证券发行董监高签字制度立法论--以公司信用类债券发行文件为切入点  

The Legislative Reflection on the Signature Requirements for Corporate Directors, Supervisors and Senior Managers’ in Securities Issuance

作　　者：贺锐骁 He Ruixiao

机构地区：[1]华东政法大学经济法学院

出　　处：《东方法学》2020年第3期139-148,共10页Oriental Law

基　　金：上海证券交易所债券业务中心2019年重点研究课题的阶段性研究成果。

摘　　要：现行法律法规要求董监高在公司债券发行文件上签字,承诺募集说明书真实、准确和完整,是强化董监高勤勉尽责义务及相应法律责任的一种手段。但现行公司债券董监高签字要求存在未兼顾"股债有别"、对部分董监高职责范围认定不合理、影响发行人融资效率的问题及产生制度套利空间等问题。从国外立法实践和来看,董监高对发行文件的承诺签字要求较低,且方式较为灵活。从国内行政执法实践来看,董监高的法定义务及后续追责也并未以签字为前提,不签字情况下的抗辩风险较小。优化董监高签字要求在具体措施层面应遵循分类监管和寻找替代措施的思路。在立法层面,应通过进一步修订《证券法》及相关法律法规,完善公司债券董监高签字的要求。The current laws and regulations require corporate directors, supervisors and senior managers to sign the offering documents of corporate bonds and promise that the offering documents are true, accurate and complete. It is a means to strengthen these key individuals’ duty of diligence and the corresponding legal liability. However, there are some problems in such signature requirements, such as not taking into account the "difference of bonds from stock", unreasonable scope of responsibility for some of the irrelevant key individuals, etc.Theabove problems affect the efficiency of issuance and create arbitrage opportunities. Concerning the overseas market legislative practice, signature requirements are often lower and more flexible. Viewing the domestic market practice ofadministrative law enforcement, the signature is not the prerequisite of legal obligations and the risk of defense without the required signature is small. Optimization methods include classifying the issuance in terms of issuing scope and looking for alternative measures for signature. At the legislative level, the Securities Law and related laws and regulations should be amended to improve the signature requirements for these key corporate individuals.

关 键 词：证券法 董监高 信息披露 签字 公司债券 债券发行 

分 类 号：DF59[政治法律—民商法学]