大股东股权滥用行为的规制研究

　　摘要

　　本文以大股东滥用股权的现状、成因，股权滥用的界定、要件和规制对策的分析比较为主要研究对象。本文在总结归纳大股东滥用股权具体形态的基础上，将滥用的成因总结为公司内部治理结构不合理和公司外部治理机制功能弱化。内部治理结构不合理包括：资本多数决原则导致大股东操纵股东大会、董事会、监事会造成的权利滥用；缺乏有效的制度安排等。外部治理机制功能弱化包括：法律规定缺失及相关救济方式的缺陷；行政监管不力等原因。并论述了股东控制权滥用规制的理论依据，即资本多数决原则的异化、股东利益的冲突和成本收益理论都要求对控制股东建立起有效的规制机制。文章还分析了目前我国法律所确定的三种诉讼救济措施，即股权收买请求权制度、公司裁判解散制度、股东代位诉讼制度其各自的现状及不足，提出在纠纷发生之前就尽可能地采取制度安排措施加以预防，章程和股东协议都是非诉讼制度安排的有效形式，其优势在于防范未然、节约成本、私密性强，是司法救济措施的合理补充。这些就是本文所要研究的课题。全文除引言和结语外，共分为三章内容。

　　第一章首先对目前我国股权滥用的典型样态做归纳整理，将表现形式分类为：关联交易、操纵股东大会做出侵害其他股东利益的决议、操纵董事会、监事会和经理阶层、股票发行配售中的欺诈行为等。在此基础之上对我国大股东股权滥用的成因进行分析总结。

　　第二章作为承上启下的一章，本章分为二节内容，第一节从股权滥用的含义切入，详细分析了股权滥用的界定标准，以及小股东权利保护的界限。第二节着重围绕着法律规制的理论依据及其必要性展开，归纳了股权滥用法律规制的思路。

　　第三章对大股东股权滥用的规制路径进行分析。股权滥用一方面是对公司独立人格和有限责任的践踏，另一方面也会侵害小股东和其他债权人的合法权益。

　　在这一部分首先肯定了以司法救济方式解决大股东股权滥用问题的必要性，并对三种主要的诉讼救济方式即股权收买请求权制度、公司裁判解散制度、股东代位诉讼制度进行分析，认可其是纠纷的最终解决机制，是实现股东间利益平衡的重要保障，同时也指出其不足和相关法律修订的建议。最后从股东协议及章程制度安排等非诉讼途径，提出自己对大股东股权滥用规制的看法和建议。

　　【关键词】大股东、股权滥用、控制权规制

　　Abstracts

　　The main research objects of this paper are: the current situation of shareholderright abuse, the causes and elements of shareholder right abuse and the analysis ofgovernment policies which influence shareholder right abuse. Based on the specificforms of major shareholder right abuse, this paper outlines two main causes ofshareholder right abuse: the irrationality of corporate structure and the functionalweaken of external governance mechanism. The irrationality of corporate structureincludes: the majority principal causes the result that the major shareholdersmanipulate general meetings of shareholders; board of supervisors and board ofdirectors causes the abuse of shareholder right; the lack of efficient regulations; etc.

　　The functional weaken of external governance mechanism includes: the lack ofrelated policies and relief methods; the flaw of administrative supervision; etc.

　　Moreover, this paper covers the theoretical basis of shareholder right abuse whichcontains the alienation of the majority principal, the conflict of shareholder interestsand the cost-benefit theory. Efficient regulations for shareholders are thereforedemanded. Besides constitutions and shareholder agreement, three litigation reliefmeasures which includes share repurchase rights system, judicial dissolution of thecompany system, the system of stockholder's derivative action according to laws inChina are analyzed. Apart from the abstract and the conclusion, there are three mainparts in this paper.

　　Chapter One outlines the typical examples of shareholder right abuse in China.

　　For example, related transactions; the resolutions made by manipulations of generalshareholder meetings; the manipulations of board of directors、board of supervisorsand managers; the fraud during stock issue. On based of this, chapter one analyzed thecauses of major shareholder right abuse.

　　There are two main sections in Chapter two. Section One focuses on thedefinition of shareholder right abuse and analyzes the key components of shareholderright abuse; the protection of minority shareholder rights. Section two starts with thetheoretical basis of government policies and its necessity.

　　Chapter three analyzes the solutions of shareholder right abuse. On one hand,shareholder right abuse damages interests of companies; on the other hand, it damagesthe legal rights of minority shareholders and other creditors. The necessity of legalcountermeasures includes three litigation relief measures are confirmed in this chapter.

　　In addition, the deficiencies of above are explained. Finally, the precaution stepswhich include constitutions and shareholder agreement are added. In conclusion, thewriter's opinions on solutions to majority shareholder right abuse are illustrated.

　　Key words: majority shareholder; shareholder right abuse;control regulation
 

　　目录

　　导言……1

　　第一章大股东股权滥用现状及成因……2

　　第一节大股东股权滥用的表现形式……2

　　一、关联交易下的利益转移……2

　　二、操纵股东大会做出侵害其他股东权益的决议……3

　　三、拒不分配股利……4

　　四、股票发行、配售中的欺诈行为……5

　　第二节大股东股权滥用的原因分析……6

　　一、公司内部治理结构不合理为大股东滥用股权提供可乘之机……6

　　二、公司外部治理机制功能弱化为大股东股权滥用提供便利条件……10

　　第二章对股权滥用的界定及规制的必要性……14

　　第一节股权滥用规制的界定……14

　　一、大股东滥用股权的界定……14

　　二、小股东权利保护的法律界限……21

　　第二节股权滥用法律规制的理论基础……22

　　一、规制大股东股权滥用行为的理论依据……22

　　二、规制的必要性……25

　　三、规制股权滥用的合理思路……27

　　第三章针对大股东股权滥用的规制路径分析……29

　　第一节我国大股东股权滥用诉讼救济的相关理论分析……29

　　一、股东收买请求权制度现状及不足……29

　　二、公司裁判解散制度现状及不足……32

　　三、股东代位诉讼制度现状及不足……33

　　第二节规制大股东股权滥用的制度安排……35

　　一、公司章程中有关规制大股东股权滥用的制度安排……35

　　二、股东协议中有关规制大股东股权滥用的制度安排……41

　　结语……45

　　参考文献……46