上市公司对外担保法律问题研究
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摘要
上市公司对外担保的行为不仅能够降低交易成本,保障债权的实现,也能够有效地促进资金的融通和资源的优化配置。与此同时,它也可能会导致上市公司经营状况的恶化、加大市场风险并损害股东或债权人的利益。从我国上市公司对外担保的历史来看,经历了初始萌芽阶段;上市公司沦为大股东的“提款机”阶段;担保圈、担保链的形成阶段;为子公司提供担保阶段;关联担保持续,担保总额上升阶段。从目前的现状来讲,对外担保存在的问题主要有涉及担保的上市公司数目多、担保金额大;违规担保现象突出;违规担保信息披露滞后;上市公司对外担保中担保圈、担保链的现象依然严重;变相担保行为层出不穷。诸多问题存在,这都与我国对外担保相关法律法规不够完善、股权结构不合理、公司法人治理结构不健全、对违规公司及相关人员的惩罚力度不够不无关系。
本文从公司法的角度对上市公司对外担保制度进行研究,并在一定程度上对英美法系和大陆法系上市公司对外担保这一问题的立法现状进行了阐述。在我国,虽然现行的公司法(包括证监会、银监会相关规章)对上市公司对外担保的问题进行了较为详尽的规定,并起到了较有成效的作用,但是仍然没有从根本上解决这一问题。所以笔者认为应从完善相关法律规定,完善董事会、监事会和独立董事制度,强化担保的信息披露,加大对违法担保的处罚力度这几方面来解决目前上市公司对外担保中所存在的问题。
External security of the listed company can not only reduce the transaction costs and guarantee the creditor's rights realization, but can promote effectively financing and the optimal allocation of resources. At the same time, it may also lead to the deterioration of operating conditions in listed company and increasing market risk and undermining the interests of shareholders or creditors. From the history of external security of the listed company, it has experienced that major shareholders of listed companies be reduced to an "ATM" phase, the formation stage of security circles, the security chain, guarantee phase for subsidiaries, associated guarantees sustaining and rising in total security phase. From the current status, problems in external security are mainly related to the number of listed companies secured and large amount of the security, the phenomenon of non-compliance guarantee outstanding, violation warranty information disclosure lags behind, the phenomenon of security circles, the security chain is still serious, a disguised secured act after another. So many problems are exist, they are relevant to laws and regulations which is inadequate, irrational in equity structure, not perfect corporate governance structure, not enough penalties for companies which is irregularities and relevant personnel.
In this paper, from the perspective of company law to study the external security system, and, to some extent, legislation of this issue of external security situation in common law and civil law systems is described. In our country, while the existing company law (including the SFC, the China Banking Regulatory Commission the relevant rules and regulations) on the listed company's external security problems has more detailed provisions, and has played a more effective role, but still there is no fundamental solution to this problem. So, I think it should improve the relevant laws and regulations, improve the system of the board of directors, the board of supervisors and the independent directors, strengthen the security of information disclosure, increase penalties on illegal security in these areas to resolve the current in the listed company's external security problems.
本文从公司法的角度对上市公司对外担保制度进行研究,并在一定程度上对英美法系和大陆法系上市公司对外担保这一问题的立法现状进行了阐述。在我国,虽然现行的公司法(包括证监会、银监会相关规章)对上市公司对外担保的问题进行了较为详尽的规定,并起到了较有成效的作用,但是仍然没有从根本上解决这一问题。所以笔者认为应从完善相关法律规定,完善董事会、监事会和独立董事制度,强化担保的信息披露,加大对违法担保的处罚力度这几方面来解决目前上市公司对外担保中所存在的问题。
External security of the listed company can not only reduce the transaction costs and guarantee the creditor's rights realization, but can promote effectively financing and the optimal allocation of resources. At the same time, it may also lead to the deterioration of operating conditions in listed company and increasing market risk and undermining the interests of shareholders or creditors. From the history of external security of the listed company, it has experienced that major shareholders of listed companies be reduced to an "ATM" phase, the formation stage of security circles, the security chain, guarantee phase for subsidiaries, associated guarantees sustaining and rising in total security phase. From the current status, problems in external security are mainly related to the number of listed companies secured and large amount of the security, the phenomenon of non-compliance guarantee outstanding, violation warranty information disclosure lags behind, the phenomenon of security circles, the security chain is still serious, a disguised secured act after another. So many problems are exist, they are relevant to laws and regulations which is inadequate, irrational in equity structure, not perfect corporate governance structure, not enough penalties for companies which is irregularities and relevant personnel.
In this paper, from the perspective of company law to study the external security system, and, to some extent, legislation of this issue of external security situation in common law and civil law systems is described. In our country, while the existing company law (including the SFC, the China Banking Regulatory Commission the relevant rules and regulations) on the listed company's external security problems has more detailed provisions, and has played a more effective role, but still there is no fundamental solution to this problem. So, I think it should improve the relevant laws and regulations, improve the system of the board of directors, the board of supervisors and the independent directors, strengthen the security of information disclosure, increase penalties on illegal security in these areas to resolve the current in the listed company's external security problems.
引文
1单长宗.中外合同法担保法问题研究.北京:人民法院出版社, 1999. 62
2中国法制出版社.担保法及其配套规定.北京:中国法制出版社, 2002. 2
1董开军.中华人民共和国担保法原理与条文释义.北京:中国计划出版社, 1999. 8
1宋冰,张斌.论公司对外担保中的中小股东保护——以我国现行<公司法>的规定为视角.法学杂志, 2009(1)
1唐松.上市公司担保问题及对策分析.企业研究, 2008(4)
1郎咸平.担保圈.新财富, 2001.12
2证监会: 2003年8月发布《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知》
1范彪,肖柳.隐形担保圈再次成为上市公司业绩中的地雷.证券时报http://news.hexun.com/2009-01-12/113305257.html
2汪红旭.浅析我国上市公司对外担保问题.中国乡镇企业会计, 2007(9)
1郑海英.降低上市公司对外担保风险的措施.财会通讯, 2004(12)
1赵旭东.新公司法条文解释.北京:人民法院出版社, 2005. 228
1赵旭东.新公司法条文解释.北京:人民法院出版社, 2005. 36
2周蝶飞,郑远民.论我国上市公司对外担保风险防范制度的完善.现代商业, 2008(15)
1张兆国,等.我国上市公司治理结构的一个重要途径——合理安排资本结构.财会通讯. 2002(1)
1赵旭东.新公司法条文解释.北京:人民法院出版社, 2005. 36
2赵德勇,宋刚.关于公司对外担保的法律问题.理论探索, 2007(2)
1王浩.上市公司诚信经营存在八大症状.上海证券报, 2004.9.9
[1]邓舸.上市公司对外担保存在的问题与风险防范.证券市场导报, 2004
[2]何永哲.上市公司为股东担保行为的效力分析.律师世界, 2001(6)
[3]证监会.关于上市公司为他人提供担保有关问题的通知, 2000.7
[4]证监会,银监会.关于规范上市公司对外担保行为的通知, 2005.12
[5]证监会.公开发行证券的公司信息披露内容与格式准则第2号——年度报告的内容与格式, 2004.12
[6]陈洁.上市公司关联担保相关问题研究.证券市场导报, 2003.11
[7]龙昊, ST南华.提款机的沉沦.中国经济时报, 2004.9.15
[8]征斌.致命担保圈.中国投资, 2003(8)
[9]《上市公司担保引发财务困境研究》课题组.试论上市公司对外担保的财务风险及规避.广东培正学院学报, 2006, 6(2)
[10]赵德勇,宋刚.关于公司对外担保的法律问题.理论探索, 2007(2)
[11]张翠霞.我国上市公司担保问题研究.中国优秀博硕士学位论文全文数据库,西南大学2008年硕士论文
[12]王文俊.新公司法中公司担保的效力.人民法院报, 2007.1.24
[13]李才昌.上市公司担保风险的防范机制探讨.全国商情(经济理论研究), 2009(14)
[14]李金泽. <公司法>有关公司对外担保新规定的质疑.现代法学, 2007, 29(1)
[15]朱谦.上市公司对外担保的立法缺陷及其补救.法学, 2002(7)
[16]甘培忠.公司法第16条的法义情景解析.法制日报, 2008.2.17
[17]曹士兵.我国法律对公司为其股东提供担保的限制.中国民商审判, 2003(1)
[18]张雪.上市公司对外担保问题立法分析.商业文化(学术探讨), 2008.2
[19]许欣荣,李培志.我国公司法16条解读.法制与经济, 2006(2)
[20]王保树.股份有限公司的董事和董事会.外国法译评, 1994(l)
[21]征国忠.试论公司对外担保.温州大学学报, 2009, 22(4)
[22]彭涛.论上市公司对外担保法律规制——商法.决策&信息(下半月刊), 2008(12)
[23]陈微波.论我国公司监事会制度的完善.中国民商法律网, 2008.3
[24]王效贤.公司对外担保问题研究.中国民商法律网, 2008.11
[25]单长宗.中外合同法担保法问题研究.北京:人民法院出版社, 1999
[26]中华人民共和国担保法.北京:中国法制出版社, 2001
[27]郭明瑞.民法.第二版.北京:高等教育出版社, 2004
[28]罗高举.担保合同实务指南.北京:知识产权出版社, 2003
[29]张民安.公司法上的利益平衡.北京大学出版社, 2003
[30]董开军.中华人民共和国担保法原理与条文释义,北京:中国计划出版社, 1999
[31]范健,王建文.公司法教学.北京:法律出版社, 2005
[32]范健.商法.北京:高等教育出版社, 2000
[33]钟明霞.公司法律制度新论.中山大学出版社, 2003
[34]张力上.上市公司信息披露与分析.成都:西南财经大学出版社, 2005
[35]施天涛.公司法论.第二版.北京:法律出版社, 2006
[36]张开平.英美公司董事法律制度研究,北京:法律出版社, 1998
[37]万国华.证券法前沿问题研究,天津:天津人民出版社, 2002
[38]李健.公司治理论.北京:经济科学出版社, 1999.4.6
[39]赵旭东.新公司法讲义.北京:人民法院出版社, 2005
[40]刘俊海.股份有限公司股东权的保护.北京:法律出版社, 1997外文类:
[41] See Fletcher. Cyclopedia of the Law Private Corporations. Rev, 1968
[42] Note Upstream Financing and the Use of the Corporation Guaranty. Notre Dame Law, 1978
[43] Jones E.P. and Mason S.P. Valuation of guarantees. Journal of Banking and Finance, 1980(l4)
[44] La Porta. Corporate Ownership around the World. Journal of finance, 1999
[45] See Hadden. Company Law and Capitalism. 2d ed. 1977
[46] Robert W. Hamilton. The Law of Corporation. West Publish Co. 2001Nijhoff, 1992
[47] Simon Goulding. Principles of Company Law. Cavendish Publishing Ltd 1996(221)
[48] Berle Adolf A.Gardiner C.Means. Modem Corporation and Private Property. Harcourt. Brace World. Inc. Rev.1968
[49] La porta. Corporate Ownership around the World. Journal of Finance, 1998
[50] William L. Cary & Melvin Aron Isenberg. Corporations-cases and Materials. The Foundation Press
[51] John Lowry and Rod Edmunds. The Corporate Opportunity Doctrine: The Shifting Boundaries of the Duty and its Remedies. The Modem Law Review July. 1998(6)
[52] Phillip Blum Berg. The Law of Corporate Groups: Bankruptcy Law, 1985
[53] Giuseppe Coco. On the use of collateral . Journal of Economic surveys, 14(2)
[54] Mehran. Executive Compensation Structure, Ownership, and Firm Performance. Journal of Financial Economics, 1995
[55] Amemiya T. Advanced Econometrics. Harvard University Press, 1985
[56] Rosenstein S.. J.Wyatt. Insider directors. board effectiveness. and shareholder wealth. Journal of Financial Economics, 44
[57] Lynn Pi. Stephen G.Timme.1993.Corporate control and bank efficiency. Journal of Banking & Finance, 17(2-3)
[58] Forker J.J. Corporate governance and disclosure quality. Accounting and Business Research,22(86)
[59] Hart. Oliver. Financial contracting. Journal of Economic Literature, 39(4)
[60] S Bhagat, B Black. The Uncertain Relationship between Board Composition and Firm Performance. Business Lawyer, 54
[61] Fosberg. Outside Directors and Managerial Monitoring. Akron Business and Economic Review, 20
2中国法制出版社.担保法及其配套规定.北京:中国法制出版社, 2002. 2
1董开军.中华人民共和国担保法原理与条文释义.北京:中国计划出版社, 1999. 8
1宋冰,张斌.论公司对外担保中的中小股东保护——以我国现行<公司法>的规定为视角.法学杂志, 2009(1)
1唐松.上市公司担保问题及对策分析.企业研究, 2008(4)
1郎咸平.担保圈.新财富, 2001.12
2证监会: 2003年8月发布《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知》
1范彪,肖柳.隐形担保圈再次成为上市公司业绩中的地雷.证券时报http://news.hexun.com/2009-01-12/113305257.html
2汪红旭.浅析我国上市公司对外担保问题.中国乡镇企业会计, 2007(9)
1郑海英.降低上市公司对外担保风险的措施.财会通讯, 2004(12)
1赵旭东.新公司法条文解释.北京:人民法院出版社, 2005. 228
1赵旭东.新公司法条文解释.北京:人民法院出版社, 2005. 36
2周蝶飞,郑远民.论我国上市公司对外担保风险防范制度的完善.现代商业, 2008(15)
1张兆国,等.我国上市公司治理结构的一个重要途径——合理安排资本结构.财会通讯. 2002(1)
1赵旭东.新公司法条文解释.北京:人民法院出版社, 2005. 36
2赵德勇,宋刚.关于公司对外担保的法律问题.理论探索, 2007(2)
1王浩.上市公司诚信经营存在八大症状.上海证券报, 2004.9.9
[1]邓舸.上市公司对外担保存在的问题与风险防范.证券市场导报, 2004
[2]何永哲.上市公司为股东担保行为的效力分析.律师世界, 2001(6)
[3]证监会.关于上市公司为他人提供担保有关问题的通知, 2000.7
[4]证监会,银监会.关于规范上市公司对外担保行为的通知, 2005.12
[5]证监会.公开发行证券的公司信息披露内容与格式准则第2号——年度报告的内容与格式, 2004.12
[6]陈洁.上市公司关联担保相关问题研究.证券市场导报, 2003.11
[7]龙昊, ST南华.提款机的沉沦.中国经济时报, 2004.9.15
[8]征斌.致命担保圈.中国投资, 2003(8)
[9]《上市公司担保引发财务困境研究》课题组.试论上市公司对外担保的财务风险及规避.广东培正学院学报, 2006, 6(2)
[10]赵德勇,宋刚.关于公司对外担保的法律问题.理论探索, 2007(2)
[11]张翠霞.我国上市公司担保问题研究.中国优秀博硕士学位论文全文数据库,西南大学2008年硕士论文
[12]王文俊.新公司法中公司担保的效力.人民法院报, 2007.1.24
[13]李才昌.上市公司担保风险的防范机制探讨.全国商情(经济理论研究), 2009(14)
[14]李金泽. <公司法>有关公司对外担保新规定的质疑.现代法学, 2007, 29(1)
[15]朱谦.上市公司对外担保的立法缺陷及其补救.法学, 2002(7)
[16]甘培忠.公司法第16条的法义情景解析.法制日报, 2008.2.17
[17]曹士兵.我国法律对公司为其股东提供担保的限制.中国民商审判, 2003(1)
[18]张雪.上市公司对外担保问题立法分析.商业文化(学术探讨), 2008.2
[19]许欣荣,李培志.我国公司法16条解读.法制与经济, 2006(2)
[20]王保树.股份有限公司的董事和董事会.外国法译评, 1994(l)
[21]征国忠.试论公司对外担保.温州大学学报, 2009, 22(4)
[22]彭涛.论上市公司对外担保法律规制——商法.决策&信息(下半月刊), 2008(12)
[23]陈微波.论我国公司监事会制度的完善.中国民商法律网, 2008.3
[24]王效贤.公司对外担保问题研究.中国民商法律网, 2008.11
[25]单长宗.中外合同法担保法问题研究.北京:人民法院出版社, 1999
[26]中华人民共和国担保法.北京:中国法制出版社, 2001
[27]郭明瑞.民法.第二版.北京:高等教育出版社, 2004
[28]罗高举.担保合同实务指南.北京:知识产权出版社, 2003
[29]张民安.公司法上的利益平衡.北京大学出版社, 2003
[30]董开军.中华人民共和国担保法原理与条文释义,北京:中国计划出版社, 1999
[31]范健,王建文.公司法教学.北京:法律出版社, 2005
[32]范健.商法.北京:高等教育出版社, 2000
[33]钟明霞.公司法律制度新论.中山大学出版社, 2003
[34]张力上.上市公司信息披露与分析.成都:西南财经大学出版社, 2005
[35]施天涛.公司法论.第二版.北京:法律出版社, 2006
[36]张开平.英美公司董事法律制度研究,北京:法律出版社, 1998
[37]万国华.证券法前沿问题研究,天津:天津人民出版社, 2002
[38]李健.公司治理论.北京:经济科学出版社, 1999.4.6
[39]赵旭东.新公司法讲义.北京:人民法院出版社, 2005
[40]刘俊海.股份有限公司股东权的保护.北京:法律出版社, 1997外文类:
[41] See Fletcher. Cyclopedia of the Law Private Corporations. Rev, 1968
[42] Note Upstream Financing and the Use of the Corporation Guaranty. Notre Dame Law, 1978
[43] Jones E.P. and Mason S.P. Valuation of guarantees. Journal of Banking and Finance, 1980(l4)
[44] La Porta. Corporate Ownership around the World. Journal of finance, 1999
[45] See Hadden. Company Law and Capitalism. 2d ed. 1977
[46] Robert W. Hamilton. The Law of Corporation. West Publish Co. 2001Nijhoff, 1992
[47] Simon Goulding. Principles of Company Law. Cavendish Publishing Ltd 1996(221)
[48] Berle Adolf A.Gardiner C.Means. Modem Corporation and Private Property. Harcourt. Brace World. Inc. Rev.1968
[49] La porta. Corporate Ownership around the World. Journal of Finance, 1998
[50] William L. Cary & Melvin Aron Isenberg. Corporations-cases and Materials. The Foundation Press
[51] John Lowry and Rod Edmunds. The Corporate Opportunity Doctrine: The Shifting Boundaries of the Duty and its Remedies. The Modem Law Review July. 1998(6)
[52] Phillip Blum Berg. The Law of Corporate Groups: Bankruptcy Law, 1985
[53] Giuseppe Coco. On the use of collateral . Journal of Economic surveys, 14(2)
[54] Mehran. Executive Compensation Structure, Ownership, and Firm Performance. Journal of Financial Economics, 1995
[55] Amemiya T. Advanced Econometrics. Harvard University Press, 1985
[56] Rosenstein S.. J.Wyatt. Insider directors. board effectiveness. and shareholder wealth. Journal of Financial Economics, 44
[57] Lynn Pi. Stephen G.Timme.1993.Corporate control and bank efficiency. Journal of Banking & Finance, 17(2-3)
[58] Forker J.J. Corporate governance and disclosure quality. Accounting and Business Research,22(86)
[59] Hart. Oliver. Financial contracting. Journal of Economic Literature, 39(4)
[60] S Bhagat, B Black. The Uncertain Relationship between Board Composition and Firm Performance. Business Lawyer, 54
[61] Fosberg. Outside Directors and Managerial Monitoring. Akron Business and Economic Review, 20