上市公司股票质押风险的法律防范

Legal Protection Against Risk of Stock Pledge of Listed Companies

上市公司股票质押的普遍性要求和系统性法律规制的缺乏造成该类业务背后的诸多风险。本文以大股东高比例质押的"乐视网"为例,分析了上市公司股票质押背后隐藏的大股东掏空公司、质权人质权无法实现、小股东知情权受损等风险。结合我国立法现状和司法实践情况,本文发现造成这些风险的法律原因,主要是法律缺乏对大股东质押行为的有效限制,对股票质权的保全和实现方式的规定不明确,对质押信息披露的要求不完善,进而得出我国必须尽快健全股票质押制度相关法律法规的结论。本文尝试从构建大股东股权质押行为监管体系,明确股票质权保全的具体方式,完善股票质押信息披露制度等三个方面提出政策建议,以期实现对上述风险进行法律防范的目的。

The universality of stock pledge of listed companies and lack of systematic legal regulations lead a kind of risks behind this kind of financial service. Based on the example of Le TV, the article analyzes three risks behind stock pledge of listed companies, including the biggest shareholder emptied the company, the difficult of realize the pledgee＇s right, the right to know of small shareholders is damaged. Combining with the present situation of legislation and juridical practice in China, the article finds the reasons of these risks： the lack of effective restriction on the pledge behavior of major shareholders, the provisions on the preservation and realization of the right of pledge are not clear, and the requirement for the disclosure of pledge information are not perfect. The conclusion is that China should improve the system of stock pledge as soon as possible. This paper puts forward policy suggestions from three aspect： build big shareholders stock pledge regulatory system, clear the way to protect the pledgee＇s right, improve the requirement for the disclosure of pledge information, in order to realize the legal protection of the above risks.