公司组织形态与证券(融资)权利--摈弃有限公司“改制上市”的法律习规

The Organizational Formalities of Corporations and the Rights to Securities Issuance(Finance) : Abandoning the Legal Custom of the Limited Liability Companies'"Structural Transformation and Going Public"

在中国目前法律实践中,有限公司如欲成为上市公司或行使公开融资的权利,需先透过"公司改制"环节,成为股份公司,再以股份公司身份申请公开发行。显然,目前公开融资的权利是根据企业组织形态来进行配置的。可是,无论是理论界还是实务界,都很少仔细去思考——企业公开融资的权利到底应当如何配置?在中国,有限公司占据公司数量的绝对多数,目前盛行的"先改制,后发行上市"的法律安排,存在诸如"引发上市包装"、"导致纠纷隐藏"、"引发PE腐败"、"不当增加企业融资成本"等弊端。"改制上市"并未有效地改观公司治理,反而无谓地增加了企业融资困扰,影响了企业的公平发展权。无论是从资金融出方还是融入方观察,公司组织形态都不是配置融资权利的核心要素,融资权利的配置应当交给投资者,主要根据是否有"合适的项目"去判断。现行的企业改制发行方案,无疑在一定程度上隐藏了企业真实状况,极易推动形成"融资骗局"。因此,应当修改《公司法》、《证券法》相关规定,摒弃改制上市的习规,让有限公司乃至合伙企业等各种企业组织形式可以直接公开发行上市,在公开发行成功之后,直接变更/转换为股份公司。根据"好项目",而非"好的公司组织形态"配置融资权利,可以节省企业融资成本,加快融资过程,公平地实现"企业的发展权"。

According to the current legal practice in China, the limited liability companies that desire to go public and list or enforce the rights of public offerings, should complete Gai - zhi （structuraltransformation） , become joint stock companies and then apply for public offerings in the status of the joint stock companies. Apparently, it is conventional wisdom that the distribution of rights of public offerings is based upon the organizational formalities of enterprises. However, people seldom think about how to distribute the rights of public offering whether in the legal scholarship or Practitioners. In China, most of companies are the limited liability companies. The prevailing legal arrangement of structural transformation, then issuing and listing, have brought about many problems, such as ＂packaging for listing＂, ＂disputes hidden＂, ＂PE corruption＂, ＂financial costs increasing improperly＂ and so on. improve the corporate governance. The model of ＂structural transformation To the contrary, it disturbs the corporate and Listing＂, does not effectively finance unreasonably and is detrimental to fair developmental rights enjoyed by enterprises. Whether from the perspective of capital supply side or from the one of capital demand side, the core factor determining the distribution of rights is not the organizational formalities of corporations, but the ＂proper project＂, investors deciding which companies can get the capital. No doubt, the popular framework of enterprises＇ transformation and issuance to a certain extent hides the real information of enterprises and easily causes the ＂financing frauds＂. Hence, the relevant provisions in the Company Law and Securities Law should be revised and the laws should abandon the legal custom of struc- tural transformation before listing. The limited liabilities companies, partnership enterprises and all other types of business organizations could have the rights to public offerings directly. After IPO, the enterprises directly change or transform to joint stock companies. The distribution of rights to public offerings which depends upon prospective projects, not ＂good organizational formalities＂, can produce benefits such as saving the financial cost, increasing the efficiency of corporate finance, realizing the developmental rights of enterprises fairly.