每經特(te)約評論員(yuan) 曹中銘

上市(shi)公(gong)司股權(quan)(quan)轉讓(rang)在當前的滬(hu)深股市(shi)已成常(chang)態，但因股權(quan)(quan)轉讓(rang)收到監(jian)管(guan)部門問詢函的并不多(duo)見，二(er)次籌劃(hua)易主(zhu)的黃山(shan)膠(jiao)囊（SZ002817，股價10.10元，市(shi)值(zhi)30.21億(yi)元）即(ji)是(shi)其中(zhong)(zhong)的“主(zhu)角(jiao)”之(zhi)一(yi)。個中(zhong)(zhong)的原(yuan)因，主(zhu)要涉及股權(quan)(quan)轉讓(rang)后是(shi)否(fou)存(cun)在實際(ji)控制人(ren)的問題(ti)。筆(bi)者以為，上市(shi)公(gong)司大股東(dong)出現變(bian)更后，是(shi)否(fou)存(cun)在實際(ji)控制人(ren)不能變(bian)成一(yi)筆(bi)“糊涂賬”。

國慶(qing)節前夕(xi)，黃山膠囊發布的(de)一紙公告顯示，實際(ji)控(kong)(kong)制人(ren)余(yu)春(chun)明(ming)及其一致行動人(ren)余(yu)超彪（二人(ren)系(xi)父子關系(xi)）與(yu)魯泰(tai)控(kong)(kong)股(gu)簽署了《股(gu)權轉讓(rang)協議》，余(yu)春(chun)明(ming)將其持有的(de)黃山膠囊8969.95萬股(gu)股(gu)份轉讓(rang)給魯泰(tai)控(kong)(kong)股(gu)，占公司總股(gu)本的(de)29.99%。交易完成后，上市公司控(kong)(kong)股(gu)股(gu)東變更為魯泰(tai)控(kong)(kong)股(gu)。

魯泰(tai)(tai)(tai)控(kong)(kong)(kong)(kong)股(gu)(gu)僅有兩位股(gu)(gu)東(dong)(dong)，分別是中國(guo)(guo)信達持股(gu)(gu)53.54%，濟寧市國(guo)(guo)資委(wei)持股(gu)(gu)46.46%。盡管有股(gu)(gu)東(dong)(dong)持股(gu)(gu)超過50%，但魯泰(tai)(tai)(tai)控(kong)(kong)(kong)(kong)股(gu)(gu)在詳(xiang)式權益變動報(bao)告書中表(biao)示，由(you)于兩位股(gu)(gu)東(dong)(dong)均無(wu)(wu)(wu)法實(shi)際(ji)掌控(kong)(kong)(kong)(kong)股(gu)(gu)東(dong)(dong)會(hui)、董(dong)事會(hui)，而公司日(ri)常經(jing)營管理又(you)交給高(gao)級管理人(ren)員，因此魯泰(tai)(tai)(tai)控(kong)(kong)(kong)(kong)股(gu)(gu)無(wu)(wu)(wu)實(shi)際(ji)控(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)人(ren)。據(ju)此，黃山膠囊公告稱，由(you)于控(kong)(kong)(kong)(kong)股(gu)(gu)股(gu)(gu)東(dong)(dong)魯泰(tai)(tai)(tai)控(kong)(kong)(kong)(kong)股(gu)(gu)無(wu)(wu)(wu)實(shi)際(ji)控(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)人(ren)，故交易完成(cheng)后，上市公司將(jiang)進入無(wu)(wu)(wu)實(shi)際(ji)控(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)人(ren)狀態(tai)。深交所因之下發關注函，要求上市公司結(jie)合魯泰(tai)(tai)(tai)控(kong)(kong)(kong)(kong)股(gu)(gu)的股(gu)(gu)權結(jie)構、公司章程、董(dong)事會(hui)成(cheng)員構成(cheng)情況、歷次三會(hui)運作(zuo)情況，說明認定無(wu)(wu)(wu)實(shi)際(ji)控(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)人(ren)的合理性。

對此(ci)(ci)，黃山(shan)膠囊(nang)在《關(guan)于對深圳證券交(jiao)易所(suo)關(guan)注函回(hui)復的公(gong)告》中表示，中國(guo)信達、濟寧市國(guo)資(zi)委在魯(lu)泰控(kong)股的股東(dong)(dong)會、董事會及經營管理(li)層(ceng)方面均無法(fa)對魯(lu)泰控(kong)股形成實(shi)質控(kong)制(zhi)。因此(ci)(ci)，魯(lu)泰控(kong)股無控(kong)股股東(dong)(dong)、無實(shi)際控(kong)制(zhi)人(ren)的認定具有合(he)理(li)性(xing)。

資料顯示(shi)，余(yu)春明(ming)、余(yu)超彪目前持有黃(huang)山膠(jiao)(jiao)囊(nang)41.51%的股(gu)份，為實控(kong)(kong)(kong)人，其他股(gu)東持股(gu)均(jun)不(bu)足1%。在(zai)受讓29.99%的股(gu)份后，魯泰控(kong)(kong)(kong)股(gu)將成為黃(huang)山膠(jiao)(jiao)囊(nang)的控(kong)(kong)(kong)股(gu)股(gu)東。

根據公(gong)(gong)司(si)(si)(si)法規定(ding)，控(kong)(kong)(kong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)是(shi)(shi)(shi)指其出(chu)(chu)資額(e)占(zhan)有(you)限責(ze)任公(gong)(gong)司(si)(si)(si)資本(ben)總額(e)百分之(zhi)五十(shi)以上或(huo)(huo)(huo)者(zhe)其持有(you)的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)占(zhan)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)有(you)限公(gong)(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)本(ben)總額(e)百分之(zhi)五十(shi)以上的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)；出(chu)(chu)資額(e)或(huo)(huo)(huo)者(zhe)持有(you)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)的(de)(de)(de)(de)比例雖然不(bu)足(zu)百分之(zhi)五十(shi)，但依(yi)其出(chu)(chu)資額(e)或(huo)(huo)(huo)者(zhe)持有(you)的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)所享有(you)的(de)(de)(de)(de)表決權已(yi)足(zu)以對股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)會(hui)、股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)大會(hui)的(de)(de)(de)(de)決議產生重大影(ying)響的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)。而實際控(kong)(kong)(kong)制人(ren)(ren)是(shi)(shi)(shi)指雖不(bu)是(shi)(shi)(shi)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)，但通過投資關系(xi)、協議或(huo)(huo)(huo)者(zhe)其他安排，能夠實際支配公(gong)(gong)司(si)(si)(si)行(xing)為的(de)(de)(de)(de)人(ren)(ren)。因此，上市(shi)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)控(kong)(kong)(kong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)與實際控(kong)(kong)(kong)制人(ren)(ren)還是(shi)(shi)(shi)有(you)區(qu)別的(de)(de)(de)(de)。上市(shi)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)控(kong)(kong)(kong)制股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)，可能并(bing)非是(shi)(shi)(shi)其實控(kong)(kong)(kong)制人(ren)(ren)。同理，上市(shi)公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)實控(kong)(kong)(kong)人(ren)(ren)，或(huo)(huo)(huo)并(bing)非是(shi)(shi)(shi)控(kong)(kong)(kong)股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)。

魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)自認無實控(kong)(kong)人(ren)(ren)，以(yi)及(ji)黃山(shan)(shan)膠(jiao)囊(nang)認定(ding)交易完成后(hou)上(shang)市(shi)公司(si)進入無實控(kong)(kong)人(ren)(ren)狀態，筆者以(yi)為是值得商榷的(de)。其(qi)一(yi)，魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)第一(yi)大(da)股(gu)東(dong)持股(gu)超過50%，在(zai)(zai)股(gu)東(dong)大(da)會上(shang)擁有一(yi)票否決(jue)權(quan)(quan)，也能對(dui)公司(si)的(de)人(ren)(ren)事(shi)安排(pai)、重大(da)事(shi)項產生(sheng)決(jue)定(ding)性的(de)影(ying)響(xiang)。其(qi)二，魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)受讓股(gu)權(quan)(quan)后(hou)，持股(gu)為第二大(da)股(gu)東(dong)余春(chun)明及(ji)一(yi)致行動人(ren)(ren)的(de)2.6倍，其(qi)他股(gu)東(dong)持股(gu)較為分散(san)，魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)今后(hou)在(zai)(zai)上(shang)市(shi)公司(si)中(zhong)的(de)話語權(quan)(quan)是不言而喻的(de)。其(qi)三，在(zai)(zai)股(gu)權(quan)(quan)還(huan)未(wei)完成轉讓，且魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)還(huan)未(wei)對(dui)董(dong)事(shi)會進行改選(xuan)的(de)情形下，認定(ding)黃山(shan)(shan)膠(jiao)囊(nang)將進入無實控(kong)(kong)失狀態，不僅草(cao)率，也不合時宜。事(shi)實上(shang)，如果魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)入主后(hou)，通過改選(xuan)董(dong)事(shi)會并占據多數席位，就控(kong)(kong)制了董(dong)事(shi)會，也就形成了對(dui)上(shang)市(shi)公司(si)的(de)實際控(kong)(kong)制。如此，魯(lu)泰(tai)(tai)控(kong)(kong)股(gu)即為黃山(shan)(shan)膠(jiao)囊(nang)的(de)實控(kong)(kong)人(ren)(ren)。

如果上市公司前幾大股東持股比例都較低(di)，且股權較為(wei)分散，認(ren)定為(wei)無實(shi)(shi)控人(ren)無可厚非，但某些存(cun)在大股東，且第一大股東持股比例并不(bu)低(di)的(de)(de)上市公司也被認(ren)定為(wei)無實(shi)(shi)控人(ren)，這一現象并不(bu)少(shao)見，也有必要引起監管足夠的(de)(de)重視。

實際上，除了(le)公司法外，像新股(gu)IPO、重組上市(shi)、相關信息披露要(yao)求等(deng)，都(dou)涉及實控(kong)人問題，也(ye)對(dui)實控(kong)人設(she)置了(le)嚴格責任。某(mou)些上市(shi)公司自認無實控(kong)人，其(qi)實就是為了(le)規避(bi)監管(guan)。

上(shang)市公(gong)司(si)是否存在實(shi)(shi)控(kong)人不能成為(wei)一筆“糊涂賬”。筆者以為(wei)，對于自認(ren)無實(shi)(shi)控(kong)人的上(shang)市公(gong)司(si)，監管部門除了(le)下發問詢函外，也應嚴格(ge)按照《上(shang)市公(gong)司(si)收(shou)購管理辦法(fa)》的相關條款進(jin)行認(ren)定，以壓實(shi)(shi)上(shang)市公(gong)司(si)實(shi)(shi)控(kong)人的責任，防止某(mou)些實(shi)(shi)控(kong)人在承擔責任時成為(wei)漏網之魚。