论公司转投资行为的法律规制

【作者】 高岩；

【导师】 衣庆云；

【作者基本信息】 东北财经大学 ， 经济法， 2007， 硕士

【摘要】 公司转投资是指一公司对其他公司、企业或经济组织进行真实有效出资的民事法律行为，即公司以现金、实物、无形资产或者购买股票、债券等有价证券的方式向其他单位投资，获取利益的行为。近年来，随着经济的发展，以自然人作为公司股东、持有公司股份、拥有并控制着公司的时代已一去不复返，取而代之的是已作为现代市场经济主体的公司通过转投资而持有他公司的股份，成为他公司中最为强大的股东，因此，转投资已逐渐成为现代市场经济主体之间一种重要的商务经济行为，是企业间相互发展和联合的重要方式之一。但是虽然转投资这种经营方式具有重要的经济意义，对投资企业本身而言却又是一种利弊共存，存在风险的行为。其结局或导致股东投资初衷的偏离或导致债权人求偿权的落空。这种风险是由转投资行为的缺陷造成的。不论是单项投资还是环型投资都可能会造成投资企业资本虚增或者实质性减资，并由此产生母子公司，关联企业和企业集团。从而对债权人，股东等相关利益主体的合法权益保护造成威胁，并由此产生各种复杂的法律关系。所以对企业的转投资行为必须进行法律规制，以抑制其缺陷带来的负面影响，维护企业经济安全。世界上的许多国家都对公司转投资行为做出了立法规制。英美法系国家在效率优先的立法价值取向的指导下，其成文法做出了开放性的立法规定，将转投资视为公司的一种行为能力，公司可以依照章程自由地进行转投资，法律没有对公司转投资行为过多的加以限制，经济安全通过成文法之外的其他制度进行制约。主要包括“揭开公司面纱”，“深石原则”等制度。大陆法系国家的立法模式相对保守，以经济安全为第一考量，在成文法上对转投资做出了严格的限制规定，包括对投资对象，投资额度等的限制。我国属大陆法系国家，主要依靠《公司法》来规范公司的转投资行为。新《公司法》出台后废除了旧公司法在投资对象，投资额度等方面不符合经济发展的相关规定，在一定程度上促进了公司之间的转投资行为，有利于经济的发展，但是新《公司法》缺乏对转投资产生的各种法律关系的规制制度，其相关规定不具有严密性，更没有相应的违法处罚措施，这使得实践中的转投资行为出现很多问题。本文在介绍转投资的涵义后，从转投资行为的缺陷分析入手，点出公司转投资行为可能引发的负面问题。因为这些负面问题的存在，各国必须在立法上对公司的转投资问题做出规制，在对其他国家的法律规制做出介绍后，研究我国转投资法律规制制度存在的缺陷，最后针对这些缺陷同时借鉴其他国家的立法经验提出完善意见。更多还原

【Abstract】 Company reinvestment refers to an act of law in which a company conducts a real and effective investment to other companies, enterprises, or economic organizations, that is, the company invests to other units in cash, object, intangible assets, or purchases stocks, bonds and other securities and obtains profits. In recent years, with the development of economy, the time that person become stockholder, hold stock of company, possess and control company have gone. what replace is that the company which have become the main part of modern market economy use reinvestment possess stock of other company, and become the strong stockholder of that company. so reinvestment has gradually become an important business and economic act among modern principals in market economy and is one of the important ways of enterprise mutual development and enterprise joint. However, although reinvestment has great economic significance, to the investment company itself, it is behavior in which pros and cons co-exist and it has risk. The result may lead to stockholder deviate their original intention of invest or lead to creditor lose their right of request compensate. This risk is inherent to the defect of reinvestment. Regardless of individual investment or ring-type investment may inevitably cause inflated or reduce capitals to investment companies, and result in parent and subsidiary corporations, affiliated enterprises and enterprise groups, thus pose a threat to the legitimate rights and interests of relevant interest principals such as creditors stockholder, and have a variety of complex legal relations. Therefore, the company reinvestment must be under control of legal regulations to prevent its own defect from the negative effects and ensure the economic security of the enterprises. Many countries in the world have made the system of legislation on company reinvestment. Common law countries, under the guidance of the efficiency-priority value orientation, the regulations of reinvestment enacted by their statute laws are open, it see company reinvestment as the behavior ability, company can reinvestment freedom according to the procedure of company. Reinvest without excessive restrictions, and the economic security is restricted by other system constraints, include institution of uncover company veil and deep stock. Value orientation of Civil law country is guard. Civil law countries, with economic security as their first consideration, the regulations of reinvestment enacted by their statute laws are strict, include target and limit of reinvestment. China is a civil law country, mainly relying on Company Law to regulate company reinvestment. The introduction of the new Company Law abolishes relevant regulations, such as reinvestment target and reinvestment limit, incompatible with the economic development in the old Company Law, to some extent, it contributes to the company reinvestment, and it is good to the development of economic. However, the new law lacks legal regulations of various legal relations resulting from reinvestment, its stipulate is not rational, and it without corresponding punitive measures, which causes a lot of problems to the practice of reinvestment. After introducing the definition of reinvestment, this assay first start on the flaw of reinvestment, talk out these flaws, because of these flaws, many countries must make law to restrict the company reinvestment. After introducing law of other country, the essay study the flaw of our reinvestment law. Last, the essay, study the good experience of other country, put forward perfect idea to consummate our law.更多还原