- 學位論文
論中國大陸股權分置改革之法制 ─「全流通」市場之轉機與危機─
The Legal System related to the Reform of Stock Right Splitting in PRC ─ The Opportunity and Challenge of All Shares Circulation Market ─
摘要
摘要 中國大陸自1978年改革開放後，經濟快速起飛。以證券市場為例，短短三十年，交易市值在全球證券市場已名列前茅，成為國際經濟重心之一，吸引各界關注。然而，大陸以往採行社會主義公有制，強調一切資產皆歸國有，其後採卻取資本主義政策，發展證券市場。這當中體制的轉型會面臨的法制問題，以及至2009年，仍有謂Ａ股股票市場歷經「股權分置改革」，正邁向「全流通」市場發展之議題存在，值得研究。 探究證券市場的法制發展，必然先從證券市場源起作觀察。中國大陸在採行保有社會主義思想的計畫經濟下，證券市場的興起和建構乃與國家行政權力的介入息息相關。最早建構證券市場之目的並非在鼓勵民間投資，主要係為籌措資金，以便進行國有企業之改革，加速國家經濟之發展。發展之初欠缺完善證券監管制度，亦無法律規範，市場由諸多行政單位制定相關規範性文件管理，呈現紊亂的監管狀態。其後《公司法》、《證券法》相繼制定，更顯現證券法制處於一種「先市場，後規範」的現象。 國企改革背景下建構的證券市場，為求國有資產不被外來資金所稀釋，Ａ股股票市場發展出「股權分置」制度，將股票區分流通股與非流通股分而置之。嚴重影響一般證券市場所有股票皆得上市流通的正常機能，引發許多問題，包括市場內幕交易（內線交易）盛行、公司治理「一股獨大」等。其後掀起一連串體制改革的運動，直至2005年進行「股權分置改革」，並修訂《公司法》、《證券法》，2009年已逐步邁向股票「全流通」時代。 「股權分置」時期對證券市場造成諸多影響，雖歷經改革，對於保障投資人言，法制趨於完備，可謂經濟制度發展之「轉機」。惟股權分置改革過程，亦產生相關法律問題。此外，邁向「全流通」後，證券市場尚面臨諸多挑戰，如國有資產之管理、「全流通」對市場經濟之衝擊、公司治理「一股獨大」等問題尚待解決，可謂係另一「危機」。本文研究股權分置改革之法制轉變所產生的法律問題，以及邁向「全流通」下，將帶來何等「轉機」與「危機」，提供初步觀察和研究心得，亦對大陸股市之投資者，可認識證券法制之基本規範。
並列摘要
Abstract After reform and open-door policy of PRC in 1978, the economy took off rapidly. Take the stock market for example, during the short 30 years, the transaction market value has taken the leading position in the worldwide stock market, became one of international economy centers, and grabbed attention from all walks of life. However, the PRC formerly adopts the good socialist system of ownership, which stressed that all properties are all government-owned, but after that convert to the capitalism policy to develop stock market. What kind of legal system problem do these system reformation will confront, and till 2009 the issue about A Stock market which have went through “the reform of stock right splitting”, now is advancing to “all shares circulation market” in the market development are worth studying. To research the development of legal system related to stock market in PRC, we must make observations on the sources of the stock market. Under the planned economy of socialism, the PRC stock market which starts and constructs closely related with the involvement of national administration authority. The target of construction of the stock market is to encourage the private investment by no means most early, but mainly on the fund raising. With the aim of carrying on reform of the State-owned business, developments of the acceleration state economy. In the beginning of the development is short of the consummation negotiable securities supervisory system, also without the legal norms. The market, formulated by the related administrative regulated documents which are operated from many Administrative units, presents the disorder condition of supervision. After that "Corporate Law" and "Securities law" are formulated one after another, the phenomenon appears that the legal system of securities in PRC is “the first market, latter standard”. In the market which constructed under the state enterprise reformed background, to prevent the state asset from dilutions by external finances, A Stock market developed “the stock right splitting” the system, which sorts the stock into circulation and non-circulation share the stipulation. This badly influences the function making all the stocks in the common stock market normally going on the market circulation, causing many problems , the prevalence of insider trading , the company including the market inside story transaction to govern “one alone big” and so on. Afterwards it resulted in a succession of organization reformings, carrying on “the reform of stock right splitting” and revises "Corporation Law", "Securities law" since 2005. The stock market has eventually get into the “all shares circulation” age in 2009. “The stock right splitting” age has made enormous influences on the stock market. although the market has been through repeatedly reforming, in the case of safeguarding investors, , the legal system tends to be complete. It could be seen as the “opportunity” of the economic institution. Yet the stock right splitting reforming process also brought legal matters. Furthermore, after advancing to “all shares circulation”, the stock market still faced many challenges waiting for solutions as managements of the state asset, the economic shock from “all shares circulation”, the male department the market economy governs “one alone big” and so on. In other words, it might be another challenge. In this study, we expect to research on the the legal problems resulted from the transformations of the stock right splitting reformation, as well as to examine the “opportunity” and “challenges” from advanceing to “all shares circulation”. We establish a preliminary observation structure for future studies. we expect this study provides a conceptual summary of the negotiable securities legal system standard to investors.