论定增中非公允关联交易的法律规制  

The Legal Constraints of Unfair Related-transaction in Private Placement

作　　者：卢静[1,2] 

机构地区：[1]南京师范大学泰州学院,江苏泰州225300 [2]复旦大学,上海200438

出　　处：《河北法学》2015年第10期160-169,共10页Hebei Law Science

摘　　要：近年来实务界屡屡曝光上市公司控股股东通过定向增发来掏空上市公司,不仅极大地损害了投资者利益,导致资本市场资金配置不合理,更扰乱了资本市场正常的融资秩序。因为对象的特定性,定向增发往往伴随着关联交易,随着立法管制的加强,为了规避非公允关联交易带来的法律责任,近年来增发中的关联交易异变为更加隐蔽的非关联态势,应该注重判断关联交易是否明显属于单方获利性交易,同时对非公允关联交易的定性落脚点放在控股股东利用控制地位侵害上市公司的公司和中小投资者利益上。由于我国现有立法不周密的原因及上市公司一股独大的现状,控股股东与董事高管在增发中共谋滥权进行非公允关联交易极为方便,应适当限制控制权人参与增发,并剥夺或削弱控制权人在增发中的表决权,此外,详尽及时的信息披露也必须严格执行。In recent years, practitioners have exposed the controlling shareholders of listing Corporation tunneling the listing Corporation through the issuance of orientation, that not only hurt the interests of investors, but also result in unreasonable capital market, disturbed the normal order of capital market financing. Because of the specific object, private placement often accompanied by the related party transactions, with the strengthening of legislation regulation, in order to avoid the legal responsibility of non fair related transactions , the related transactions changed and more concealed, it should pay attention to judge whether related party transactions obviously belong to the unilateral profit trading, and focus on whether the controlling shareholders use their position against the listing Corporation company and small investors interests. Due to China＇s current legislation, controlling shareholders and directors and senior management in SEO in the conspiracy of abuse of power by non fair related transactions is very convenient, there should be appropriate restrictions on participate inprivate placement, voting rights, and deprivation or weaken the control right in the issuance of private placement, detailed timely information disclosure also must be strictly enforced.

关 键 词：定向增发 非公允 关联交易 控制权 信息披露 

分 类 号：D922.29[政治法律—经济法学]