上市公司关联交易现状及规制
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摘要
上市公司的关联交易是证券市场发展中一种普遍而又亟待规范的现象。一方面，关联交易所具有的降低交易成本、优化资源配置、实现公司利润最大化的优越性，增强了上市公司的竞争力并推动其发展，是上市公司在扩张和资本运营过程中普遍采用的一种形式。另一方面，关联交易发生在有关联关系的特定主体之间，交易一方能够通过这种关联关系控制或影响另一方的决策、行为，从而造成交易双方地位实质上的不平等，使关联交易的公正性受到质疑并很容易使关联交易演化为规避法律、侵害他人利益的工具。随着我国公司制度和证券市场的发展，不公正关联交易在现实中引发了许多问题。如何规范关联交易，保护关联公司的债权人和股东的利益，就成为亟需解决的课题，这也正是本文的写作目的。
论文共五章。
第一章导论。阐述了论文研究的目的、意义、研究的方法与思路。
第二章关联交易概述。介绍了我国《企业会计准则》中关于关联交易的定义及与之相关的若干概念，并在此基础上说明企业生产经营活动的哪些环节可能存在关联交易以及《企业会计准则》对关联交易披露的要求。力求通过这一部分，对什么是关联交易、如何判断关联交易及披露要求和重要性有一个清晰的认识，为以后各章的研究奠定基础。
第三章关联交易现状研究。结合我国上市公司的实际，对关联交易的现状，包括目前整个市场的总体特征、常见的形式、交易价格的确定及原因等进行了剖析，并通过典型案例对一些常见的关联交易形式进行了分析。希望通过该部分的研究，使读者了解我国上市公司目前对关联交易的运用方式及产生的效果。
第四章关联交易产生的原因及动机分析。主要是对我国上市公司关联交易的一些分析。首先对从体制层面上分析了我国关联交易产生的原因，然后从企业层面上分析关联交易产生的动机，最后指出了非
规范关联交易对各方面的危害。使读者认识到我国关联交易的特殊性及对其进行规制的必要性。
第五章规制上市公司非规范关联交易。主要是对规制关联交易的一些思考。首先分析了我国现行准则中存在的不足，然后阐述了英美等市场经济发达国家在关联交易问题上的一些法律原则，最后在这两者的基础上提出作者关于规制关联交易的一些思考，希望能以此为我国证券市场的规范发展提供一些有益的借鉴。
在本文的写作过程中，笔者查阅了大量的参考资料。这些资料大多从关联交易的某一两个方面进行分析，然后针对这一两个方面提出规制措施。本文在综合这些资料的基础上，从定义入手，按照由浅入深的顺序，通过对关联交易现状的描述，对其产生原因、危害进行多方面的分析，然后有针对性的提出自己的思考，使得读者能够更加全面的从整体上对关联交易进行把握，同时使得文章浅显易懂。
目前关于规制关联交易的观点，多集中于如何防止上市公司利用关联交易损害债权人及中小投资者利益方面，而对非规范关联交易产生后如何维护债权人及中小投资者利益讨论得较少，本文虽然参考国外有关立法原则对这方面进行了一些思索，但由于水平有限，不足之处在所难免。希望通过本文能够引起读者对这方面问题的关注，使我国证券市场更加有序、健康地发展。
Commercial transaction within affiliated enterprise is a common phenomenon in the company listed in the stock market and need to be regulated. This transaction, on the one hand, by reducing the cost of business、optimizing resource collocation、maximizing the profit, can intensify the company's power of competition. But on the other hand, because it happens between two sides that have affiliated relationship, one side may control or affect the other's decision or action by this relationship, it could make inequality between these two sides and make the transaction unfair. Sometimes, it even becomes a tool of aggrieving other's legal rights and evading the punishment of law.
Along with the development of our country's securities business and company system, these unfair Commercial transactions within affiliated enterprise cause a lot of serious problems. Therefore, how to regularize these transactions and how to protect the rights of the creditors or shareholders of these affiliated enterprises become a problem should be solved immediately and the purpose of this paper.
There are five chapters in this paper.
Chapter one is prolegomena. It expounds the purpose、aim and researching methods of this paper.
Chapter two is a description of commercial transaction within affiliated enterprise. It introduces the definition and some conception of commercial transaction within affiliated enterprise in our country's 《guide line of enterprise accounting》, and on the base of this Introduction, explain what parts of the process in producing and management could make commercial transaction within affiliated enterprise and the request of 《guide line of enterprise accounting》
concerning with the exposure of commercial transaction within affiliated enterprise. Through all these, this chapter hopes to form an opinion of what is and how to judge commercial transaction within affiliated enterprise, and understand the request and essentiality of exposing commercial transaction within affiliated enterprise. In other words, this chapter is a foundation of the later research.
Chapter three researches the statue quo of commercial transaction within affiliated enterprise. Combining with the facts of companies in our country and some typical cases , it researches the characters of present market、general form、decision and causation of transaction price of commercial transaction within affiliated enterprise. By these researches, it helps to make readers understand the styles and consequence of general commercial transaction within affiliated enterprise.
Chapter four is an analysis of commercial transaction within affiliated enterprise. First, it analyses the causation from the lay of system, and then, it analyses the motivation form the lay of enterprise, finally, through these analysis, it indicates the harm of commercial transaction within affiliated enterprise.
Chapter five try to find some methods of regularizing commercial transaction within affiliated enterprise. First, it analyses the shortage of the present guideline, and then, expounds some legal principles about commercial transaction within affiliated enterprise that used in developed country such as America or Britain. On the foundation, it brings forward some thoughts of regularizing commercial transaction within affiliated enterprise.
In the process of writing this paper, there were many datum be referred. In general, these datum analyzes commercial transaction within affiliated enterprise form only one or two aspects, and bring forward regularizing methods about these aspects. On the foundation of integrating these data, this paper, starting with the definition and by
describing the actualities, detailed analyzing the causation and harm of commercial transaction within affiliated enterprise from many aspects, and then, brings forward the regularizing methods.
At present, on contrast with so many opinions about commercial transaction within affiliated enterprise that focus on how to prevent affiliated enterprise from aggrieving the rights
论文共五章。
第一章导论。阐述了论文研究的目的、意义、研究的方法与思路。
第二章关联交易概述。介绍了我国《企业会计准则》中关于关联交易的定义及与之相关的若干概念，并在此基础上说明企业生产经营活动的哪些环节可能存在关联交易以及《企业会计准则》对关联交易披露的要求。力求通过这一部分，对什么是关联交易、如何判断关联交易及披露要求和重要性有一个清晰的认识，为以后各章的研究奠定基础。
第三章关联交易现状研究。结合我国上市公司的实际，对关联交易的现状，包括目前整个市场的总体特征、常见的形式、交易价格的确定及原因等进行了剖析，并通过典型案例对一些常见的关联交易形式进行了分析。希望通过该部分的研究，使读者了解我国上市公司目前对关联交易的运用方式及产生的效果。
第四章关联交易产生的原因及动机分析。主要是对我国上市公司关联交易的一些分析。首先对从体制层面上分析了我国关联交易产生的原因，然后从企业层面上分析关联交易产生的动机，最后指出了非
规范关联交易对各方面的危害。使读者认识到我国关联交易的特殊性及对其进行规制的必要性。
第五章规制上市公司非规范关联交易。主要是对规制关联交易的一些思考。首先分析了我国现行准则中存在的不足，然后阐述了英美等市场经济发达国家在关联交易问题上的一些法律原则，最后在这两者的基础上提出作者关于规制关联交易的一些思考，希望能以此为我国证券市场的规范发展提供一些有益的借鉴。
在本文的写作过程中，笔者查阅了大量的参考资料。这些资料大多从关联交易的某一两个方面进行分析，然后针对这一两个方面提出规制措施。本文在综合这些资料的基础上，从定义入手，按照由浅入深的顺序，通过对关联交易现状的描述，对其产生原因、危害进行多方面的分析，然后有针对性的提出自己的思考，使得读者能够更加全面的从整体上对关联交易进行把握，同时使得文章浅显易懂。
目前关于规制关联交易的观点，多集中于如何防止上市公司利用关联交易损害债权人及中小投资者利益方面，而对非规范关联交易产生后如何维护债权人及中小投资者利益讨论得较少，本文虽然参考国外有关立法原则对这方面进行了一些思索，但由于水平有限，不足之处在所难免。希望通过本文能够引起读者对这方面问题的关注，使我国证券市场更加有序、健康地发展。
Commercial transaction within affiliated enterprise is a common phenomenon in the company listed in the stock market and need to be regulated. This transaction, on the one hand, by reducing the cost of business、optimizing resource collocation、maximizing the profit, can intensify the company's power of competition. But on the other hand, because it happens between two sides that have affiliated relationship, one side may control or affect the other's decision or action by this relationship, it could make inequality between these two sides and make the transaction unfair. Sometimes, it even becomes a tool of aggrieving other's legal rights and evading the punishment of law.
Along with the development of our country's securities business and company system, these unfair Commercial transactions within affiliated enterprise cause a lot of serious problems. Therefore, how to regularize these transactions and how to protect the rights of the creditors or shareholders of these affiliated enterprises become a problem should be solved immediately and the purpose of this paper.
There are five chapters in this paper.
Chapter one is prolegomena. It expounds the purpose、aim and researching methods of this paper.
Chapter two is a description of commercial transaction within affiliated enterprise. It introduces the definition and some conception of commercial transaction within affiliated enterprise in our country's 《guide line of enterprise accounting》, and on the base of this Introduction, explain what parts of the process in producing and management could make commercial transaction within affiliated enterprise and the request of 《guide line of enterprise accounting》
concerning with the exposure of commercial transaction within affiliated enterprise. Through all these, this chapter hopes to form an opinion of what is and how to judge commercial transaction within affiliated enterprise, and understand the request and essentiality of exposing commercial transaction within affiliated enterprise. In other words, this chapter is a foundation of the later research.
Chapter three researches the statue quo of commercial transaction within affiliated enterprise. Combining with the facts of companies in our country and some typical cases , it researches the characters of present market、general form、decision and causation of transaction price of commercial transaction within affiliated enterprise. By these researches, it helps to make readers understand the styles and consequence of general commercial transaction within affiliated enterprise.
Chapter four is an analysis of commercial transaction within affiliated enterprise. First, it analyses the causation from the lay of system, and then, it analyses the motivation form the lay of enterprise, finally, through these analysis, it indicates the harm of commercial transaction within affiliated enterprise.
Chapter five try to find some methods of regularizing commercial transaction within affiliated enterprise. First, it analyses the shortage of the present guideline, and then, expounds some legal principles about commercial transaction within affiliated enterprise that used in developed country such as America or Britain. On the foundation, it brings forward some thoughts of regularizing commercial transaction within affiliated enterprise.
In the process of writing this paper, there were many datum be referred. In general, these datum analyzes commercial transaction within affiliated enterprise form only one or two aspects, and bring forward regularizing methods about these aspects. On the foundation of integrating these data, this paper, starting with the definition and by
describing the actualities, detailed analyzing the causation and harm of commercial transaction within affiliated enterprise from many aspects, and then, brings forward the regularizing methods.
At present, on contrast with so many opinions about commercial transaction within affiliated enterprise that focus on how to prevent affiliated enterprise from aggrieving the rights
引文
1、全国会计专业资格考试领导小组办公室：《中级会计实务（二）》，中国财政经济出版社，2002年
2、财政部：《企业会计制度（2001年版）》，经济科学出版社，2001年
3、金德环：《当代中国证券市场》，上海财经大学出版社，1999年
4、白建军：《证券欺诈及对策》，中国法制出版社
5、潘英丽：《中国证券市场规范发展问题研究》，上海财经大学出版社，2000年
6、段亚林：《论大股东股权滥用及案例》，经济管理出版社，1999年
7、黄致华：《左手倒右手利益在那里？关联交易:福兮？祸兮？》，TOM财经网，2003年
8、曹子海：《上市公司关联交易的界定、考察及对策》，深圳市法制局网站，2003年
9、中国证监会网站内容
10、中国证券报：《完善公司治理是关联交易监管关键所在》，2002年12月28日
11、《深圳证券交易所市场统计年鉴（2002年）、（2001年）》，深圳证券交易所网站
12、《上海证券交易所市场资料（2002年）、（2001年）》，上海证券交易所网站
13、杨建峰：《美国法的“深石原则”对我国公司法的借鉴》，福建法学杂志，2003年第1期（总第73期）
14、冯果：《商事法论集》第6卷，法律出版社，2002年9月
15、王宾容、王云芳：《相互持股对公司资本额的影响及对策分析》，中国律师网，2003年6月13日
16、刘烨：《我国上市公司关联交易盈余管理解析》，财经理论与实践（双月刊），2001年9月
2、财政部：《企业会计制度（2001年版）》，经济科学出版社，2001年
3、金德环：《当代中国证券市场》，上海财经大学出版社，1999年
4、白建军：《证券欺诈及对策》，中国法制出版社
5、潘英丽：《中国证券市场规范发展问题研究》，上海财经大学出版社，2000年
6、段亚林：《论大股东股权滥用及案例》，经济管理出版社，1999年
7、黄致华：《左手倒右手利益在那里？关联交易:福兮？祸兮？》，TOM财经网，2003年
8、曹子海：《上市公司关联交易的界定、考察及对策》，深圳市法制局网站，2003年
9、中国证监会网站内容
10、中国证券报：《完善公司治理是关联交易监管关键所在》，2002年12月28日
11、《深圳证券交易所市场统计年鉴（2002年）、（2001年）》，深圳证券交易所网站
12、《上海证券交易所市场资料（2002年）、（2001年）》，上海证券交易所网站
13、杨建峰：《美国法的“深石原则”对我国公司法的借鉴》，福建法学杂志，2003年第1期（总第73期）
14、冯果：《商事法论集》第6卷，法律出版社，2002年9月
15、王宾容、王云芳：《相互持股对公司资本额的影响及对策分析》，中国律师网，2003年6月13日
16、刘烨：《我国上市公司关联交易盈余管理解析》，财经理论与实践（双月刊），2001年9月