监管介入上市公司治理问题研究

Research on Supervision Intervention in the Governance of Listed Companies

近年来,部分上市公司治理失效、管控失灵、运作失序等问题凸显,外部监管介入势在必行。研究发现,面对我国上市公司治理本土问题,在信息披露规制失灵的情况下,应当突破监管介入的法治困境,在《公司法》等法律法规中明确证监会的监管职责,并以回应性监管理论为指导,寻找公司自治与政府管制之间的平衡,强化上市公司治理内生动力,构建监管介入上市公司治理机制。本文建议制定《上市公司治理监督管理办法》,发挥证监会和证券交易所的监管合力,实施多层次监管、过程性监管和分类监管,为上市公司治理监管工作奠定制度基础。

In recent years,certain listed companies face more and more problems relating to company governance failure,control failure,operation disorder.It is imperative for external supervision to intervene.To address the company governance issue of local listed companies,under the ineffective information disclosure regulation,it is essential to break through the dilemma of rule of law,to explicitly provide in the company law and other laws and regulations the regulatory responsibilities of the CSRC.Under the theory of the responsive regulation,to reach the balance between the company self-governance and government regulation,to strengthen the endogenous power of the governance of listed companies,to establish the system of regulatory intervention in the governance of listed companies.It is suggested to formulate the rules for the supervision and management of listed company governance,which will bring the joint supervision of CSRC and stock exchanges,implement multi-level supervision,process supervision and classified supervision,and lay a systemic foundation for the supervision and management of listed company.