中國大陸證券法律制度之研究

Abstract

頒布於1998年底的大陸證券法，係在大陸證券市場開幕後八年完成立法。顯示出大陸證券法律制度之建構係晚於具體證券市場之後。而歷經十餘年來的證券市場發展，儘管累積一個亮麗的成績，但是其歷程卻是曲折且不規範的。這很大的背景因素在於大陸的證券市場發展與國有企業的改革有其不可分割的聯繫因素所致。 在計劃經濟體制背景之下所引入最富有資本市場色彩的證券制度，促使證券市場發展本身帶有諸多弔詭與不規範。猶如『聖經』對西方的影響是不可比擬的，不瞭解這一點，將無法掌握西方歷史的許多深刻影響；同樣的，對於大陸證券市場的發展，若不結合對國有企業背景的一併理解，將失卻對大陸證券市場深層次的掌握。 本文亦在探究大陸證券法制中的相關規範，藉以作為日後台商赴大陸投資利用證券市場的基礎理解與認識，並就大陸證券法制的相關內容作評析與討論。 第一章就研究大陸法律制度所衍生的一些困境與內容，提供後續研究者作為參考；並深度提出大陸證券法律制度在立法的演變以及立法宗旨上的爭議。 第二章就證券法律所規範的主體作為討論，亦即最富中國特色的證券法律制度，何以區隔為流通股與非流通股的背景環境與體制上對證券市場的扭曲。這種非流通股的形成，也成為目前大陸證券市場健全發展上揮之不去的夢魘。 第三章以證券發行制度的方式作為重點，在不同的股份類別形成了不同的發行方式與流程。 第四章以證券交易制度為中心。對於層出不窮的交易缺失，以及規範不健全的交易制度，如何在既有的法律制度上中加以明確，以求形成健全的交易制度，爭取投資人之信心。 第五章，圍繞著大陸上市公司收購制度為核心。何以從未出現一個要約收購，但是協議收購卻問題卻層出不窮。非流通股的居多數的上市公司結構，促使大陸上市公司收購制度在要約收購上形成具文。 第六、七章介紹大陸證券交易所與證券公司的法律規範。由於主管機關權力一把抓，造就大陸證券交易所的發展難以有一個中立與客觀運作。由於高度管理內涵的證券法，促使證券業者難以有個尋求市場機制的運作，處處受到制約。 第八章分析大陸證券監督與管理。由於大陸證券法制賦予主管機關高度權限，致使不客觀的行政機制卻可以一手深入具體市場的規律發展。而上市公司的結構造就了這樣的高度管制成為可行。

The China Security Law, issued at the end of 1998, was legislated in eight years after the China Security Market opened. It indicates that the system of the China Security Law set up is later than that of the China Stock Exchange Market. The security market is developed and accumulated a beautiful achievement over more than ten years. However, the progress is complicate and not standardized. The main factor is that the development of the China Security Market and the reformation of the state-owned enterprise have the inalienable contact with each other. The security system leads into the most remarkable feature of the capital market under the background of the planned economic system. This advances the security market possessing a great deal of deceit and nonstandard. Just as, the influence of “the Holy Bible” on the western is unable to be compared. If someone does not understand this, it will be unable to grasp the deep influence of the western history. Similarly, for the development of the China security market, one will lose the profound mastering on the China security market if someone does not understand the background of the state-owned enterprises. This thesis makes a study on the related regulations of the China security law system. It helps the Taiwan traders to gain better understanding when they intend to make investment in the China security market in the future. It also states the evaluation, analysis and discussions on the related content of the China security law system. Chapter 1 gives a study on the predicaments and contents derived from the China security law system. These can be acted as references to the follow-up researchers. This chapter also brings up the evolution of the legislation of the China security law system and the controversy of the aim of the legislation. Chapter 2 discusses the main subject standardized by the security law. i.e. the China security law system with richen Chinese characteristics. It shows the way to distinguish the floating stock from the non-floating stock, and the negative influences upon the security market. The formation of this non-floating stock becomes an irremovable nightmare on the well development of the China security market. Chapter 3 focuses on the types of the stock issuance system. For different category of share, it forms different issue mode and procedure. Chapter 4 regards on the security trading system. Under the circumstances of imperfect and poor planning trading system, how does it to make clear on the existed system and in order to setup a well-developed trading system. This strives for investors' confidence. what should have been done to have more specific improvements made to lead a well-developed security trading system. Chapter 5 focuses on the buyout system of the listed companies in China. It discusses how come there never be a buyout of offer, but a lot of problem occur on the buyout of agreement. The structure of mostly listed company of non-floating stock leads to the buyout system on the buyout of offer to be mere formality. Chapters 6 & 7 introduce the regulations that the securities exchange and the securities brokers comply with. As the authority owns the absolute great power, it is difficult for security exchange to seek for objective operations. Due to highly control of the Securities Law, it is difficult for stock brokers to seek a normal operation according to market mechanism, as restrict rule are everywhere. Chapter 8 analyses the systems of supervision and management under the security law. Because the securities legal system enables the authority absolute great power, which makes administrative authorities influence the security market against well developed. And the structure of the public companies has brought up such a situation of highly control from the authorities feasible.