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作 者:胡改蓉[1] Hu Gairong
出 处:《证券市场导报》2024年第4期3-12,共10页Securities Market Herald
摘 要:国有上市公司既具有上市公司属性、又具有国有属性,需同时遵守证券监管和国资监管的双重规则,而这双重规则之间可能存在冲突,造成国有上市公司治理违规的风险。这种冲突源于监管价值目标的差异:证券监管基于中小投资者保护的立场注重上市公司独立,而国资监管基于保障国有经济功能、维护国资经营安全的特性强调国有投资方的管控。对于身处交叉监管下的国有上市公司而言,解决冲突的根本路径在于分别从国资监管和证券监管两个维度进行制度矫正与协调。就国资监管而言,应切实从制度层面实现“管资产”到“管股权”的转变;就证券监管而言,则应正视国资监管的合理需求,以适度监管为原则,并确立结果导向的监管理念,在不实质损害资本市场中小投资者利益的情况下,对国资监管规则予以适当认可。State-owned listed companies have both the characteristics of listed companies and state-owned companies,requiring them to adhere to the dual rules of securities regulation and state-owned assets regulation at the same time.Conflicts may arise between these two sets of rules,posing risks of governance violations in state-owned listed companies.This conflict of rules stems from differences in the values and objectives of each regulation rule,where the securities regulation focuses on the independence of listed companies based on the protection of minority shareholders while the state-owned assets regulation emphasizes the control by state-owned investors based on the characteristics of safeguarding the function of the state-owned economy and maintaining the security of state-owned capital operations.For state-owned listed companies under cross-regulation,the fundamental path to resolving the conflict lies in making institutional adjustments and coordination from the perspectives of state-owned assets regulation and securities regulation,respectively.In terms of state-owned assets regulation,it is essential to achieve a shift from “asset management” to “equity management” at the institutional level.In terms of securities regulation,it should acknowledge the legitimate needs of state-owned assets regulation,adhere to the principle of moderate regulation,and establish the concept of result-oriented regulation.The rules of state-owned asset regulation should be appropriately recognized without substantially harming the interests of minority shareholders in the capital market.
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