上市公司事实破产时不当行为规制研究——以董事、控制股东民事责任为视角  

A Study of Regulations on Misconducts of Listed Companies in Bankruptcy: from the Perspective of Civil Liability of Directors and Controlling Shareholders

作　　者：杨鹿君 Yang Lujun

机构地区：[1]南京大学法学院,江苏南京210000

出　　处：《证券市场导报》2022年第3期71-79,共9页Securities Market Herald

基　　金：江苏省社会科学基金一般项目“系统性金融风险动态平衡防控机制研究”(19FXB003);安徽省法学会一般课题“破产重整程序中股东权益问题研究”(2021YBKT-3)。

摘　　要：《企业破产法》设定的破产申请是权利而非义务,无法遏制事实破产的公司实施继续贷款、拖延债务履行、高风险投资等不当行为。上市公司迟延申请破产非但损害债权人、中小股东等公众投资者利益,亦低效占据大量社会资源、破坏证券市场秩序。从债权人及中小股东保护的时间维度、我国上市公司治理的实践与事实破产公司的剩余索取权等视角看,构建上市公司事实破产时董事、控制股东的不当交易责任与迟延申请破产责任确有必要。基于我国实践,并参考德国、英国经验,我国董事、控制股东不当交易责任的触发时点应设定为公司存在事实破产表征时,而迟延申请破产责任的起算时点则宜为公司出现法定破产原因时,在其行为给全体债权人造成损害的范围内,根据过错程度承担赔偿责任。According to Bankruptcy Law, applying for bankruptcy is a right rather than an obligation, which is unable to prevent the listed companies in bankruptcy from carrying out misconducts such as continuing their loans, delaying their debt repayment and making high-risk investments. Listed companies that delaying the application for bankruptcy, will not only cause damages to the interests of creditors, minority shareholders and other public investors, but also inefficiently occupy a large amount of social resources as well as destroy the order of the securities market. From the perspective of timely protection of the creditor and minority shareholder, the practice of corporate governance of listed companies in China and the residual claim rights of bankrupt companies, it is necessary to establish the wrongful trading liability and the delaying of application for bankruptcy liability on the directors and controlling shareholders when the listed companies are factually bankrupt. Based on our practice in China, with reference to the experience in Germany and the UK, directors’ and controlling shareholders’ liability for wrongful trading shall be triggered when a company shows signs of bankruptcy;and the delaying of application for bankruptcy liability shall begin the moment a legislative bankruptcy reason is spotted in the company. Directors and controlling shareholders shall be liable for compensation according to the degree of wrongdoings within the scope of damage to all creditors caused by their misconducts.

关 键 词：上市公司不当行为 事实破产 董事民事责任 控制股东 僵尸企业 中小股东利益 破产申请 

分 类 号：DF438.7[政治法律—经济法学]