【摘要】：2015年年底,中國證監(jiān)會(huì)正式發(fā)布修訂后的《首次公開發(fā)行股票并上市管理辦法》、《首次公開發(fā)行股票并在創(chuàng)業(yè)板上市管理辦法》和《公開發(fā)行證券的公司信息披露內(nèi)容與格式準(zhǔn)則第1號(hào)——招股說明書》。修訂內(nèi)容意味著監(jiān)管部門將僅要求發(fā)行人如實(shí)披露在獨(dú)立性方面的相關(guān)信息,而將發(fā)行人獨(dú)立性等問題及其對(duì)投資價(jià)值影響的判斷主要交給市場。關(guān)聯(lián)交易作為對(duì)公司獨(dú)立性判斷的重要組成部分,有為法律所保護(hù)的公允關(guān)聯(lián)交易和為法律所規(guī)制的非公允關(guān)聯(lián)交易之分。因此,對(duì)關(guān)聯(lián)交易,尤其是對(duì)股東人數(shù)超過200人、股票公開轉(zhuǎn)讓的公眾公司關(guān)聯(lián)交易的公允性進(jìn)行界定具有維護(hù)法律上的公平原則和突破實(shí)踐中相關(guān)困境的重大意義。筆者對(duì)我國現(xiàn)有涉及關(guān)聯(lián)交易的5部法律、5部行政法規(guī)、3部司法解釋、30部部門規(guī)章和4部行業(yè)規(guī)定進(jìn)行統(tǒng)計(jì)分析,并對(duì)2015年6月以來我國監(jiān)管部門對(duì)公眾公司申請(qǐng)?jiān)谥靼寤騽?chuàng)業(yè)板首次公開發(fā)行股票、在全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)掛牌公開轉(zhuǎn)讓、向特定對(duì)象發(fā)行股票及重大并購重組等事項(xiàng)的21份審核意見、反饋意見中涉及關(guān)聯(lián)交易的部分進(jìn)行歸納總結(jié),將關(guān)聯(lián)交易公允性界定過程中所須的判斷要素分為程序要素和實(shí)質(zhì)要素。其中,程序要素包括內(nèi)部審批程序和信息披露義務(wù),實(shí)質(zhì)要素包括交易形成的原因與必要性和交易協(xié)議的重要條款及履行。筆者在總結(jié)國內(nèi)學(xué)者觀點(diǎn)和借鑒國外規(guī)則的基礎(chǔ)上對(duì)程序要素和實(shí)質(zhì)要素在界定中的具體適用及其之間的效力關(guān)系作出闡釋。該等分類及闡釋具有創(chuàng)新性。最后,筆者認(rèn)為,信息披露義務(wù)作為程序要素之一,是實(shí)質(zhì)要素得以參與關(guān)聯(lián)交易公允性界定的程序性路徑,同時(shí)也是另一程序要素——內(nèi)部審批程序得以順利執(zhí)行的前置性條件。因此,筆者提出應(yīng)完善我國公眾公司關(guān)聯(lián)交易的信息披露規(guī)則,以解決信息不對(duì)稱環(huán)境下的中小股東理性冷漠等問題。
[Abstract]:At the end of 2015, the China Securities Regulatory Commission officially issued the revised measures on the Administration of initial Public offerings and listing, Measures for the Administration of initial Public offerings and listing on the gem and guidelines for the content and format of Corporate Information Disclosure of publicly issued Securities No. 1-prospectus. The changes mean regulators will only require issuers to disclose information about their independence, while issues such as issuer independence and their impact on investment value will be left to the market. As an important part of judging the independence of a company, affiliated transactions are divided into fair affiliated transactions protected by law and unfair related transactions regulated by law. Therefore, it is of great significance to define the fairness of related transactions, especially the number of shareholders more than 200, and the public related transactions of public companies which are transferred publicly by shares. It is of great significance to safeguard the principle of fairness in law and break through the relevant difficulties in practice. The author makes a statistical analysis of 5 laws, 5 administrative regulations, 3 judicial interpretations, 30 departmental regulations and 4 industry regulations concerning related transactions in China. And since June 2015, China's regulatory authorities have applied to public companies for the initial public offering of shares on the main board or on the gem, and have publicly transferred shares in the national system for the transfer of shares of small and medium-sized enterprises, 21 audit opinions on issues such as the issuance of shares to specific objects and major mergers and acquisitions and reorganization, and the relevant parts of the feedback on related transactions are summarized and summarized. The judgment elements needed in the process of defining the fairness of related transactions are divided into procedural elements and substantive elements. The procedural elements include the internal approval procedure and the information disclosure obligation. The substantive elements include the reason and necessity of transaction formation and the important clauses and performance of the transaction agreement. On the basis of summarizing the views of domestic scholars and drawing lessons from foreign rules, the author explains the specific application of procedural elements and substantive elements in the definition and the effective relationship between them. These classifications and interpretations are innovative. Finally, the author believes that the obligation of information disclosure, as one of the procedural elements, is the procedural path through which the substantive elements can participate in the definition of fairness of related transactions. At the same time, it is also another procedure element-the pre-condition for the internal approval procedure to be carried out smoothly. Therefore, the author puts forward that we should perfect the information disclosure rules of related transactions of public companies in our country, in order to solve the problems of rational indifference of minority shareholders in the environment of information asymmetry.
【學(xué)位授予單位】：四川省社會(huì)科學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：D922.291.91;D922.287

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