【作者】 张丽丽；

【导师】 王艳梅；

【作者基本信息】 吉林大学 ， 法律硕士（专业学位）， 2016， 硕士

【摘要】 上市公司违规关联担保是指上市公司提供关联担保的决策程序违反《中华人民共和国公司法》(以下简称《公司法》)规定的程序性限制,具体表现为未经决策机关表决而是由法定代表人越权提供的关联担保,或者是关联股东或者关联董事未履行回避义务进行的有失公允的担保,或者是无权决策机关在公司章程缺位时违反股权主权的原则擅自决定提供担保的行为。这些违规操作的行为由于具有隐蔽性和外观合法性,不易被发觉,往往导致的最终结果是公司需要承担连带责任或是赔偿责任。加之关联担保的金额少则几千万多则几十亿,而上市公司经营资金却是有限的,短时间内偿还如此大额的现金债务使得上市公司的财务风险迅速升级,通常会造成资金断裂而被迫破产清算。由此可见,上市公司违规关联担保问题已经成为危害上市公司稳健经营的重大隐患,因其具有不可预见性和难以追责性往往在给上市公司造成较大的损失后难以获赔。然而我国公司法在规制违规关联担保方面却存在诸多缺失:公司法对于关联方的界定狭窄,导致表决权排除制度的主体限制对象不全面,加剧了控股股东和实际控制人对上市公司的控制,而越权法定代表人、控股股东、董事这些主体违反法定义务的赔偿责任也过于原则性,缺乏具体的实操性,一旦公司利益因为承担担保责任而受损,则不能及时有效的行使追偿权。另外,《公司法》16条规定了公司担保的决策程序,但是对于违反该程序造成的损害赔偿责任没有明确规定,在公司章程缺位时决策机构的确定亦没有规定。正是因为公司法存在上述缺失才使得关联担保预防机制不健全和违法成本较低,这纵容了相关主体违规操纵关联担保的行为。本文首先将从基础概念的介绍着手,对关联方和上市公司关联方的范围进行界定,总结得出关联方的外在表现形式是一种关系即控制或者影响的关系,但其背后的实质是透过这种关系进行交易所获得的实质利益,上市公司的关联方亦以此标准来进行认定。其次,结合具体案例和公司法的既有规定对我国上市公司违规关联担保的具体表现形式进行总结,归纳得出表现形式包括:未决议、未回避以及未规定三种表现形式,进而分析公司法规制上市公司违规关联担保存在的漏洞与不足。最后,针对公司法存在的上述缺失从以下几方面有针对性地提出完善建议:建议尽快完善关联方的界定,扩大表决权排除制度的主体限制范围,力求将所有与债务人有关的上市公司的关联方的表决权予以排除;构建完整的具有操作性的责任体系,对控股股东的表决权予以限制,以期能通过完善公司法的相关规定,对上市公司违规关联担保的发生从根本上予以预防减少,对被侵害的上市公司的利益能够及时有效地救济。更多还原

【Abstract】 Illegal related guarantee of listed companies refers to the listed companies make wrong decisions to provide related guarantee, which is in violation of the provisions for the company’s limited procedures.Usually, its specific performance include:illegal representative of the ultra vires provides guarantee for their related party without the decision-making by authority to vote; fail to fulfill its obligation to avoid voting in unfair guarantee by the related shareholders or directors; the orgnization of unauthorized decision-making decides to provide guarantees in the absence of the articles of association of the company which violates the principle of stock sovereignty arbitrarily. These illegal operations are not easy to be found due to the nature of the concealing and the legitimacy appearance,leading to the result which is that the company needs to assume joint liability or compensation liability. Coupled with the amount of guarantees for related party is from millions to billions, while listed companies operating funds is limited,paying such a large sum of cash in such a short time leads the financial risk of listed companies upgrades quickly, usually it causes fracture of funds and listed company is forced into bankruptcy liquidation.Thus, the problem of listed companies illegal related guarantee has become a great hidden danger for the steady operation of the listed companies. Because it is unpredictable and irresponsible, the great losses are difficult to be awarded. However,Company Law of the People’s Republic of China in the regulation of illegal related guarantee exists many disadvantages: the narrow definition of the related parties leads to that the voting elimination system’s object is not comprehensive and it exacerbates the controll of shareholder for listed companies; actual controller and the subject of the legal representative are the ultra vires; compensation liability is such principle and lacks of practice, once the interest of the company is damaged, it is not promptly and effectively exercise the right recourse. In addition, article16 of the Company Law only provides decision-making procedure of the guarantee, but the liabilities are not clearly defined. Shortcomings of the Company Law make the related guarantee prevention mechanism imperfect and the illegal cost low, also increase difficulty tocontrol the behavior of the related guarantee.This paper firstly introduce the basic concepts of related parties and define the scope of related parties of the listed companies, concluded that the external manifestation of the related parties is a relationship of control or influence, but behind the essence is the relationship of substantial interest, association of listed companies also apply this standard to recognize. Secondly, specific forms of illegal related guarantee are summarized by combining with the specific case and the Company Law that existing provisions of listed company, concluded that the manifestations include three kinds of forms: which is not decided, or not evasive,or stipulated. Then analyse loopholes and shortcomings of Company Law in regulation of listed companies’ illegal related guarantee. Finally, according to chinese Company Law, in the presence of the deletion from the following several aspects are suggested: suggest to propose for perfecting the definition of related parties and expand the exclusion of the voting right system of the organizaton limits, construct completely operating responsibility system and limit shareholders’ right to vote. By improving the Company Law, reduce the number of relevant provisions of illegal related guarantee of listed companies and prevent. Mostimportantly, the listed companies’ interests will be timely and effective-ly relieved.更多还原