金融稳定视角下金融机构主要股东的体系规制  

System Regulation of Major Shareholders in Financial Institutions from the Perspective of Financial Stability

作　　者：郭荣星 Guo Rongxing(School of Law and Economics,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学法与经济学院,湖北武汉430073

出　　处：《中南财经政法大学研究生论丛》2024年第2期72-80,共9页Journal of the Postgraduates of Zhongnan University of Economics and Law

摘　　要：控制主要股东隐蔽且不合理的冒险行为,是通过公司内部治理降低金融风险的可行方式。公司治理失灵是引发系统性金融风险的重要原因,主要股东的权力异化是金融机构公司内部权力错配的诱因。监督者是主要股东在金融机构公司治理中的合理定位,为避免主要股东通过内部协议和表决权优势过度干预甚至控制公司日常经营管理,应通过共通性的公司法规则进行源头控制,既要削弱主要股东的权力以降低修法成本,又要通过扩张和细化董事会权责的方式来填补主要股东权力受限后留下的公司权力空白。考虑到金融机构公司治理的特殊性,常态化的宏观监管制度和差异化的限权规定应在金融稳定法中予以明确,包括主要股东的信息披露义务、准入限制和加重责任。主要股东在实现出资利益的动机驱使下有天然的监督倾向,无须法律作出特别规定。金融稳定视角下金融机构主要股东的体系规制呈现出“加强董事权责、削弱股东权力、限制主要股东权利、保护非主要股东利益”的格局。To reduce financial risk through internal corporate governance,it is a feasible way to control the hidden and unreasonable risk-taking behavior of major shareholders.Corporate governance failure is an important cause of systemic financial risks,and the power alienation of major shareholders is the inducement of power mismatch within financial institutions.Supervisors are the reasonable position of major shareholders in the corporate governance of financial institutions.In order to prevent major shareholders from excessively interfering or even controlling the company's daily operations and management through internal agreements and voting advantages,source control should be carried out through common corporate law rules,which not only weakens the power of major shareholders to reduce the cost of amending the law,but also fills in the power gap left by major shareholders after their power has been restricted by expanding and refining the board of directors'powers and responsibilities.Taking the particularity of corporate governance of financial institutions into account,the normalized macro regulatory system and differentiated power restrictions rules should be clarified in the Financial Stability Law,including the disclosure obligations of major shareholders,access restrictions and aggravated liability.Major shareholders have a natural tendency to supervise driven by the incentive to realize investment benefits,and there is no need for special provisions by law.From the perspective of financial stability,the system of regulation of major shareholders of financial institutions shows a pattern of“strengthening the rights and responsibilities of directors,weakening the power of shareholders,restricting the rights of major shareholders and protecting the interests of non-major shareholders”.

关 键 词：主要股东 金融稳定法 公司治理 董事会中心主义 

分 类 号：F83[经济管理—金融学]