相互持股的利与弊及其法律调整

Research on Advantages,Disadvantages,and Legal Regulation of Cross Share-holding

以雷诺和日产相互持股作为实证研究对象,借此说明相互持股之利弊。一方面,相互持股具有稳定经营权、加强企业战略合作、化解经营风险、降低交易成本、对抗敌意收购等积极效应;另一方面,亦可造成导致公司辗转取得自己的股份、引起法人人格的缺陷、引发虚增资本、歪曲公司治理结构、危害证券市场交易秩序、形成市场垄断等消极效应。为积极应对相互持股造成的弊端,公司应该合理限制持股比例和表决权,强化监事会的监管职能和独立董事制度,完善法人人格否认制度,建立相互持股公开查询制度,促进相互持股的透明化,以规制相互持股的法律风险。

The positive and negative effects of cross shareholding are demonstrated based on case study on Renault-Nissan Alliance. On the one hand,it produces positive effects on stabilizing operation,promoting strategic cooperation,reducing business risks,lowering trade cost,and dealing with hostile takeovers. On the other hand,it might result in speculative action,defects in corporate personality,inflated capital,distorted governance structure of corporation,disordered stock market,or monopoly. To deal with the disadvantages of cross share-holding,each company should limit its shares and voting rights of to a reasonable proportion,strengthen supervision,establish independent director system,improve corporate personality denial system,build public inquiry system for cross share-holding information,and promote transparency to regulate legal risks.