投服中心持股行权的限度研究——兼议比例原则的适用  

Limitation of Exercising Shareholders’ Rights for ISC:Application of the Principle of Proportionality

作　　者：方乐 

机构地区：[1]华东政法大学经济法学院

出　　处：《中国政法大学学报》2021年第2期124-136,共13页Journal Of CUPL

摘　　要：投服中心持股行权在回避普通股东行权动力不足难题的同时,携来了抑制控股股东自治、侵损投资者权益等不当行权风险。围绕"定位""负面清单""决策程序"铺开的既有限权规范因陷入行权事项挂钩行权不当的思维误区而易在实践维度遭遇阻碍。对此,宜以行权程序和行权标准为抓手厘清投服中心持股行权的应有限度:程序端,以行权手段的严重性为分类标准,安排行权立项会审议对上市公司有较大或严重影响的立项事项;实体端,由于比例原则内含"禁止过度"意蕴,同矫正投服中心强势地位的诉求相契合,出席人员应依序遵从适当性、必要性、均衡性三方面的要求,完成行权手段的择取。While China Securities Investor Services Center(ISC)avoids the problem of insufficient motivation for ordinary shareholders to participate in corporate governance by exercising itself shareholders’rights,it also brings legal risks such as restraining the autonomy of controlling shareholders and infringing on the rights of investors.Due to the misunderstanding that specific matters are the cause of exercising shareholders’rights improperly,existing norms around"positioning","negative list"and"decision-making procedures"are difficult to play a role in restricting rights in practice.In this regard,it is advisable to use the procedures and standards as a starting point to clarify the limitation of exercising shareholders’rights for ISC:on the one hand,whether the method of exercising shareholders’rights that has a greater or serious impact on the listed company be approved should be decided by the project committee;on the other hand,since the core of the principle of proportionality lies in prohibition of excessive exercise of rights,which is consistent with the demand to weaken the strong position of ISC,committee personnel shall follow the requirements of appropriateness,necessity,and balance in order to complete the selection of proper methods.

关 键 词：投服中心 持股行权 股东自治 比例原则 

分 类 号：D922.287[政治法律—经济法学]