上市公司重整中股东权益调整的法律分析

Legal Analysis of Impairment of Shareholders' Rights and Interests in Reorganization of Listed Companies

我国上市公司重整中存在诸多有关股东权益调整的法律争议,从法理角度分析和实务角度考察,公司重整中对股东权益调整具有正当性。已被设定质押和被司法冻结的股份,应由破产立法明确规定在重整程序中可以直接予以调整;为解决大股东占款问题,重整计划制定人应在调整方案中对大股东的股权作相应削减。若股东组表决未通过股东权益调整方案,法院应当进行实体和程序方面的合法性审查后,方能实施强制批准。

There are many legal disputes related to the impairment of shareholder＇s rights and interests in reorganization of listed companies. However, impairment of shareholder＇s rights and interests in reorganization is justifi ed from both legal and practical perspectives. For the pledged or frozen shares, it can be adjusted directly by legislation on bankruptcy. To resolve the problem of major shareholders capital occupation, the proposers should impair major shareholders＇ equity in the reorganization plan. If shareholders veto the reorganization plan, the court will apply cramdown after taking judicial review on the legality of conducting from substantive and procedural aspects.