深市公司大股东有限合伙架构实践及监管建议  

The Limited Partnership Structure Practices of Major Shareholders of Listed Companies in Shenzhen Market and Supervision Suggestions

作　　者：徐栋良[1] 谭和 Xu Dongliang;Tan He

机构地区：[1]深圳证券交易所上市公司管理一部,广东深圳518038

出　　处：《证券市场导报》2021年第11期74-79,共6页Securities Market Herald

摘　　要：以深市上市公司大股东中的有限合伙企业为样本,本文分析该架构的实践应用情况及存在的问题。研究发现,前十大股东采用有限合伙企业架构的上市公司数量逐年增加,在上市公司生产经营、公司治理、控制权收购等方面的参与程度越来越高,同时也出现了控制权不稳定、信息披露不充分、杠杆收购风险高等问题。本文建议完善有限合伙控制权认定标准,强化信息披露穿透监管,并对高杠杆收购引发的风险给予更多关注。Taking the limited partnerships among the major shareholders of listed companies in Shenzhen market as a sample,this article analyzes the practical application of the structure and the existing problems. The study found that the number of listed companies with the top ten shareholders adopting a limited partnership structure has increased year by year, and their participation in the production and operation, corporate governance, and the acquisition of control rights of listed companies has increased.However, issues such as unstable control rights, insufficient information disclosure and high risks of leveraged buyouts have also appeared. It is recommended to improve the identification standards of limited partnership control rights, strengthen the penetrating supervision of information disclosure, and pay more attention to the risks caused by highly leveraged acquisitions.

关 键 词：有限合伙 上市公司 控制权 信息披露 杠杆收购 

分 类 号：F271[经济管理—企业管理]