摘要
环状型交叉持股是由三家以上的公司依次循环持有另一家公司的若干股份而形成环状型的持股系统。根据环状型持股的公司之间是否具有控制依附关系,环状型交叉持股又可分为普通的环状型交叉持股和异质化的环状型交叉持股。普通的环状型交叉持股属于一种间接交叉持股,它在公司资本、内部治理等方面带来的危害相对比母子公司之间的直接交叉持股要低得多。但异质化的环状型交叉持股,因异化为变相的直接交叉持股,它可能产生的危害与直接交叉持股完全一样。对于异质化的环状型交叉持股应按直接交叉持股对待,应借鉴"区别对待主义"的做法对其进行规制。而对普通的环状型交叉持股,应在信息披露以及反垄断规制上予以完善。
Company A owns stock in Company B.Company B owns stock in Company C.Coming full circle,Company C owns stock in Company A.This is what we call ＂circular shareholdings＂.Based on the controllable relations of dependence,circular cross-shareholdings can be divided into ordinary type and heterogeneous type.As in-direct cross-shareholding,ordinary circular shareholding brings less negative effects,which lie in capital and insider trading,than the direct shareholding that happens in mother and subsidiary company.On the other side,because of the potential effect caused by direct cross-shareholding,heterogeneous cross-shareholding will have the same negative effect as direct cross-shareholding.Therefore,heterogeneous cross shareholding should be treated as direct cross shareholding,and more regulations on ordinary circular shareholding should be established and improved upon information disclosure and anti-monopoly law.
基金
教育部人文社会科学研究青年基金项目(12YJC820056)
关键词
交叉持股
环状型
法律规制
cross-shareholding
circular
regulations
