金融控股公司加重责任的理论基础与制度完善——以资产分割理论为视角

Theoretical Foundation and Institutional Improvement of Enhanced Obligation of A Financial Holding Company——From the Perspective of the Theory of Asset Partitioning

要求金融控股公司对作为子公司的金融机构之债务承担加重责任,有助于缓解道德风险、系统性风险以及政府救助造成的分配不公问题。然而,金融控股公司加重责任突破了公司法下的有限责任,需要考虑公司法基本原理,以避免提升信息成本、限制股权转让、抑制分散投资、提升破产成本等弊端。域外法上典型的金融机构股东加重责任可归纳为"外部"股东加重责任即股权分散的金融机构之外部股东的加重责任,以及"内部"股东加重责任即金融集团内部的控股公司所承担的加重责任。二者的设计均符合公司法基本原理。前者通过对外部股东的责任数额设置上限并穿透至个人股东以降低信息成本。后者主要依赖于金融集团本身特性限制信息成本与执行成本。我国法近年来逐步发展的金融控股公司加重责任制度可以被认为是一种"中间型"金融机构股东加重责任,这一制度设计存在缺陷,可能导致较高社会成本,应予矫正。此外,金融控股公司加重责任突破了资产分割的安排,有必要在我国通过立法处理其与现行法之冲突,授予监管者接管金融控股公司的权力,有效落实金融控股公司加重责任。

Requiring the financial holding company to take enhanced obligation for the debts of the financial institution it holds can alleviate moral risks, systemic risks, and the unjust distribution caused by government bailouts. However, such enhanced obligation breaks through the limited liability under the company law, thus it is necessary to consider the basic principles of the company law to avoid deficiencies such as the increase of information cost, the limitation of share ownership transfer, refraining diversified investment and increase of bankruptcy cost. The typical enhanced obligation of shareholders of a financial institution in foreign countries can be divided into "enhanced obligation of external shareholders", i.e. enhanced obligation of external shareholders of a financial institution with diversified share ownership, and "enhanced obligation of internal shareholders", i.e. enhanced obligation of the holding company within a financial group. Both kinds of design are consistent with the basic principles of the company law. The former decreases information cost by setting up a limited amount of liabilities of external shareholders and reaching to individual shareholders and the latter mainly relies on the feature of a financial group to limit information and enforcement costs. The enhanced obligation of a financial holding company gradually developed in China in recent years may be categorized as "intermediate-type" enhanced obligation of shareholders of a financial institution. Such system design has some deficiencies and may incur high social costs and should be corrected. In addition, the enhanced obligation of a financial holding company breaks through the arrangement of asset partitioning, thus it is necessary to deal with its conflict with current laws through legislation, grant regulators the power to take control of a financial holding company and effectively enforce the enhanced obligation of a financial holding company.