事实公众公司制度研究

Current Status and Forward-looking Reforms of De Factor Public Corporation

美国事实公众公司制度用公司规模作为标准衡量公司的公众性,具备一定合理性,但是这一合理性是以公司存在活跃的场外市场、公司股份流动性较强为前提的。在公司股票不存在活跃二级市场的情景下,事实公众公司制度反而成为公司资本形成的障碍。JOBS法案改革了事实公众公司制度,在一定程度上缓解了事实公众公司制度对公司资本形成的不利影响。我国已经建立了以股东数量为门槛的事实公众公司制度,但是制度设计上的缺陷使其一定程度上阻碍了企业资本筹集,这就需要我们吸取美国的立法经验对我国事实公众公司制度进行改革。

The section 12（g） of the US 1934 Securities Trade Act includes a trigger for reporting obligations based on size and brings larger OTC stocks into the public realm. However, without dynamic secondary markets and strong liquidity of shares, the reporting obligations based on size of corporations create barriers to capital formation .JOBS Act in April 2012 has reformed 12（g） to alleviate the negative effect. The flaws of tLe de factor corporation institution in China have to some extent hindered capital formation. We should learn the legislation experience from U.S. and amend the de factor corporation institution to achieve the right balance between investor protection and the needs of private enterprises for access to capital.