相互持股的利与弊及法律调整  

The Advantages andDisadvantages ofMutual Shareholding and Legal Adjustment

作　　者：陈泓宇 杨帆 CHEN Hongyu;YANG Fan(Law School of Sichuan University of Science&Engineering,Yibin Sichuan 644000,China)

机构地区：[1]四川轻化工大学法学院,四川宜宾644000

出　　处：《四川文理学院学报》2023年第3期92-96,共5页Sichuan University of Arts and Science Journal

摘　　要：按照持有股份形式不同来划分,相互持股可以分为圆环状交替型持股、网格状相互持股、伞状式交叉结构持股、径向变形交叉持股。以阿里巴巴与苏宁云商相互持股的情况作为研究的对象,由此说明相互持股的有益之处与不足之处。首先不可否认的是,相互持股加强了企业间战略合作关系,整合企业间优势;使得企业的日常经营风险大幅度下降、极大程度上降低了交易所需要的成本、对抗其他市场主体恶意收购稳定了企业经营权;但是,相互持股也可能会造成相互持股的公司在不断地资本流通过程中逐渐的取得本公司的股权股份,从而引发资本的虚拟增加、导致企业的治理结构发生混乱;容易危害证券交易所的正常秩序、使得该市场主体形成垄断等等不足之处。为主动的面对相互持股形式所带来的不足之处,相关的法律应确立持股比例限制制度,成立相互持股过程中多个市场主体之间公布查询所需信息的相关度规定,以公开的方式表明相互持股的状态,从而减少因相互持股带来的法律风险。According to different forms of holding shares,mutual shareholding can be divided into circular alternating shareholding,grid mutual shareholding,umbrella cross structure shareholding and radial deformation cross-shareholding.The mutual shareholding of Alibaba and Suning Commerce is taken as the object of study,which explains the advantages and disadvantages of mutual shareholding.First of all,it is undeniable that mutual shareholding strengthens the strategic cooperative relationship between enterprises and integrates the advantages between enterprises.The daily operation risk of enterprises is greatly reduced,the cost of exchanges is greatly reduced,and the management right of enterprises is stabi-lized against the hostile takeover of other market subjects.However,the mutual shareholding may also cause the mutual shareholding companies to gradually acquire their own equity shares in the process of continuous capital circulation,which leads to the virtual increase of capital and the chaos of corporate governance structure.It is easy to harm the normal order of the stock exchange and make the market subject form a monopoly and so on.In order to proactively face the short-comings brought by the form of mutual shareholding,relevant laws should establish a restriction system of shareholding ratio,set up regulations on the correlation degree of information required for inquiry between multiple market entities in the process of mutual shareholding,and show the status of mutual shareholding in an open way,so as to reduce the legal risks caused by mutual shareholding.

关 键 词：相互持股 有益之处 不足之处 法律调整 

分 类 号：C931[经济管理—管理学]