交叉持股下公司治理的困境及出路

On the Dilemma of Corporate Governance and Way out about Cross-shareholding

交叉持股是指公司之间相互持有对方的股份,继而相互成为对方股东的情形。它是公司所有权和控制权相分离的一种重要方式,容易形成终极所有者控制或经营者控制公司的结构。交叉持股公司可通过相互持有的股份之表决权的行使来控制公司的股东大会、排除公司的监督机制而形成"内部人"控制的局面,使得公司的内部监督机制和外部市场监督机制均处于失灵的状态;交叉持股还会导致虚增公司资本、滋生内幕交易、妨碍证券市场交易秩序等弊端,造成公司终极控制者或经营者与中小股东以及公司外部债权人之间严重的利益冲突。为应对交叉持股下公司治理的困境,我们应该合理限制公司交叉持有的股份之表决权,避免股东大会的形骸化;应加强信息披露,促进交叉持股的透明化;应强化董事责任,提升公司内部监控机制;并改变外部审计师的聘任机制,提高外部审计的独立性。

Cross-shareholding means mutual shareholdings between two corporations.It is a essential that the separation of corporate ownership's control,and it makes the primal owner or the manager easy to control the company.As a result,the corporations that mutual holding shares may have of control the general meeting by exercising the voting right of shares held by each other,which easily causes the insider control in the company.It may also lead to a series of negative effects,such as fake increasing of capital,causing insider trading and jeopardizing security market.In other words,cross-shareholding causes the conflict of interests between the primal owner or the manager and minority shareholders and outside creditors.We should appropriately limit the voting right of shares being held mutually;improve the information disclosure so as to make the cross-shareholding transparency;strengthen the responsibilities of directors;change the external auditor's appointment mechanism and improve the external audit independence.