论企业集团与其上市公司关联交易的法律规制

Legal Regulations of Related Transaction of Business Group and its Listed Company

企业集团与其上市公司关联交易产生的后果有二:一方面,它有利于企业集团充分利用内部的市场资源,提高整个企业集团的资本运营能力和上市公司的营运效率;另一方面,不公平的关联交易严重损害了投资者和债权人利益乃至国家利益。为此,应从公司立法和证券立法两方面,对规范关联交易的界定、控制股东诚信义务的内容及测试标准、信息披露制度以及健全证券市场的监管和处罚措施进行全面探讨。

There are two consequences of related transaction of enterprise group and its listed company. On one hand, it is beneficial for corporation to fully utilize the internal market resources, increasing the ability to operating the capital of the entire enterprise group and the efficiency of operation of listed company; on the other hand, the unequal related transaction seriously damages the interests of investors and creditors and even of the nation. Therefore, we should make a comprehensive discussion on regulating the definition of related transaction, controlling the contents, testing standard of shareholder＇s responsibility of honesty, system of information disclosure and the supervision of perfecting the securities market and punishment measures from such two perspectives as legislation and legislations of securities.