每經(jing)特約評論員(yuan) 熊錦秋

近日，證監會(hui)(hui)副(fu)主席王建軍在中國上市公(gong)司(si)協會(hui)(hui)年會(hui)(hui)暨(ji)2023中國上市公(gong)司(si)峰(feng)會(hui)(hui)上表(biao)示，要科(ke)學設計監管(guan)法(fa)(fa)規體系，有效銜接《公(gong)司(si)法(fa)(fa)》《證券法(fa)(fa)》，推動出臺《上市公(gong)司(si)監管(guan)條例》。筆者認為，應圍繞當前上市公(gong)司(si)監管(guan)中的(de)痛點、難(nan)點，盡快(kuai)出臺監管(guan)條例。

法(fa)(fa)律(lv)是由(you)(you)全國(guo)人(ren)大及(ji)其(qi)常委會制(zhi)(zhi)定(ding)，行(xing)政(zheng)(zheng)(zheng)法(fa)(fa)規(gui)是由(you)(you)國(guo)務院根據憲法(fa)(fa)和法(fa)(fa)律(lv)制(zhi)(zhi)定(ding)，部(bu)(bu)門規(gui)章(zhang)(zhang)是國(guo)務院所屬的(de)各部(bu)(bu)、委員會根據法(fa)(fa)律(lv)和行(xing)政(zheng)(zheng)(zheng)法(fa)(fa)規(gui)制(zhi)(zhi)定(ding)。法(fa)(fa)律(lv)的(de)效力高于行(xing)政(zheng)(zheng)(zheng)法(fa)(fa)規(gui)，行(xing)政(zheng)(zheng)(zheng)法(fa)(fa)規(gui)的(de)效力高于部(bu)(bu)門規(gui)章(zhang)(zhang)。條(tiao)例屬于行(xing)政(zheng)(zheng)(zheng)法(fa)(fa)規(gui)，行(xing)政(zheng)(zheng)(zheng)法(fa)(fa)規(gui)可以設定(ding)除(chu)限制(zhi)(zhi)人(ren)身自由(you)(you)以外的(de)行(xing)政(zheng)(zheng)(zheng)處罰。

《公(gong)(gong)(gong)(gong)司(si)(si)法(fa)》規(gui)(gui)范(fan)調整的(de)(de)對象(xiang)是(shi)(shi)公(gong)(gong)(gong)(gong)司(si)(si)，包(bao)括有限(xian)(xian)責任公(gong)(gong)(gong)(gong)司(si)(si)和(he)股份有限(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)。《證券法(fa)》規(gui)(gui)范(fan)的(de)(de)對象(xiang)是(shi)(shi)證券發行(xing)(xing)和(he)交易行(xing)(xing)為(wei)。目前證監(jian)(jian)部門針對上(shang)(shang)市公(gong)(gong)(gong)(gong)司(si)(si)監(jian)(jian)管，出臺了《上(shang)(shang)市公(gong)(gong)(gong)(gong)司(si)(si)治理準則(ze)》《上(shang)(shang)市公(gong)(gong)(gong)(gong)司(si)(si)章程指(zhi)引(yin)》《上(shang)(shang)市公(gong)(gong)(gong)(gong)司(si)(si)股東大會(hui)規(gui)(gui)則(ze)》等(deng)制(zhi)(zhi)度規(gui)(gui)則(ze)，但這些制(zhi)(zhi)度規(gui)(gui)則(ze)僅限(xian)(xian)于部門規(gui)(gui)章層面，效力不夠高(gao)。一(yi)個明(ming)顯的(de)(de)特(te)點(dian)，就是(shi)(shi)這些部門規(gui)(gui)章，并未(wei)規(gui)(gui)定(ding)對違背(bei)制(zhi)(zhi)度規(gui)(gui)則(ze)行(xing)(xing)為(wei)的(de)(de)行(xing)(xing)政(zheng)處罰條款，有的(de)(de)只是(shi)(shi)規(gui)(gui)定(ding)了監(jian)(jian)管措施(shi)。

上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)不是(shi)一般的(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)，是(shi)比較特殊的(de)(de)股份公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)。對(dui)上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)的(de)(de)監(jian)(jian)(jian)管(guan)，也(ye)絕不僅限于其(qi)證(zheng)券發行和交易(yi)行為，更包括公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)治理等(deng)層(ceng)面(mian)。僅靠《公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)法》《證(zheng)券法》難(nan)以對(dui)上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)進行全(quan)方位(wei)有效監(jian)(jian)(jian)管(guan)，而證(zheng)監(jian)(jian)(jian)部(bu)(bu)門(men)對(dui)上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)監(jian)(jian)(jian)管(guan)的(de)(de)部(bu)(bu)門(men)規章又缺乏較強約束力。制定《上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)監(jian)(jian)(jian)管(guan)條例(li)》，可(ke)(ke)將《公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)法》《證(zheng)券法》規定，在上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)監(jian)(jian)(jian)管(guan)方面(mian)予以細化和具體化，增強可(ke)(ke)操作性；同時可(ke)(ke)根據(ju)監(jian)(jian)(jian)管(guan)實踐中發現的(de)(de)問題，提出(chu)相(xiang)應的(de)(de)監(jian)(jian)(jian)管(guan)規定，增強針對(dui)性。另外(wai)，可(ke)(ke)對(dui)違反《上(shang)(shang)市公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)監(jian)(jian)(jian)管(guan)條例(li)》的(de)(de)行為，規定行政處罰條款。

當(dang)前(qian)上(shang)市(shi)公司(si)治理(li)(li)的(de)一(yi)個(ge)重要問題就是(shi)一(yi)股(gu)獨大，由(you)此導致部分(fen)大股(gu)東(dong)對上(shang)市(shi)公司(si)董(dong)事(shi)會(hui)、監事(shi)會(hui)能實(shi)際控制甚至完全操控，大股(gu)東(dong)一(yi)手遮天、為所欲為。要解(jie)決這個(ge)問題，建議可適當(dang)限制大股(gu)東(dong)對董(dong)事(shi)、監事(shi)的(de)提名權和選舉權；《上(shang)市(shi)公司(si)監管條(tiao)例》不妨規定，任何(he)單一(yi)股(gu)東(dong)及其一(yi)致行(xing)動人，提名當(dang)選董(dong)事(shi)不得(de)超(chao)過董(dong)事(shi)總(zong)數的(de)60%（獨董(dong)單獨選舉），監事(shi)選舉同理(li)(li)。

按目(mu)前《公(gong)司法(fa)》《上(shang)市公(gong)司治理準則》，股東大會在董(dong)事(shi)、監(jian)事(shi)選舉中，累積投票制(zhi)并非強制(zhi)實行，《上(shang)市公(gong)司監(jian)管(guan)條例(li)》或可規定，在上(shang)市公(gong)司董(dong)事(shi)、監(jian)事(shi)選舉中，強制(zhi)實行累積投票制(zhi)。

大(da)股東占用(yong)上市(shi)(shi)公(gong)(gong)(gong)司資金、上市(shi)(shi)公(gong)(gong)(gong)司違規(gui)擔(dan)(dan)保(bao)(bao)，這(zhe)是目(mu)前(qian)大(da)股東侵害(hai)上市(shi)(shi)公(gong)(gong)(gong)司利(li)益(yi)的主要(yao)方式，也是市(shi)(shi)場屢禁不止的難(nan)點問題(ti)。目(mu)前(qian)《公(gong)(gong)(gong)司法(fa)》《證券法(fa)》對此都沒有規(gui)定具體的行(xing)政(zheng)處罰條(tiao)款，證監部門往(wang)往(wang)從占用(yong)資金、違規(gui)擔(dan)(dan)保(bao)(bao)未予公(gong)(gong)(gong)開(kai)披(pi)(pi)露的角(jiao)度，以信披(pi)(pi)違法(fa)違規(gui)作出(chu)行(xing)政(zheng)處罰，但顯(xian)然這(zhe)種行(xing)政(zheng)處罰并未切中問題(ti)的要(yao)害(hai)和實質，因為(wei)這(zhe)些行(xing)為(wei)即便公(gong)(gong)(gong)開(kai)披(pi)(pi)露，也難(nan)言合法(fa)合規(gui)。

對于大(da)股(gu)東(dong)占(zhan)(zhan)用上(shang)(shang)市(shi)公(gong)司資(zi)金、上(shang)(shang)市(shi)公(gong)司違(wei)規擔保，建(jian)議《上(shang)(shang)市(shi)公(gong)司監管條(tiao)例》可直接(jie)明確行政處罰(fa)(fa)條(tiao)款，包括責令改(gai)正、一定數(shu)量的罰(fa)(fa)款等。所(suo)謂責令改(gai)正，并(bing)非上(shang)(shang)市(shi)公(gong)司對隱瞞未披(pi)露的資(zi)金占(zhan)(zhan)用等相關信息予(yu)以(yi)補充披(pi)露，而(er)是(shi)大(da)股(gu)東(dong)所(suo)占(zhan)(zhan)用資(zi)金必須(xu)連(lian)本帶息歸(gui)還(huan)上(shang)(shang)市(shi)公(gong)司，違(wei)規擔保必須(xu)予(yu)以(yi)解除作廢，所(suo)有(you)責任由大(da)股(gu)東(dong)自身承擔。

《上市公(gong)(gong)司監(jian)管(guan)條(tiao)例》中實施行政處罰的部(bu)門，主要(yao)是證監(jian)部(bu)門，但對上市公(gong)(gong)司監(jian)管(guan)，需(xu)要(yao)多(duo)個(ge)部(bu)門形成(cheng)監(jian)管(guan)合(he)力。比如國資委、海(hai)關、稅務、工商等部(bu)門，應當(dang)及時為證監(jian)部(bu)門提供上市公(gong)(gong)司及其大股東的有關信息，包括信用(yong)、海(hai)關、稅務、工商登記等信息，《上市公(gong)(gong)司監(jian)管(guan)條(tiao)例》對此可予明確。

總之，盡快制定出臺《上(shang)(shang)(shang)市(shi)公司(si)監(jian)管(guan)條例》，強(qiang)化對(dui)上(shang)(shang)(shang)市(shi)公司(si)的(de)(de)監(jian)管(guan)手(shou)段，構(gou)建綜合(he)監(jian)管(guan)體系(xi)，增強(qiang)監(jian)管(guan)的(de)(de)針對(dui)性和(he)有效性，全力規范上(shang)(shang)(shang)市(shi)公司(si)大(da)股東、董(dong)監(jian)高(gao)行為，切實解決當前(qian)上(shang)(shang)(shang)市(shi)公司(si)監(jian)管(guan)的(de)(de)痛點(dian)難點(dian)問題，由此可有效提(ti)高(gao)上(shang)(shang)(shang)市(shi)公司(si)治理水平、推動上(shang)(shang)(shang)市(shi)公司(si)質(zhi)量躍升到新水平。