中国关联交易司法执法与公共执法的有效性

IF 1.2 4区 社会学 Q1 LAW Journal of Corporate Law Studies Pub Date : 2022-01-02 DOI:10.1080/14735970.2022.2107075
James Si Zeng
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摘要

摘要本文考察了中国作为一个司法能力相对较弱的发展中国家,如何对关联交易进行监管。尽管中国法院可以阻止涉及非金融资产的不公平RPT,但它们通常缺乏评估涉及金融资产的RPT公平性的能力。近年来,中国制定了新的监管策略,包括中国证券投资者服务中心提起的股东诉讼、中国证监会的事前批准和事后行政制裁,以及证券交易所发出的关注函。虽然公共监管机构在审查RPT方面拥有强大的专业知识,但经验证据表明,这些监管措施并未经常实施,这表明由于缺乏公共资源和信息,其效果可能有限。因此,有必要采取加强监管机构能力和改进内部治理机制的监管战略。
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The effectiveness of judicial and public enforcement of regulation on related-party transaction in China
ABSTRACT This article examines how China, a developing country with relatively weak judicial capacity, regulates related-party transactions (RPTs). Although Chinese courts can block unfair RPTs that involve non-financial assets, they generally lack the capacity to evaluate the fairness of RPTs involving financial assets. In recent years, China has developed new regulatory strategies, including shareholder litigation brought by the Chinese Securities Investor Service Center, ex ante approval and ex post administrative sanctions by the Chinese Securities Regulatory Commission, and letters of concern issued by the stock exchanges. While the public regulators have strong expertise in reviewing RPTs, empirical evidence shows that these regulatory measures have not been frequently implemented, suggesting that their effects are likely limited due to the lack of public resources and information. Adopting regulatory strategies that enhance the capacity of regulators and improvement of internal governance mechanisms are thus necessary.
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来源期刊
CiteScore
1.70
自引率
9.10%
发文量
18
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