融资财务控制权对公司制度的挑战

发布时间：2018-01-17 16:15

本文关键词：融资财务控制权对公司制度的挑战　出处：《法学》2017年11期 　论文类型：期刊论文

【摘要】：融资财务控制权是指资金供给方在为公司提供资金的交易过程中,为保障资金安全,防范信息不对称下的道德风险,对公司及公司股东所形成的控制性权利。这一由金融市场所形成的控制权在实践中突破、改造甚至限制了《公司法》下股权的行使。其结果是,股东与公司之间的股权纽带,以及公司这一组织形式与契约之间的界限,在这一类金融商事创新中变得模糊。根据"实质重于形式"的原则,会计已对类似财务安排所形成的控制权进行了确认,但偏重形式的法律尚未有效回应。从历史维度看,融资实践对公司制度的发展有着深远的影响,而我国的融资创新与制度环境有所割裂,应当借鉴域外经验,令公司制度更好地回应金融创新。
[Abstract]:Financing financial control right refers to the fund supplier in the process of providing funds for the company, in order to ensure the security of funds and prevent the moral hazard under the asymmetric information. The controlling right to the company and its shareholders, which is formed by the financial market, has broken through in practice, reformed and even restricted the exercise of the stock right under the Company Law. The equity ties between shareholders and companies, as well as the boundary between the organization form and contract, become blurred in this kind of financial and commercial innovation, according to the principle of "substance is more important than form". Accounting has confirmed the control rights formed by similar financial arrangements, but the form-oriented law has not yet responded effectively. From the historical dimension, financing practice has a profound impact on the development of corporate system. The financing innovation of our country is separated from the institutional environment, so we should draw lessons from the foreign experience to make the company system better respond to the financial innovation.
【作者单位】：北京大学法学院;
【分类号】：D922.291.91
【正文快照】： 资产负债表右侧的负债及所有者权益分别代表着公司融资的两种路径,即公司或者通过股或者通过债从资本市场完成融资。在公司的负债端,公司可选择的融资工具包括公司债、中期票据、超短期融资券及银行贷款等,并且不同种类的债因期限长短、风险程度的大小对应着不同层次的权利与

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