论限售股司法拍卖的法律效果--以“公开承诺承继”为视角

On the Legal Effect of Judicial Auction of Restricted Shares--From the Perspective of“Public Commitment Succession”

资本市场不少股东在取得限售股份的同时作出公开承诺,如期限锁定承诺、业绩保障承诺、不占用资金承诺等。在限售股被质押融资的情况下,一旦债务逾期可能会被法院强制执行,强制执行后新取得股东是否需要承继这些公开承诺所附的权利负担,现行法律与监管规则不一致,各证券交易所的监管规则也有差异,导致实践中呈现"混乱"局面。从公开承诺的性质以及现行法律关于法院强制执行的权利负担承继原则来看,强制执行后公开承诺义务不应被新股东承继,但可能会造成法院强制执行成为原股东逃废债务的渠道,进而损害上市公司及其他投资者的合法权益,不利于建立健康的证券市场秩序环境。参考"买卖不破租赁"等案例,将公开承诺义务物权化,赋予其追溯效力,可能是解决这一问题的有效方案。

In capital markets,many shareholders would make public commitments in acquisition of restricted shares,such as the term lock commitment,performance protection commitment,non-occupying capital commitment,etc..In the case of sale of restricted shares to be pledged for financing,the debt may be enforced by the court if the debt is overdue.After the enforcement,whether the newly acquired shareholders should inherit the rights and obligations attached to these public commitments,the current law and regulatory rules are inconsistent,the regulatory rules of the stock exchanges are also different,which all make contribution to the confusion in practice.In light of the nature of the public commitments and the principle of the burden of the rights and obligation of the courts enforcement under existing law,the obligation of public commitments after enforcement should not be inherited by the new shareholders.However,it may cause the original shareholders to escape the debt thus harm the legitimate rights and interests of listed companies and other investors,it is not conducive to the establishment of a healthy securities market order environment.Referring to the lease cases,attribute property rights of obligations to public commitments and giving them retrospective effect may be an effective solution.