds of encroachment: of the rights and interests of minority shareholders. Chapter four surveys the causes of encroachment of the rights and interests of minority shareholders. Chapter five and Chapter six are main bodies of the thesis. Basing on the analysis of the present situation in protecting of the rights and interests of minority shareholders and studying the experiences of foreign countries, the author puts forward a set of feasible mechanism for protecting the minority shareholders with a view of the special situation of our country.
From the perspectives of the development history and its inner contradiction of stock system, the author analyzes the issue of protection of minority shareholders rights and interests and discusses the issue on the encroachment of minority shareholders interests theoretically. This thesis also proves, on the basis of international comparison, that the protection of minority shareholders' rights and interests is the starting point of improving stock market. Some further proposals are made in this thesis with respect to a feasible scheme for the protection of minority shareholders' rights and interests.
The research methodology of this paper is the combination of theory and practice. The methodologies of deduction and comparative analysis have been adopted. This thesis discusses the historical origin, present situation and the solving method of protecting the minority shareholders. The topic being a different one, this thesis is justifiably not perfect. Still, it is the humble hope of the author that this article can shed some light on the issue of protection of minority shareholders' rights and interests.
Peng Xuezhen(Ci
笔者认为国际竞争实质上是制度的竞争。相关研究也表明，一国对小股东权益保护的好坏同该国股份公司、股票市场乃至整体经济的良性发展有着一定的正比关系，而保护小股东权益正是促进良性循环的起点，制度的缺乏会埋下危机的隐患。我国应当深入研究小股东权益保护问题，并尽快引入一些适合我国国情的制度，构建我国的小股东权益保护机制，以利于我国的上市公司在今后的国际竞争中占有优势。
在我国，切实加强措施保护小股东权益的意义在于：1、有利于提高公司价值，扩大资本市场规模；2、有利于维护资本市场的稳定，维持投资者信心；3、有利于发挥资本市场资源配置的功能；4、有利于推进国企改革，完善现代企业制度。
本论文分为六章。第一章从微观和宏观两个角度阐述了保护上市公司小股东权益的特殊意义；第二章作为全文的理论基础，对股东权的定义、性质和内容进行了界定；第三章列举了我国上市公司小股东权益遭受侵害的具体表现；第四章对上市公司小股东受侵害的原因进行了分析；第五章和第六章是本文的主体部分，在对我国小股东权益保护现状做出分析和国外经验学习借鉴的基础之上，充分考虑到我国的特殊国情，提出了一套较具可操作性的小股东保护机制的构想。
本文从股份制发展的历史和内在矛盾方面分析小股东权益保护问题，并对侵犯小股东权益做出较详尽的理论探讨。在对国际比较的基础之上，论证保护小股东权益是促进股份制、股票市场良性循环的起点。在对我国现状研究和国外经验借鉴的基础上，提出一套具有可操作性的小股东权益保护机制。
本文在研究方法上注重理论与实际相结合，多方运用演绎和比较分析等研究方法，系统论述了小股东保护的历史渊源、现状以及解决方案。但是由于此问题本身所具有的高难度和作者水平的限制，文章仍存在诸多不尽人意之处，特别是在保护机制的设计上，因笔者未曾接受过法律专业的系统熏陶，一些细节考虑不完全，方案亦会有不周之处。不过，希望本文能够提供一种可资借鉴的思路。
This dissertation is concerned with the protection of minority shareholders' rights and interests in listed companies in China. In China, the listed companies only have a history of about ten years though they have been developing very rapidly. However, due to various reasons, the institution normalization does not keep pace with the steps of economic development, and many problems have emerged, and particularly, the negligence and encroachment of the rights and interests of minority shareholders have occurred frequently. All of such problems seriously restrict the development of the stock market.
It is recognized that the essence of international competition is competition of system. Pertinent researches indicate that stand or fall in protecting the rights and interests of minority shareholders in a country has the direct relation with the sound development of the stock company, stock market or even the whole economy of that country. Protection of the rights and interests of minority shareholders is the starting point to expediate virtuous circles. Lack of institution will give rise to hidden troubles of crisis. It is advisable that we should thoroughly study the problems of protecting the rights and interests of minority shareholders and introduce a sound system in accordance with the situation of our country. Establishing the protection mechanism of the rights and interests of minority shareholders in our country shall help the listed companies of our country to enjoy various advantages in international competitions in the future.
In our country, the significances in protecting the rights and interests of minority shareholders are as follows: 1. it helps increase the value of the company and extend the scope of the capital market; 2. it helps keep the stabilization of the capital market and maintain the investors' confidence; 3. it helps realize the function of resource allocation in capital market; 4. it helps push the reform of state-owned companies and perfect the modem company institution.
This thesis is divided into six chapters. Chapter one sets forth the special significance in protecting the rights and interests of minority shareholders in terms of microcosmic and macroscopic. Chapter two is the theoretical basis of this thesis and it gives the definition, character and content of rights of the shareholders.
1
Chapter three enumerates various kinds of encroachment: of the rights and interests of minority shareholders. Chapter four surveys the causes of encroachment of the rights and interests of minority shareholders. Chapter five and Chapter six are main bodies of the thesis. Basing on the analysis of the present situation in protecting of the rights and interests of minority shareholders and studying the experiences of foreign countries, the author puts forward a set of feasible mechanism for protecting the minority shareholders with a view of the special situation of our country.
From the perspectives of the development history and its inner contradiction of stock system, the author analyzes the issue of protection of minority shareholders rights and interests and discusses the issue on the encroachment of minority shareholders interests theoretically. This thesis also proves, on the basis of international comparison, that the protection of minority shareholders' rights and interests is the starting point of improving stock market. Some further proposals are made in this thesis with respect to a feasible scheme for the protection of minority shareholders' rights and interests.
The research methodology of this paper is the combination of theory and practice. The methodologies of deduction and comparative analysis have been adopted. This thesis discusses the historical origin, present situation and the solving method of protecting the minority shareholders. The topic being a different one, this thesis is justifiably not perfect. Still, it is the humble hope of the author that this article can shed some light on the issue of protection of minority shareholders' rights and interests.
Peng Xuezhen(Ci
引文
(1) 梁慧星编．民商法论丛．北京：法律出版社(第9，13卷)
(2) 王保树编．商事法论集．北京：法律出版社(第1，3，5卷)
(3) 顾耕耘主编．公司法评论．上海：上海人民出版社(2001，2002，2003卷)
(4) 徐学鹿编．商法研究．北京：人民法院出版社(第3，4辑)
(5) 郑玉波．公司法．台湾：三民书局，1980
(6) 卞耀武编．当代外国公司法．北京：法律出版社，1995
(7) 江伟．中国民事诉讼法专论．北京：中国政法大学出版社，1998
(8) 赵中孚编．民商法理论研究．北京：中国人民大学出版社，1999
(9) 张开平．公司权利解构．北京：中国社会科学出版社，1999
(10) 徐晓松．公司法与国有企业改革研究．北京：法律出版社，2000
(11) 张民安．现代英美董事法律地位研究．北京：法律出版社，2000
(12) 蒋大兴．公司法的展开与评判．北京：法律出版社，2001
(13) 毛亚敏．公司法比较研究．北京：中国法制出版社，2001．
(14) 殷召良．公司控制权法律问题研究．北京：法律出版社，2001
(15) 倪建林．公司治理结构．北京：法律出版社，2001
(16) 石少侠．公司法．吉林：吉林人民出版社，1994年版
(17) 孔样俊主编．民商法热点、难点及前沿问题．北京：人民法院出版社，1996
(18) 江平主编．新编公司法教程．北京：法律出版社，1994
(19) 梅慎实．现代公司权力机关构造论——公司治理结构的法律分析．北京：中国政法大学出版社，1996
(20) 段亚林．论大股东股权滥用及实例．北京：经济管理出版社，2001
(21) 理查德．A．波斯纳．法律的经济分析．蒋兆康译．北京：中国大百科全书出版社，1997
(22) 赵中孚，齐斌．上市公司信息披露监管和中国证券立法．中德商法研究．北京：法律出版社，1999
(23) 卞耀武．当代外国公司法．北京：法律出版社，1995
(24) 符启林主编．中国证券交易法律制度研究．法律出版社，2000
(25) 张开平．公司权利解构．北京：中国社会科学出版社，1999
(26) 刘俊海．股东权法律保护概论。北京：人民法院出版社，1995
(27) Harry G Henn & John R. Alexander. Law of Corporations. Horn Boods Series,
West Publishing Co., 1983
(28) Robert A. Prentice. Law of Business Organization and Securities Regulation. 2nd edition. Prentice-Hall, Inc., 1994
(29) L.C.B. Gower. Principles of Modem Company Law. Sweet & Maxwell, 1992
(30) Roy Goode. Commercial Law. Penguin Books, 1995
(2) 王保树编．商事法论集．北京：法律出版社(第1，3，5卷)
(3) 顾耕耘主编．公司法评论．上海：上海人民出版社(2001，2002，2003卷)
(4) 徐学鹿编．商法研究．北京：人民法院出版社(第3，4辑)
(5) 郑玉波．公司法．台湾：三民书局，1980
(6) 卞耀武编．当代外国公司法．北京：法律出版社，1995
(7) 江伟．中国民事诉讼法专论．北京：中国政法大学出版社，1998
(8) 赵中孚编．民商法理论研究．北京：中国人民大学出版社，1999
(9) 张开平．公司权利解构．北京：中国社会科学出版社，1999
(10) 徐晓松．公司法与国有企业改革研究．北京：法律出版社，2000
(11) 张民安．现代英美董事法律地位研究．北京：法律出版社，2000
(12) 蒋大兴．公司法的展开与评判．北京：法律出版社，2001
(13) 毛亚敏．公司法比较研究．北京：中国法制出版社，2001．
(14) 殷召良．公司控制权法律问题研究．北京：法律出版社，2001
(15) 倪建林．公司治理结构．北京：法律出版社，2001
(16) 石少侠．公司法．吉林：吉林人民出版社，1994年版
(17) 孔样俊主编．民商法热点、难点及前沿问题．北京：人民法院出版社，1996
(18) 江平主编．新编公司法教程．北京：法律出版社，1994
(19) 梅慎实．现代公司权力机关构造论——公司治理结构的法律分析．北京：中国政法大学出版社，1996
(20) 段亚林．论大股东股权滥用及实例．北京：经济管理出版社，2001
(21) 理查德．A．波斯纳．法律的经济分析．蒋兆康译．北京：中国大百科全书出版社，1997
(22) 赵中孚，齐斌．上市公司信息披露监管和中国证券立法．中德商法研究．北京：法律出版社，1999
(23) 卞耀武．当代外国公司法．北京：法律出版社，1995
(24) 符启林主编．中国证券交易法律制度研究．法律出版社，2000
(25) 张开平．公司权利解构．北京：中国社会科学出版社，1999
(26) 刘俊海．股东权法律保护概论。北京：人民法院出版社，1995
(27) Harry G Henn & John R. Alexander. Law of Corporations. Horn Boods Series,
West Publishing Co., 1983
(28) Robert A. Prentice. Law of Business Organization and Securities Regulation. 2nd edition. Prentice-Hall, Inc., 1994
(29) L.C.B. Gower. Principles of Modem Company Law. Sweet & Maxwell, 1992
(30) Roy Goode. Commercial Law. Penguin Books, 1995