证券市场一致行动协议问题探讨  

Discussion on the Agreement of Action in Concert in Securities Market

作　　者：蒋学跃[1] Jiang Xueyue

机构地区：[1]深圳证券交易所法律部

出　　处：《证券市场导报》2019年第9期71-78,共8页Securities Market Herald

摘　　要：形式上,一致行动协议是股东之间的意思自治问题,但实质上,由于涉及到中小股东和债权人等其他主体的利益,其效力评判应受制于更加严格的司法审查。当出现一方当事人违反一致行动协议时,标的公司无权直接依据协议强行改票,而应该由司法机关在审查效力的同时根据具体情况加以解决。从公法与私法的区分角度,监管机构不应该介入其效力和履行过程中的争议,但可从信息披露违规的视角进行监管,还可以通过提供一致行动协议示范条款的途径,减少当事人之间的争议,以实现维护证券市场秩序和保护中小股东合法权益的监管目标。Formally speaking, the agreement of acting in concert is a problem of autonomy of will among shareholders, but it involves the interests of minority shareholders and creditors, its effectiveness should be subject to stricter judicial examination. When a party breaches the agreement of acting in concert, the underlying company has no right to forcibly change votes directly in accordance with the agreement;the judicial organs can solve it while examining the effectiveness.From the perspective of differentiation between public law and private law,the regulation authorityshould not intervene in disputes over their effectiveness and performance,but it can carry out regulation from the perspective of irregularities in information disclosure, and can also reduce disputes between the parties by providing model clauses for the agreement on concerted action to achieve the goal of safeguarding the order of securities market and protecting the legitimate rights and interests of minority shareholders.

关 键 词：一致行动协议 合同效力 公司治理 信息披露 

分 类 号：D922.287[政治法律—经济法学]