可转换公司债券中利益冲突及其平衡机制设计

发布时间：2018-08-26 19:34

【摘要】：如何平衡可转换公司债券中的利益冲突是可转换公司债券制度有效运行的核心和关键。本文从平衡机制设计的视角对调整可转换公司债券的发行公司、债券持有人和原有股东三方主体之间利益的法律制度进行了研究。从两个层次来设计可转换公司债券各主体利益平衡的法律制度：宏观上,在可转换公司债券的运作过程中,通过确定相应的法律原则来构建三者之间的平衡关系；微观上,在制定具体的法律规范时,强调保护一方主体利益的同时还要妥善处理和兼顾他方的利益。全文除导论和结语外共五个部分。导论主要介绍了选题背景及意义、文献综述、论文的写作思路与逻辑结构和论文的研究方法等内容。第一部分是关于可转换公司债券的概述,分为两个部分进行论述。首先,第一个小部分界定了可转换公司债券的含义,理论上可转债的含义有广义与狭义之分,本文由于是对我国的可转债进行研究,因此结合我国的《公司法》相关规定,文章采用了狭义的可转债含义,从而确定了本文的研究范围。第二个小部分论及了可转换公司债券的四个特征：一、笔者认为我国可转债的发行主体为上市公司,这比大多数国家认为发行主体为股份有限公司的规定更加严格;二、可转债兼具债券、股票和期权三重属性使得其具有了其他公司债券没有的投融资优势；三、正是可转债独有的投融资优势使得其具有高投机和高风险并存的特点；四、可转换公司债券的核心特征是转换权的存在,笔者对一直存在争议的转换权性质进行了理论分析,并且认为从法律的应然角度来看转换权应该属于形成权而非请求权,因为只有这样才有利于对债券持有人利益的保护。第二部分以可转换公司债券各主体之间的法律关系的分析为基础,分别对发行公司、债券持有人和原有股东他们三者之间存在的利益冲突进行了介绍。利益冲突的表现为可转换公司债券利益平衡机制的设计提供了现实的土壤,这是利益平衡机制设计的理由之所在,如果没有现实问题的提出,那么该机制的建构就没有存在的现实意义。首先,从可转债三方主体之间的两两法律关系入手,分析了可转债各方之间利益冲突的缘起；其次,从债券持有人行使转换权、知情权、本息偿还请求权、回售权和发行公司提前赎回可转债这五个方面介绍了债券持有人与发行公司之间的利益冲突的具体体现；最后,从可转债的发行和转换这两个过程出发,指出了其间表现出来的债券持有人与原有股东之间的利益冲突问题。第三部分介绍了当前我国关于可转换公司债券的法律调整的基本框架与缺失。缺失的出现使得现行的法律制度无法有效地解决可转换公司债券各主体间的利益冲突问题,因此得出必须对现行相关法律制度进行重构的结论。我国关于可转债的现有法律制度的失衡主要表现在：可转债持有人的劣势地位仍未改变、对发行公司的保护过度倾斜和对原有股东利益保护尚不完善这三个方面。这些失衡的表现明显与法律所要求的平等价值相冲突,如果这种缺乏平等价值的规范性文件继续调整我国的可转债,那么一定会阻碍可转债的发展,因此必须对我国的可转债现行法律制度进行重构。第四部分论及了法律的平等理论、利益相关者理论和法律利益调整理论等法理学层面上的内容,目的是为利益平衡机制的具体设计提供坚实的理论基础和价值指导。利益的法律调整理论认为对可转债进行规范的法律法规在本质上就是一种利益调控机制。理想的利益调控机制应该表达可转债中各主体的利益要求,平衡各主体之间的利益冲突,重建他们三者之间的利益格局。该理论认为一套良好的调控可转债的法律制度应该对可转债中的各种利益进行选择、确认和表达,然后对可转债所涉及的利益冲突进行平衡,保护合法的利益,排斥非法的利益。利益相关者理论认为如果发行公司要使自身得到发展,那么发行公司在运营的时候就必须考虑到其不同的利益相关群体的需要。在该理论指导下的公司治理理念应该是发行公司在保护其股东、债券持有人等利益的前提下实现其自身利益的最大化,并且同为发行公司投资者的原有股东和债券持有人他们之间的地位应该是平等的。可转换公司债券的发行和转换过程是其所有活动中的基础与核心,因此第五部分主要就是从发行和转换过程中的相应事项和制度中涉及的各主体间的利益进行平衡机制的重构,这一部分也是本文的重点以及贡献之所在：首先,对可转债在发行过程中各主体利益平衡机制进行重构。主要从可转债的发行主体、发行决定权、赎回制度、回售制度和本息偿还请求权制度这五个方面对其中涉及到的利益冲突进行分析,给出了解决这些利益冲突的具体立法建议：一、在发行主体上来看,为了使可转债得到更好的发展,我国在制定严格的发行条件和程序的情况下,应该将经济效益良好、有发展前景的未上市公司也纳入到发行主体的行列中来;二、基于股东大会中心主义向董事会中心主义变迁趋势的影响,我国应该将可转债的发行决定权在一定程度上让董事会享有;三、对于赎回制度,我国的相关立法机构应当根据具体的情况对赎回条款中约定的不可赎回期限和赎回溢价的价格作出更加符合程序和法理的详细规定；四、要使回售制度体现可转债的利益平衡,那么就要对回售条款中的回售期伺、回售价格给出一个适宜的限制范围,这样才有利于当事人达成双方利益均衡的回售条款；五、在对本息偿还请求权进行必要限制的前提下应该在相关的法律法规中将可转债持有人的这项权利具体化、细节化,使其具有可操作性。其次,对可转债在转换过程中各主体利益平衡机制进行重构,这部分从转换价格和转换期限这两方面入手寻找解决在转换过程中利益碰撞的方法。对于转换价格来说,在循序确定转换价格采用市价转换方式的基础上,将这种定价的方式更加细化,以便具体操作；对于转换期间来讲,由于定期转换制度容易导致股价的暴跌,对整个证券市场的发展不利,因此我国应该摒弃现行的定期转换制度,借鉴外国的成功经验,采用随时转换制度。最后,由于信息披露制度、可转换公司债券持有人整体保护制度和公司资本制这三方面的问题融入到可转换公司债券涉及的各个阶段,因此在这些制度中对可转债利益平衡机制进行重构是一种十分必要的制度设计补充：第一,在调整可转债的相关法律法规中应当规定发行公司违反信息披露制度时应承担的民事责任形式,从而使得投资者的损失能够得到有效地赔偿：第二,可转债持有人会议制度的宗旨就是将债券持有人组合成一个整体来与发行公司及其股东进行博弈,而要合理有效地将债券持有人集结在一起就要在相关的法律法规中明确债券持有人会议的法律地位、人员构成和会议的召集权；第三,鉴于只有提高可转债运作的效率才有利于维持可转债各主体间的平衡,因此,要解决我国当前资本制度给可转债的经济功能带来的弊端就必须对我国现行的公司资本制度进行改革。在对可转债的相关法律法规进行重构的时候要本着“宜细不宜粗”的原则,对可转债涉及的各项制度,有规定的考察其是否合理,然后进行修改或者细化；对于我国尚属空白的,借鉴外国的优秀经验结合本国实情进行法律移植。只有这样可转债这一既是融资工具又是投资工具的金融品种才会更加富有生命力,更好地发挥其经济效能,繁荣证券市场。
[Abstract]:How to balance the conflicts of interest in convertible bonds is the core and key to the effective operation of the convertible bond system. This paper studies the legal system of adjusting the interests among the issuing companies, bondholders and the original shareholders from the perspective of balancing mechanism design. Designing the legal system of balancing the interests of each subject of convertible corporate bonds: macroscopically, in the operation process of convertible corporate bonds, the corresponding legal principles are established to build a balanced relationship among the three; microscopically, in the formulation of specific legal norms, the protection of the interests of one party should be emphasized while properly dealing with and merging. In addition to the introduction and conclusion, the full text consists of five parts.
The introduction mainly introduces the background and significance of the topic, literature review, writing ideas, logical structure and research methods of the paper.
The first part is an overview of convertible bonds, which is divided into two parts. Firstly, the first part defines the meaning of convertible bonds. In theory, the meaning of convertible bonds can be divided into broad sense and narrow sense. The second part deals with the four characteristics of convertible bonds: first, the author thinks that the issuer of convertible bonds in China is listed companies, which is more stringent than most countries think that the issuer is a joint stock limited company; second, convertible bonds. The triple attributes of bonds, stocks and options make it have the advantages of investment and financing that other corporate bonds do not have. Thirdly, it is the unique investment and financing advantages of convertible bonds that make it have the characteristics of high speculation and high risk coexistence. Fourthly, the core feature of convertible corporate bonds is the existence of conversion rights. The author has been disputing the transformation. The nature of the right is analyzed theoretically, and it is believed that the right of conversion should belong to the right of formation rather than the right of claim from the legal point of view, because only in this way can the interests of bondholders be protected.
In the second part, based on the analysis of the legal relationship among the subjects of convertible bonds, the conflicts of interest among issuing companies, bondholders and original shareholders are introduced respectively. The reason for the design of the interest balance mechanism lies in the fact that the construction of the mechanism would not have practical significance if no practical problems were raised. This paper introduces the conflict of interest between the bondholder and the issuing company from five aspects: the claim of principal-interest repayment, the right of repurchase and the issuing company's early redemption of convertible bonds. A sudden problem.
The third part introduces the basic framework and shortcomings of the current legal adjustment of convertible corporate bonds in China.The emergence of the shortcomings makes the existing legal system unable to effectively solve the conflict of interests between the various subjects of convertible corporate bonds. The imbalance of the existing legal system of convertible bonds is mainly manifested in the following three aspects: the disadvantage status of the holders of convertible bonds has not changed, the protection of issuing companies is excessively inclined and the protection of the interests of the original shareholders is not perfect. Regulatory documents continue to adjust China's convertible bonds, then it will certainly hinder the development of convertible bonds, so we must reconstruct the current legal system of convertible bonds.
The fourth part deals with the theory of legal equality, the theory of stakeholders and the theory of legal interest adjustment. The purpose is to provide a solid theoretical basis and value guidance for the specific design of interest balance mechanism. The ideal interest control mechanism should express the interest requirements of each subject in convertible bonds, balance the interest conflicts among the subjects, and reconstruct the interest pattern among them. Stakeholder theory holds that if the issuing company wants to develop itself, then the issuing company must take into account the needs of different stakeholder groups in its operation. The idea of corporate governance should be that the issuing company maximizes its own interests while protecting the interests of its shareholders and bondholders, and the status between the original shareholders and bondholders who are investors of the issuing company should be equal.
The process of issuing and converting convertible bonds is the basis and core of all its activities. Therefore, the fifth part is mainly to reconstruct the balance mechanism between the relevant issues in the process of issuing and converting bonds and the interests of the various subjects involved in the system. This part is also the focus of this paper and the contribution of this part.
Firstly, the paper reconstructs the interest balance mechanism of each subject in the process of issuing convertible bonds. It mainly analyzes the interest conflicts involved in the five aspects: issuing subject, issuing decision right, redemption system, repurchase system and principal-interest repayment claim system, and gives concrete legislative suggestions to solve these interest conflicts. Firstly, in order to make convertible bonds develop better, our country should bring good economic benefits and promising non-listed companies into the list of issuers under the strict issuing conditions and procedures; secondly, based on the change from shareholder meeting centralism to board centralism. Under the influence of the situation, China should let the board of directors enjoy the right of issuing convertible bonds to a certain extent. Thirdly, for the redemption system, China's relevant legislative bodies should make more procedural and legal detailed provisions on the irredeemable period and the price of redemption premium stipulated in the redemption clause according to specific circumstances. The repurchase system reflects the balance of interests of convertible bonds, so it is necessary to give a suitable limit on the repurchase period and the repurchase price in the repurchase clause, so as to help the parties to reach a balance of interests between the two sides of the repurchase clause. The rights of the holders of convertible bonds should be concretialized and detailed so as to make them operable.
Secondly, the paper reconstructs the interest balance mechanism of convertible bonds in the process of conversion. This part tries to find a way to solve the interest collision in the process of conversion from the two aspects of conversion price and conversion period. For the period of conversion, the periodic conversion system is liable to lead to a sharp drop in stock prices, which is not conducive to the development of the securities market as a whole, so China should abandon the current periodic conversion system, learn from the successful experience of foreign countries, and adopt the system of changing at any time.
Finally, since the information disclosure system, the overall protection system of convertible bondholders and the corporate capital system are integrated into the various stages of convertible bonds, it is necessary to reconstruct the interest balance mechanism of convertible bonds in these systems. Firstly, it is necessary to adjust the system. The relevant laws and regulations of convertible bonds should stipulate the forms of civil liability that issuing companies should bear when they violate the information disclosure system, so that investors'losses can be effectively compensated. Second, the purpose of the convention system of convertible bond holders is to combine bondholders into a whole to enter into the issuing company and its shareholders. In order to gather bondholders reasonably and effectively, the legal status, personnel composition and convening power of bondholders'meetings should be clarified in relevant laws and regulations. Thirdly, in view of the fact that only by improving the efficiency of convertible bonds operation can the balance between the various subjects of convertible bonds be maintained, China should solve the problem. The malpractice of the former capital system to the economic function of convertible bonds must be reformed.
When reconstructing the relevant laws and regulations of convertible bonds, we should follow the principle of "appropriate details should not be coarse". We should inspect the various systems involved in convertible bonds to see if they are reasonable, then amend or refine them. Convertible bonds, which are both financing and investment tools, will be more vigorous, give full play to their economic efficiency and prosper the securities market.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.287;D922.291.91

【参考文献】