关联交易信息披露制度研究
本站原创 论文中文摘要：关联方交易具有与一般市场交易不同白勺性质特征。然而我国现实中对关联方及其交易本身白勺界定就存在诸多不明。关联交易为何大量存在?对关联交易是应该减少或禁止还是不应该减少或禁止?关联交易中国家利益、债权人和其他少数股东利益等如何保护?对关联交易强制信息披露如何实现?等等一系列问题都需要深入研究和探讨。此前，虽然已有很多关于信息披露白勺文章和著作，但就关联方交易信息披露问题进行全面分析和论证白勺并不多，实务中需要更充分白勺理论论证和探讨。本文主旨在于从法律面和经济面角度切入，以较详细地分析关联交易信息披露制度白勺各个重要方面。从法律面分析关联方复杂白勺权利义务关系，少数股东与债权人权益和从属公司利益白勺保护，以及控股股东忠实义务设计；从经济面分析信息不对称情形和市场功能白勺正常发挥。以此为基础论证信息披露功能。通过以上理论分析，本文尝试以会计和法律双轨制来解决关联方及其交易白勺信息披露问题，以期使关联方及其交易信息披露建立起事前防御和事后救济机制，落实维护大众交易安全，保护少数股东与债权人，促进关联方及其交易信息披露规则进一步规范化，加快完善我国白勺证券市场。全文除引言外、共分为四个部分，约40,000余字。第一部分，从对关联交易白勺定义入手，界定本文论述白勺关联交易白勺含义，即上市公司及其关联方相互之间转移资源、义务白勺交易行为。关联方包括关联法人和关联自然人。然后通过对各国立法例白勺比较，对关联关系白勺认定标准和关联方白勺范围进行深入白勺分析，可以发现各国在对关联关系白勺认定上形式相差甚大，但透过宽严不一白勺具体认定标准，其共同白勺特质就是都围绕着在制定财务或经营决策白勺过程中，一方有能力控制另一方或对另一方施加重大影响。各国为了量化这种“控制”和“影响”，才以法规定持有股份额和占有出资额白勺比例。不管是采用哪种具体白勺认定标准，其核心因素都是财产权，经营决策权和人事管理权。可以说正是这三大因素构成了关联关系和关联交易白勺纽带。明晰了本文论述白勺法律关系白勺重要主体白勺界定后，接着对界定白勺关联交易从经济和法律白勺角度分析了其成因和存在白勺利弊，从而阐明了关联交易中和信息披露直接相关白勺基本理论问题。第二部分，先澎退关联交易信息披露白勺现实意义，即有利于关联交易正当功能白勺发挥;有利于金融资源白勺最优配置;有利于保护投资者白勺权益。然后探讨了关联交易信息披露制度白勺经济学理论基础和法学理论基础。具体包括:资源配置理论;市场失效理论(Market Fail盯e);有效资本市场假说(Effi。ient Capital Market Hyp。thesi:);揭开公司面纱原则(Liftthe Veil of the Corporation);深石原则(Deep Rock Doctrine);控制股东白勺诚信义务原则(Fidueiary Duties of the Controllingshareh。lde:);法律白勺公平价值和效率价值。指出通过强制信息披露，可以喇氏信息白勺搜寻成本和消费成本，可以解决信息不足和信息偏在问题，提高市场效率，防止关联交易白勺滥用，增强投资者对证券市场白勺信心，促进证券市场白勺健康、繁荣和良性循环。强制信息披露制度维护了当今白勺公司法人制度，符合法律要求白勺最基本价值:公平和效率。从而阐明了关联交易信息披露制度白勺理论基础。第三部分，根据我国有关证券法规确立白勺信息披露“真实、准确、完整”白勺三个标准，指出关联交易白勺信息披露除了要达到这些攀本标准外，应该有自己特有白勺标准，本文以“关联交易信息披露白勺基本原则”来论述这一方面白勺内容。具体包括:实质重于形式与统一性原则;重要性原则;真实相关性原则;例外原则。然后对关联交易信息披露白勺主要内容进行了简要白勺介绍和阐述。第四部分，我国白勺关联交易信息披露白勺混乱，首先是不少上市公司对关联方这个概念白勺使用非常混乱，会计准则白勺规定也不具体，其次是会计人员白勺相关会计知识也不扎实，这些可以通过进一步明确会计准则白勺具体规定，统一定价政策，加强会计报表附注编制白勺学习和宣传来加以改进。但对于我国关联交易信息披露遮遮掩掩，隐瞒关联交易信息，甚至利用关联交易操纵利润，披露不实信息，误导投资者白勺情形，则要利用公司法、证券法等从源头上规制关联交易。如通过资本运作，逐步减少现有可避免白勺关联交易;通过独立报告披露制度和表决回避制度，畅通关联交易信息披露白勺途径，从制度上杜绝不正当关联交易白勺发生;通过完善对虚假披露和不正当关联交易行为白勺民事责任追究，建立有效救济机制
Abstract（英文摘要）：www.328tibet.cn Connected transactions he some special quality and characteristics different from common trades; however, the definition of connected parties and connected transaction is indefinite. Why do a great deal connected transactions occur? Should connect transactions be prohibited or reduced? How to protect the interests of the country, the creditors and all stockholders? How to compel the information concerning connected transactions to be disclosed? Such questions are worth studying and discussing. This thesis is to expatiate on the information disclosure system concerning connected transactions from the angle of law and economy. From the angle of law, the author analyses the complicated legal relationship between the connected parties, the protection of the minority stockholders and the creditors and the affiliated companies’ interest, the designing of the system concerning the Fiduciary duties of the Controlling Shareholders; from the angle of economy, the author analyses the dissymmetry of information and the natural exertion of the functions of the Securities Market. Based on the above analyses this thesis demonstrates the functions of information disclosure. Through the above complete theoretical analysis, this thesis is to settle the questions concerning information disclosure of connected parties and connected transactions from the dual track system of law and accounting for the purposes of establishing its beforehand recovery and sequent relief system, the maintenance of transaction safety, protecting the all stockholders and the creditors’ interests, promoting its standardization, and stepping up the perfection of the Securities Market.This thesis is composed of four parts besides foreword, totaling about 40,000 words.Part I focuses on the basic theories concerning connected transactions that relates to information disclosure directly. First of all the author gives out the definition of connected transactions used in this thesis. Through the comparison of legislations of various countries and the analysis of the assessing standards of connected relationships and the scope of connected parties, the author explains the important parties in the legal relationship discussed in this thesis. And then theauthor goes on the analysis of the cause and the defections of the given connected transaction from the angle of economy and law.Part II focuses on the theoretical basis for the information disclosure concerning connected transactions. The author expatiates on the realistic significance of information disclosure concerning connected transactions and probe into its theoretical basis of economics and jurisprudence. The author also points out that the mandatory information disclosure can reduce the cost of searching for information and consuming, improve the market efficiency, maintain the present system of legal entity, and is in accordance with the basic value-orientation of law-fairness and efficiency.Part III focuses on the fundamental principles and content of information disclosure concerning connected transactions. According to the criterion of "trueness, precise and integrity" set up by China’s Securities Law, the author points out that, besides meeting these criterions, the information disclosure concerning connected transactions should he its own criterions. In this thesis, the author discusses the above contents by means of substituting fundamental principles for criterions. And then the author briefly introduces and discusses the content of information disclosure concerning connected transactions.Part IV focuses on the analysis of the present status of information disclosure concerning connected transactions by listed companies and the perfection of its system. Nowadays, lots of listed companies misunderstand the definition of connected parties, the related provisions in accounting rules are indefinite, and the related knowledge of the accountants is not excellent. All these defections can by corrected by making the related provisions in accounting rules more detailed, unifying
论文关键词： 关联交易；强制信息披露；制度研究；关联方交易；信息披露问题；关联关系；认定标准；信息披露制度；交易信息；少数股东利益；
Abstract（英文摘要）：www.328tibet.cn Connected transactions he some special quality and characteristics different from common trades; however, the definition of connected parties and connected transaction is indefinite. Why do a great deal connected transactions occur? Should connect transactions be prohibited or reduced? How to protect the interests of the country, the creditors and all stockholders? How to compel the information concerning connected transactions to be disclosed? Such questions are worth studying and discussing. This thesis is to expatiate on the information disclosure system concerning connected transactions from the angle of law and economy. From the angle of law, the author analyses the complicated legal relationship between the connected parties, the protection of the minority stockholders and the creditors and the affiliated companies’ interest, the designing of the system concerning the Fiduciary duties of the Controlling Shareholders; from the angle of economy, the author analyses the dissymmetry of information and the natural exertion of the functions of the Securities Market. Based on the above analyses this thesis demonstrates the functions of information disclosure. Through the above complete theoretical analysis, this thesis is to settle the questions concerning information disclosure of connected parties and connected transactions from the dual track system of law and accounting for the purposes of establishing its beforehand recovery and sequent relief system, the maintenance of transaction safety, protecting the all stockholders and the creditors’ interests, promoting its standardization, and stepping up the perfection of the Securities Market.This thesis is composed of four parts besides foreword, totaling about 40,000 words.Part I focuses on the basic theories concerning connected transactions that relates to information disclosure directly. First of all the author gives out the definition of connected transactions used in this thesis. Through the comparison of legislations of various countries and the analysis of the assessing standards of connected relationships and the scope of connected parties, the author explains the important parties in the legal relationship discussed in this thesis. And then theauthor goes on the analysis of the cause and the defections of the given connected transaction from the angle of economy and law.Part II focuses on the theoretical basis for the information disclosure concerning connected transactions. The author expatiates on the realistic significance of information disclosure concerning connected transactions and probe into its theoretical basis of economics and jurisprudence. The author also points out that the mandatory information disclosure can reduce the cost of searching for information and consuming, improve the market efficiency, maintain the present system of legal entity, and is in accordance with the basic value-orientation of law-fairness and efficiency.Part III focuses on the fundamental principles and content of information disclosure concerning connected transactions. According to the criterion of "trueness, precise and integrity" set up by China’s Securities Law, the author points out that, besides meeting these criterions, the information disclosure concerning connected transactions should he its own criterions. In this thesis, the author discusses the above contents by means of substituting fundamental principles for criterions. And then the author briefly introduces and discusses the content of information disclosure concerning connected transactions.Part IV focuses on the analysis of the present status of information disclosure concerning connected transactions by listed companies and the perfection of its system. Nowadays, lots of listed companies misunderstand the definition of connected parties, the related provisions in accounting rules are indefinite, and the related knowledge of the accountants is not excellent. All these defections can by corrected by making the related provisions in accounting rules more detailed, unifying
论文关键词： 关联交易；强制信息披露；制度研究；关联方交易；信息披露问题；关联关系；认定标准；信息披露制度；交易信息；少数股东利益；