我国非上市公众公司的立法研究
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摘要
我国基本立法没有对公众公司做出界定,也没有对非上市公众公司的注册登记和挂牌交易进行明确的规范,但事实上存在着各种类型的非上市公众公司。从法律属性而言,非上市公众公司可以区分为合法、非法和事实类三种公司类型。这类股份公司的形成原因虽然不同,但都属于公众公司,涉及社会公共利益,直接影响资本市场的发展以及股权交易秩序。现行公司立法存在分类失范、功能受限和监管缺失等问题。基于公司形态完善和多层次股权市场发展的需要,我国《公司法》应科学合理地确定公司形态,将公众公司区分为非公开挂牌转让的公众公司和公开挂牌转让的公众公司,同时将不同类型的非上市公众公司纳入证券法的规制范围,并建立由中国证监会统一监管的分类监管机制。
The basic legislation of China does not define public companies,nor does it clearly regulate the registration and listing of unlisted public companies,but in fact there are various types of unlisted public companies. In terms of legal attributes,the unlisted public companies can be divided into legal,illegal and factual types. Although the reasons for the formation of such joint-stock companies are different,they belong to the public companies,involving the public interests of society,directly affecting the development of the capital market and the order of equity transactions. There are some problems in the current company legislation,such as anomie of classification,limitation of function and lack of supervision. Based on the perfection of company form and the need of the development of multi-level equity market,China's Company Law should scientifically and reasonably determine the company form,distinguish public companies from those transferred by non-public listing and those transferred by public listing. At the same time,different types of non-listed public companies should be included in the scope of the regulation of the securities law,and establish an unified supervision by the China Securities Regulatory Commission with classified supervision mechanism.
The basic legislation of China does not define public companies,nor does it clearly regulate the registration and listing of unlisted public companies,but in fact there are various types of unlisted public companies. In terms of legal attributes,the unlisted public companies can be divided into legal,illegal and factual types. Although the reasons for the formation of such joint-stock companies are different,they belong to the public companies,involving the public interests of society,directly affecting the development of the capital market and the order of equity transactions. There are some problems in the current company legislation,such as anomie of classification,limitation of function and lack of supervision. Based on the perfection of company form and the need of the development of multi-level equity market,China's Company Law should scientifically and reasonably determine the company form,distinguish public companies from those transferred by non-public listing and those transferred by public listing. At the same time,different types of non-listed public companies should be included in the scope of the regulation of the securities law,and establish an unified supervision by the China Securities Regulatory Commission with classified supervision mechanism.
引文
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