金融机构股东加重责任的归责逻辑与制度改进  

The Attribution Logic and System Improvement of Shareholders' Enhanced obligation inFinancial Institutions

作　　者：翟静波 Zhai Jingbo

机构地区：[1]西南政法大学经济法学院

出　　处：《财经法学》2025年第2期159-173,共15页Law and Economy

基　　金：国家社会科学基金项目“《商业银行法》修改的重点问题研究”(20XFX017);2024年重庆市研究生科研创新项目“金融风险处置中的股东加重责任制度研究”(CYB240161)的阶段性研究成果。

摘　　要：金融机构控股股东在金融机构资本不符合监管要求甚至面临破产风险时,具有履行补充资本等特定救助义务,这已成为域内外金融监管实践的制度惯例。然而,由于施加给股东的这一加重责任与公司法上的有限责任原则相背离,其面临着正当性、必要性、可行性质疑与争议。现阶段学界的理论探讨普遍忽视了对加重责任的制度逻辑探究,而过于强调在工具主义理念下的实用效果,使得本应深入讨论的金融风险处置中股东责任承担问题被金融监管的治理需求所掩盖。我国现行法上金融机构股东加重责任规则呈现的是一种身份归责逻辑,旨在约束道德风险转移,重新分配金融机构破产风险的成本负担。但金融机构股东加重责任制度作为监管强化风险预防的产物,应以《金融稳定法》为法源条款的指引载体,协调适用相关金融行业法律法规与部门规章。在具体制度改进上,应提炼并明确加重责任的规则要旨,区分不同对象差异化适用加重责任,细化在危机处置阶段和市场退出阶段的加重责任适用限度,增设对股东违反加重责任的专门罚则,完善加重责任的法律后果与约束效力。When financial institutions face the regulatory requirements of insufficient capital or even bankruptcy risk,their controlling shareholders have to fulfill specific rescue obligations,such as replenishing capital,which has become the institutional convention of financial supervision practice globally.Due to the deviation from the limited liability principle of the company law,the enhanced obligation imposed on shareholders faces questions and disputes of legitimacy,necessity and feasibility.At present,the theoretical discussion generally ignores the institutional logic of increasing responsibility,and overemphasizes the practical effect under the concept of instrumentalism.The problem of shareholders'responsibility in the disposal of financial risks,which should be deeply discussed,is covered up by the governance needs of financial supervision.In our country,the shareholders'enhanced obligation rule of financial institutions presents a kind of identity attribution logic,which aims to restrain the transfer of moral hazard and redistribute the cost burden of financial institutions'bankruptcy risk.As a product of strengthened supervision and risk prevention,the system of increased shareholder responsibility of financial institutions should take the Financial Stability Law as the carrier of specific legal provisions,and coordinate the application of relevant laws and regulations and departmental rules applied in financial industry.In terms of system improvement,we should refine and clarify the essence of the rules of enhanced obligation,distinguish different objects to apply increased liability differently,refine the applicable limits of increased liability in the crisis disposal stage and the market exit stage,add special penalties for shareholders who violate the enhanced obligation,and improve the legal consequences and binding effects of enhanced obligation.

关 键 词：有限责任 加重责任 风险处置 金融稳定法 

分 类 号：D922.28[政治法律—经济法学]