上市公司关联担保的法律问题研究
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摘要
通过研读上市公司关联担保的相关法律法规及行政规章、分析典型案例,发现存在以下问题：第一,相关概念法律界定不完善；第二,法规与法规之间以及法规和部门规章之间存在冲突；第三,冲突的存在使法律适用和司法权衡存在困难。针对以上问题,本文立足我国立法与司法实践,主要站在保护中小股东利益与债权人利益的角度,对立法及司法实践中有关关联担保的争议问题进行了具体分析,并且对如何规范关联担保行为提出了自己的见解。
全文共分为五个部分：第一部分分析了关联担保的相关概念,通过对该部分的分析,发现部分概念的法律界定有待完善；第二部分对比分析关联担保的利与弊,得出上市公司关联担保行为是把“双刃剑”的结论,不应强行禁止,但却需要法律、行政法规、公司章程进行规范；第三部分对比分析了立法发达国家、地区的立法及我国的立法制度,发现我国的部分立法制度虽吸取了前者的先进经验,但是还需要进一步的完善。在分析我国的立法制度时,本文选择了《公司法》、《担保法》、《证券法》及证监会发布的部分行政规章进行具体分析,通过分析发现法规与法规之间、法规与部门规章之间存在冲突,正是这种冲突的存在,造成司法权衡的困难；第四部分对比分析“中福实业担保案”以及“彩虹集团担保案”两个案例及最高人民法院的判决结果,发现了我国司法实践中的一些问题,并对如何解决这些问题提出了自己的见解；第五部分既是对以上章节的总结也是补充,在前四章分析的基础上,得出对我国上市公司关联担保行为法律制度的完善,不能只局限在立法层面,还要完善公司内部结构以及整个社会监管环境的结论。
Through the study of related laws and administrative rules and typical cases of the listed company associated guarantee, I found the following questions:First, the legal definition of related concepts are imperfect; Second, there are some conflicts between the laws and administrative rules; Third, these conflicts makes some difficulties in the application of the law and the judicial balance.
To solve the problems mentioned above, the thesis is based on our country's legislation and judicial practice, standing on the point of protecting interests between the creditors and the shareholders, analyzing the disputes about legislation and judicial practice of association guarantees, and will put forward some new points in regulating the practice of associated guarantee.
The thesis is divided into five parts. The first part analyzes the related concepts of guarantees, founding that certain part of the concepts remain to be improved; The second part analyzes the advantages and disadvantages of associated guarantee, the conclusion is that the listed company association is a double-edged sword, it should not be banned completely, but it needs laws, administrative regulations and the articles to regulate; The third part analyzes the legislation in developed countries and the legislation of our country, founding that although our legislation system has already draw the advanced experience, it also need to be further improved. On the analysis, the thesis chooses "The Company Law", "The Guaranty Law", "The Securities Law" and the administrative regulations, founding that there are conflicts between laws and administrative rules. These conflicts makes some difficulties in the application of the law and the judicial balance; The fourth part analyze " Zhong Fu company guarantee case " and "rainbow group guarantee case" and the court decisions, founding some practical problems, and will put forward some new points; The fifth part is the summary and supplement of aboving parts, based on the analysis of the listed companies in China. The conclusion is that the perfection of the associated guarantees, should not only limited in legislative layer, but also should perfect our internal structure and the whole social regulatory environment.
全文共分为五个部分：第一部分分析了关联担保的相关概念,通过对该部分的分析,发现部分概念的法律界定有待完善；第二部分对比分析关联担保的利与弊,得出上市公司关联担保行为是把“双刃剑”的结论,不应强行禁止,但却需要法律、行政法规、公司章程进行规范；第三部分对比分析了立法发达国家、地区的立法及我国的立法制度,发现我国的部分立法制度虽吸取了前者的先进经验,但是还需要进一步的完善。在分析我国的立法制度时,本文选择了《公司法》、《担保法》、《证券法》及证监会发布的部分行政规章进行具体分析,通过分析发现法规与法规之间、法规与部门规章之间存在冲突,正是这种冲突的存在,造成司法权衡的困难；第四部分对比分析“中福实业担保案”以及“彩虹集团担保案”两个案例及最高人民法院的判决结果,发现了我国司法实践中的一些问题,并对如何解决这些问题提出了自己的见解；第五部分既是对以上章节的总结也是补充,在前四章分析的基础上,得出对我国上市公司关联担保行为法律制度的完善,不能只局限在立法层面,还要完善公司内部结构以及整个社会监管环境的结论。
Through the study of related laws and administrative rules and typical cases of the listed company associated guarantee, I found the following questions:First, the legal definition of related concepts are imperfect; Second, there are some conflicts between the laws and administrative rules; Third, these conflicts makes some difficulties in the application of the law and the judicial balance.
To solve the problems mentioned above, the thesis is based on our country's legislation and judicial practice, standing on the point of protecting interests between the creditors and the shareholders, analyzing the disputes about legislation and judicial practice of association guarantees, and will put forward some new points in regulating the practice of associated guarantee.
The thesis is divided into five parts. The first part analyzes the related concepts of guarantees, founding that certain part of the concepts remain to be improved; The second part analyzes the advantages and disadvantages of associated guarantee, the conclusion is that the listed company association is a double-edged sword, it should not be banned completely, but it needs laws, administrative regulations and the articles to regulate; The third part analyzes the legislation in developed countries and the legislation of our country, founding that although our legislation system has already draw the advanced experience, it also need to be further improved. On the analysis, the thesis chooses "The Company Law", "The Guaranty Law", "The Securities Law" and the administrative regulations, founding that there are conflicts between laws and administrative rules. These conflicts makes some difficulties in the application of the law and the judicial balance; The fourth part analyze " Zhong Fu company guarantee case " and "rainbow group guarantee case" and the court decisions, founding some practical problems, and will put forward some new points; The fifth part is the summary and supplement of aboving parts, based on the analysis of the listed companies in China. The conclusion is that the perfection of the associated guarantees, should not only limited in legislative layer, but also should perfect our internal structure and the whole social regulatory environment.
引文
(美)H.W.埃尔曼(Henry W. Hermann)著；贺卫方,高鸿钧.比较法律文化[M].北京市：清华大学出版社.2002,12.
[1]刘俊海.股份有限公司股东权保护[M].北京：法律出版社,2004.
[2]顾功耘.公司法律评论[M].上海：上海人民出版社,2003.
[3]高先民.上市公司的秘密[M].北京：世界图书出版社,2001.
[4]张国平.公司法律制度[M].南京：南京师范大学出版社,2000.
[5]周友苏.上市公司法律规制论[M].北京：商务印书馆,2006.
[6]赵旭东.公司法学[M].北京：高等教育出版社,2003.
[7]王林清,顾东伟.新公司法实施以来热点问题适用研究[M].北京：人民法院出版社,2009.
[8]王建平.上市公司风险的结构控制研究—以法律控制为核心[M].北京：法律出版社,2007.
[9]王红一.公司法功能与结构法社会学分析[M].北京：北京大学出版社,2002.
[10]王泽鉴.侵权行为法[M].北京：中国政法大学出版社,2001.
[11]虞政平主编.英国公司法规汇编[M].北京：法律出版社,2000.
[12]卞耀武主编.法国公司法规范[M].北京：法律出版社,1999.
[13]卞耀武主编.德国股份公司法[M].北京：法律出版社,1999.
[14]王太铨.公司法新论[M].台湾：三民书局,1998.
[15]魏刚.中国上市公司股利分配问题研究[M].大连：东北财经大学出版社,2001.
[16]张民安.公司法上的利益平衡[M].北京：北京大学出版社,2003.
[17]马俊驹,余延满,施天涛.现代企业法律制度研究[M].北京：法律出版社,2000.
[18]柳经纬.上市公司关联交易法律问题的研究[M].厦门：厦门大学出版社,2001.
[19]谢朝斌.我国上市公司过度担保问题之法律分析与综合治理[J].湖北经济学院学报,2004,(04)
[20]陈洁.我国上市公司关联担保的立法和实践[J].证券市场导报.2003
[21]刘善敏,林斌.上市公司对外担保的利益相关者分析——以“鸿仪系”担保圈为例[J].上海金融学院学报,2007,(01).
[22]曾琳.上市公司关联担保效力研究[J].商场现代化,2007,(09).
[23]李建伟.公司关联担保规制的制度变迁与政策选择——兼论法律规制的目标与方法[J].商事法论集,2006,(02).
[24]谭雪松.我国上市公司违规行为研究[D].四川大学,2005.
[25]孙季强.关联企业制度与银行信贷风险防范研究[D].中国海洋大学,2005.
[26]刘芳.我国上市公司关联担保的法律规制[D].西南财经大学,2006.
[27]张翠霞.我国上市公司担保问题研究[D].西南大学,2008.
[28]刘智.我国上市公司对外担保相关问题研究[D].西南财经大学,2006.
[29]李艳武.基于上市公司违规担保的商业银行风险管理研究[D].湖南大学,2006.
[30]罗新宇.上市公司对外担保法律规制研究[D].华东政法大学,2007.
[31]谢阳.长沙市中小企业信用担保公司金融安全管理研究[D].湖南大学,2007.
[32]郑妤.关联担保对我国上市公司价值影响的实证研究[D].暨南大学,2008.
[33]石柯.上市公司关联担保行为的影响因素研究[D].陕西师范大学,2008.
[34]潘丽洁.担保与民营上市公司绩效关系研究[D].浙江大学,2010.
[35]吴育彩.由“德隆系”案反思我国上市公司关联担保的法律规制[D].兰州大学,2010.
[36]李吉风.资本多数决原则的滥用及其限制[D].黑龙江大学,2010.
[37]Philip R wood, Comparative Law Of Security And Guarantees, sweet & Maxwell,London.1995
[38]Ronald J. Mann, Explaining The Pattern of Secured Credit t, Harvard Law Review vol,110, 1997.
[39]Lynn.M. Lopucki, The Unsecured Creditor's Bargain, Va.L.Rev.l,1994.
[40]Avery Wiener Katz, An Economic Analysis of the Guaranty Contract, The University of Chicago Law Review, Vol.66:47,1999.
[1]刘俊海.股份有限公司股东权保护[M].北京：法律出版社,2004.
[2]顾功耘.公司法律评论[M].上海：上海人民出版社,2003.
[3]高先民.上市公司的秘密[M].北京：世界图书出版社,2001.
[4]张国平.公司法律制度[M].南京：南京师范大学出版社,2000.
[5]周友苏.上市公司法律规制论[M].北京：商务印书馆,2006.
[6]赵旭东.公司法学[M].北京：高等教育出版社,2003.
[7]王林清,顾东伟.新公司法实施以来热点问题适用研究[M].北京：人民法院出版社,2009.
[8]王建平.上市公司风险的结构控制研究—以法律控制为核心[M].北京：法律出版社,2007.
[9]王红一.公司法功能与结构法社会学分析[M].北京：北京大学出版社,2002.
[10]王泽鉴.侵权行为法[M].北京：中国政法大学出版社,2001.
[11]虞政平主编.英国公司法规汇编[M].北京：法律出版社,2000.
[12]卞耀武主编.法国公司法规范[M].北京：法律出版社,1999.
[13]卞耀武主编.德国股份公司法[M].北京：法律出版社,1999.
[14]王太铨.公司法新论[M].台湾：三民书局,1998.
[15]魏刚.中国上市公司股利分配问题研究[M].大连：东北财经大学出版社,2001.
[16]张民安.公司法上的利益平衡[M].北京：北京大学出版社,2003.
[17]马俊驹,余延满,施天涛.现代企业法律制度研究[M].北京：法律出版社,2000.
[18]柳经纬.上市公司关联交易法律问题的研究[M].厦门：厦门大学出版社,2001.
[19]谢朝斌.我国上市公司过度担保问题之法律分析与综合治理[J].湖北经济学院学报,2004,(04)
[20]陈洁.我国上市公司关联担保的立法和实践[J].证券市场导报.2003
[21]刘善敏,林斌.上市公司对外担保的利益相关者分析——以“鸿仪系”担保圈为例[J].上海金融学院学报,2007,(01).
[22]曾琳.上市公司关联担保效力研究[J].商场现代化,2007,(09).
[23]李建伟.公司关联担保规制的制度变迁与政策选择——兼论法律规制的目标与方法[J].商事法论集,2006,(02).
[24]谭雪松.我国上市公司违规行为研究[D].四川大学,2005.
[25]孙季强.关联企业制度与银行信贷风险防范研究[D].中国海洋大学,2005.
[26]刘芳.我国上市公司关联担保的法律规制[D].西南财经大学,2006.
[27]张翠霞.我国上市公司担保问题研究[D].西南大学,2008.
[28]刘智.我国上市公司对外担保相关问题研究[D].西南财经大学,2006.
[29]李艳武.基于上市公司违规担保的商业银行风险管理研究[D].湖南大学,2006.
[30]罗新宇.上市公司对外担保法律规制研究[D].华东政法大学,2007.
[31]谢阳.长沙市中小企业信用担保公司金融安全管理研究[D].湖南大学,2007.
[32]郑妤.关联担保对我国上市公司价值影响的实证研究[D].暨南大学,2008.
[33]石柯.上市公司关联担保行为的影响因素研究[D].陕西师范大学,2008.
[34]潘丽洁.担保与民营上市公司绩效关系研究[D].浙江大学,2010.
[35]吴育彩.由“德隆系”案反思我国上市公司关联担保的法律规制[D].兰州大学,2010.
[36]李吉风.资本多数决原则的滥用及其限制[D].黑龙江大学,2010.
[37]Philip R wood, Comparative Law Of Security And Guarantees, sweet & Maxwell,London.1995
[38]Ronald J. Mann, Explaining The Pattern of Secured Credit t, Harvard Law Review vol,110, 1997.
[39]Lynn.M. Lopucki, The Unsecured Creditor's Bargain, Va.L.Rev.l,1994.
[40]Avery Wiener Katz, An Economic Analysis of the Guaranty Contract, The University of Chicago Law Review, Vol.66:47,1999.