证券承销商包销责任的法律分析——以长江证券增发承销责任为视角

Legal Analysis of Liabilities for Securities Underwriters——Case Study on Changjiang Securities Company about Share Issuance and Underwriting Liabilities

长江证券公司增发股份引发一系列法律问题,如承销商包销责任性质、承销协议效力、包销数量、主承销商与副承销商连带责任、包销抗辩权等。证券承销商包销责任,其性质是法定还是约定,将直接涉及证券发行人与承销商在承销期满后,是否可以协商削减证券包销数量等。证券承销商包销责任,是承销商采取包销方式发行证券所固有的强制性责任,不能随意放弃、削减或豁免。包销证券余额是承销商最为基本的责任和义务,任何削减或豁免承销商证券包销责任的主张和做法,都是与证券发行包销制度相冲突的,不利于我国证券公开发行制度的运行。

A series of legal problems arise from the additional issuance of shares by Changjiang Securities Company, such as the nature of underwriters＇ liabilities, the validity of underwriting agreement, the amount of underwriting, the joint liabilities of principal and assistant underwriters and the defense right to underwrit- ing. Whether the nature of underwriting liabilities is statutory or default will directly determine whether the is- suer and underwriter can negotiate to reduce the amount upon the expiration of underwriting period. The un- derwriting liability is mandatory to the underwriters, which cannot be waived, lessened or exempted. It is a fundamental obligation for the underwriters to underwrite the balance of shares, so any lessened or exempted obligation would conflict with the underwriting system and do harm to the public issuance system of shares in our country.