上市公司股权质押法律问题研究

发布时间：2018-01-14 05:31

本文关键词：上市公司股权质押法律问题研究　出处：《中国政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：近年来,上市公司股权质押随着我国资本市场的蓬勃发展而不断壮大,成为上市公司融资的重要方式之一。一方面,股权质押以其内在的优势解决了上市公司融资难的问题。另一方面,股权质押为上市公司带来了资金的同时,也带来了各种风险,而且风险与质押比率成正比关系。上市公司股权质押的风险主要表现为股权质押导致股权价值下跌、大股东掏空上市公司、到期未能履行债务引发控股权转移等风险。然而,由于我国股权质押法律制度起步比较晚,股权质押的相关规定散见于多部部门法,不同部门法之间的规定还存在某些条文的冲突,无法形成统一的法律体系,加上法律规定过于原则笼统,缺乏具体的操作规范,使上市公司股权质押的风险大大增加。这些问题表明了目前我国法律有关上市公司股权质押的规定,已不能适应现实的需要,严重阻碍了其进一步发展。本文从股权质押和上市公司股权质押的基本理论出发,通过对上市公司乐视网的案例分析,指出我国上市公司股权质押存在的风险,最后提出风险防范机制和自己的立法建议。本文主要由五部分内容组成。第一章上市公司股权质押的理论概述及发展现状。在定义了股权质押和上市公司股权质押概念的基础上,对上市公司股权质押的发展现状进行介绍,并对上市公司股权作为质押标的的适格性加以探究。第二章上市公司股权质押的设立问题。结合当下法律体系对上市公司股权质押设立的规定,重点探讨了我国现行上市公司股权质押登记制度存在的不足之处,指出其客观上限制了股权质押在资本市场中的积极作用。第三章上市公司股权质权的实行问题。对上市公司股权质权实行的一般规定、质权存续期间质权的行使、出质标的为国有股和社会法人股时质权的实行、质押登记后又办理了司法冻结时质权的行使进行了分析。第四章乐视网股权质押案例风险分析。结合上市公司乐视网股权质押的案例进行剖析,借助于案例来指出上市公司股权质押存在的问题不容小觑,尤其是各种风险要素需要被大家所重视,例如处置风险、道德风险以及市场风险。第五章完善上市公司股权质押法律规定的建议。针对风险防范和有关问题,结合我国国情,遵循安全优先、兼顾效率与公平的原则,在上市公司股权质押法律体系健全上给出了对策。
[Abstract]:In recent years, with the rapid development of China's capital market, stock pledge has become one of the most important financing methods for listed companies. On the other hand, equity pledge not only brings funds to listed companies, but also brings all kinds of risks. And the risk is proportional to the ratio of pledge. The risk of equity pledge of listed companies is mainly reflected in the decline of equity value caused by equity pledge, and the large shareholders emptying the listed company. However, due to the late start of the legal system of equity pledge, the relevant provisions of equity pledge are scattered in a number of laws. There are some conflicts between the provisions of different branches of law, unable to form a unified legal system, plus the legal provisions are too general principles, lack of specific operational norms. These problems indicate that the current provisions of Chinese law on equity pledge of listed companies can no longer meet the needs of reality. From the basic theory of equity pledge and stock pledge of listed company, this paper points out the risk of stock pledge of listed company in our country through the case analysis of the listed company. Finally, the author puts forward the risk prevention mechanism and his own legislative suggestions. This paper mainly consists of five parts. Chapter 1: the theory and development of equity pledge of listed companies. The definition of equity pledge and equity pledge of listed companies. On the basis of the concept of custody. This paper introduces the status quo of stock pledge of listed companies. The second chapter is about the establishment of equity pledge of listed companies. Combined with the current legal system of the provisions of the establishment of equity pledge of listed companies. This paper focuses on the deficiencies of the current stock pledge registration system of listed companies in China. It points out that it objectively limits the positive role of equity pledge in the capital market. The third chapter is about the implementation of equity pledge of listed companies. The exercise of pledge rights during the existence of pledge rights, the object of pledge is the implementation of pledge rights when state-owned shares and social legal shares are used. After the pledge registration has handled the judicial freeze the exercise of pledge right has carried on the analysis. 4th chapter Letv net stock right pledge case risk analysis. Unifies the listed company Letv net stock right pledge case to carry on the analysis. With the help of cases, the problems of equity pledge of listed companies can not be underestimated, especially all kinds of risk elements need to be paid attention to, such as the disposal of risk. Moral hazard and market risk. Chapter 5th to improve the legal provisions of listed companies equity pledge recommendations. In view of risk prevention and related issues, combined with our national conditions, follow the principle of safety priority, taking into account efficiency and fairness. The countermeasures are given on the perfection of the legal system of equity pledge of listed companies.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91;D923.2

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