摘要
上市公司作为独立的民事主体,具有意思自治的能力,且根据公司契约理论的观点,公司是若干合同的集合,因此定向增发中存在意思自治的适用空间。与此同时,为满足上市公司承担社会责任、实现公司正义的要求,应当对上市公司的意思自治进行适当的限制,兼顾定向增发的效率与公平。具体而言,监管部门在监管过程中应当坚持发行目的必要性与关联交易正当性标准,强化上市公司的信息披露义务与投资者"买者自负"观念,在打击定向增发乱象的同时,有效发挥定向增发在融资方面的优势。
The listed companies as the independent civil subject have the ability of autonomy of will,and according to the corporate contract theory,a company is a collection of several contracts,so there is room for autonomy of will in directional add-issuance.At the same time,in order to meet the requirements of listed companies to assume social responsibility and realize the justice of the company,the autonomy of the will of the listed companies should be appropriately limited,and the efficiency and fairness of the directional add-issuance should be taken into consideration.Specifically,in the process of supervision,the supervision department should insist in the standards of the necessity of issuance purpose and the justification of related transactions,strengthen the information disclosure obligations of listed companies and the concept of“at investors’s own risk”.While cracking down on the disorder of directional add-issuance,we should effectively give full play to the advantages of directional add-issuance in financing.
作者
郑佳宁
曹凡
ZHENG Jianing;CAO Fan
出处
《福建师范大学学报（哲学社会科学版）》
CSSCI
2021年第4期135-146,172,共13页
Journal of Fujian Normal University:Philosophy and Social Sciences Edition
基金
2020年国家社会科学基金后期资助“项目目标公司管理层信义义务研究”(20FFXB056)
