公开股份私募投资合规之构建--以中小股东利益保护为视角  

The Construction of Compliance for Private Investment in Public Equity--From the Perspective of Protecting the Interests of Minority Shareholders

作　　者：钱尘 吴弘[1] QIAN Chen;WU Hong(School of Economic Law,East China University of Political Science and Law,Shanghai 200000,China)

机构地区：[1]华东政法大学经济法学院,上海200000

出　　处：《兰州财经大学学报》2021年第5期92-99,共8页Journal of Lanzhou University of Finance and Economics

摘　　要：公开股份私募投资在我国是一项比较新的融资方式,尚未有完备的监管文件出台。但由于其容易构成内幕交易以及容易损害中小股东利益的特点,存在较大的合规风险,势必引发监管关注。我国公开股份私募投资的合规建设应当注重中小股东利益保护问题,其中有两点策略:一是均衡各方利益,包括协议条款中保证中小股东的利益以及对中小股东进行业绩补偿承诺,这可以在根本上减少纠纷的出现;二是注重信息披露的合规性,主动向监管部门报告重要信息,增加交易透明度,减少内幕交易等证券违法行为发生的可能性。Private Investment in Public Equity(PIPE)is a relatively new mode of financing in China.No complete regulatory documents have been issued.However,due to its characteristics of easily constitut⁃ing insider trading and harming the interests of minority shareholders,there are considerable compliance risks that must arouse regulatory attention.The compliance construction of PIPE in China should pay at⁃tention to the interests of minority shareholders,in which there are two strategies.One is to balance the interests of all parties,including the terms of the agreement to ensure the interests of minority sharehold⁃ers and performance compensation commitments to minority shareholders,which can fundamentally re⁃duce the occurrence of disputes.The other is to pay attention to the compliance of information disclosure and take the initiative to report important information to the regulatory authorities for increasing the trans⁃parency of transactions and reducing the possible securities violations such as insider trading.

关 键 词：PIPE 合规 内幕交易 定向增发 

分 类 号：D922.228.7[政治法律—经济法学] F832.51[政治法律—法学]