上市公司分拆上市法律问题研究李园园.pdfVIP

上市公司分拆 市法律问题研究 李园园 （深圳证券交易所博士后工作站，广东 深圳 518028） 摘要：本文考察了美国、日本、我国台湾和香港地区的分拆上市规则，发 现：境外市场均允许上市公司分拆上市，与此同时会对分拆上市过程中潜藏的利 益冲突和市场风险予以适度引导或规范。境外分拆上市规则显示：母子公司分拆 上市方式是监管和规范重点。为控制分拆上市工具性价值的异化风险，本文提出： 防止控制股东和管理者与中小股东之间的利益冲突应是我国分拆上市规则的重 点内 。为达到有效的规制效果，应充分运用引导和监管两种规制手段：在引导 层面，可考虑补充股份有限公司“分立设立”方式，明确兄弟公司分拆上市的制 度基础，以从源头上解决新申请上市公司与原上市公司之间的利益输送、关联交 易和掏空风险等潜在问题；在规范层面，应为非按比例分配分拆情况下的异议股 东提供股份回购请求权、限制上市公司高管持股比例、区别设计母子公司分拆与 兄弟公司分拆的掏空风险控制指标。 关键词：分拆上市；分拆上市规则；股东利益；利益冲突 作者简介：李园园，女，法学博士，深圳证券交易所博士后工作站研究人 员，研究方向：公司法与证券法。 中图分类号：A 文献标识码：A Abstract: Based upon comparative study of overseas spin off rules and regulations, the article finds that overseas markets do not disallow listed company to conduct the spin off listing or equity carve-out listing to the extent that potential conflicts of interests are addressed ex ante. The commonality existing within the examined markets is that great regulatory emphasis is put upon the equity carve out listing. Considering domestic institutional line-up as well as corporate governance and to minimize the probability of spin off being misused, the regulatory framework to be formulated shall be centered upon solving conflicts of interests between managers and shareholders, controlling shareholders and non controlling ones which dictates the legitimacy of spin off set up of public company so that tunneling, connected transaction could be cut through as early as legally reasonable possible. Also, the regulator shall make the appraisal rights available to shareholders under non pro rata spin off, mandate the shareholding ceiling of the boards of directors with the inclusion of executives and supervisors, differentiate the safety valve standards between spin off listing and equity carve out listing. Key words: Spin Off, 引言 分拆上市通常指上市公司运作具有独立盈利能力、稍加整合就具有上市资格 的部分业务或者经营单位