交叉持股现象的分析框架与规范思路

An Analytic and Regulatory Framework on Shares Cross-holding

目前我国对交叉持股现象的讨论,涵盖了典型意义上的相互持股以及上市公司间的单向持股。相互持股具有显著的效用和弊端,并与特定资本结构、公司治理、雇佣模式相依存;在日本经济发展史上先后呈现过正反效应,其弊端尤需引起重视。本币升值、会计政策调整、资本市场变化等类似因素,也将推动相互持股在我国的应用。法律规范应从普通公司间的直接相互持股着手由简入繁,并区别对待纵向型和横向型,采用禁止取得、限制行使股权(全部或比例上限)等措施。股权分置改革和新会计准则催生了大规模上市公司间单向持股,经历了助涨杀跌的周期,出于反收购动机其可能进一步演化为相互持股。

The cross-holding between companies has salient positive and ill effects, the latter of which demand particular emphasis. Co-developed with systems of main bank and life-term employment, cross-holding has contributed to the spike and collapse of Japanese economy. Currency appreciation, accounting rules changes, plus capital market restructuring, may put China in the similar shoes. Regulations should start with the direct cross- holding, with different treatments towards the vertical and horizontal ones, through share acquisition ban, and a freezing or ceiling on the right exercise. Non-tradable shares reform and mark-to-market accounting policy have encouraged the investment of one listed company on another, and increased the stock market volatility, which might further transform to the typical cress-holding for the purpose of anti-takeover.