中国可转换公司债券发行制度浅析
An Analysis of Convertible Bond Issuance System in China
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关于中国可转换公司债券发行制度，本文通过《公司法》、《证券法》以及根据此法律制定的下位法规的比较分析，指出了现行制度存在的问题并提出了以下几个完善方案。第一，关于发行主体，中国《公司法》将可转换公司债券的发行主体限于上市公司，而一些行政法规将发行主体扩大到非上市公司，这会引发合法性问题。因此，《公司法》规定的发行主体应扩大到所有股份有限公司。通过扩大发行主体，为中小企业提供通过发行可转换公司债券筹集资金的机会，这将有助于缓解中小企业融资难的问题。第二，从各国立法体例来看，至少对于上市公司来说，由于筹集资金的迅速性、机动性更加受到重视，因此，在大多数国家实际上都将可转换公司债券的发行权限广泛授权给董事会。与此不同，中国则严格适用法定资本制度，不得委托董事会进行发行。法定资本制度对公司增资所要求的条件严格、程序繁琐，不利于可转换公司债券的发行和转换。参考世界各国的立法及实践经验，有必要考虑引进授权资本制度。第三，中国《公司法》采取法定资本制，发行可转换公司债券须经过股东大会特别决议，从发行可转换公司债券时股东的意愿被重视的角度看，可视为一部忠实于股东保护的立法。然而，中国《公司法》或其他法规未规定股东大会决议的出席条件。考虑到股东大会决议的代表性问题，有必要中国《公司法》中设定出席定足数。第四，《上市公司证券发行管理办法》限制关联股东的表决权，表决权是股东的本质权利，对此的限制应该非常慎重。本人建议发行可转换公司债券时不适用回避制度。第五，《公司法》没有区分公开发行和非公开发行，都要求监管机构的核准。然而，2019年12月28日修订的新《证券法》采取了注册制，并只针对公开发行证券要求注册的原则。如何调整法律上的冲突？通过修订《公司法》的有关规定来解决是最明确的方法，但修订之前，只能依照法律解释的方法来调整。按照新法优于旧法原则、合目的性解释方法，《公司法》规定的核准可理解为以公开发行为前提的注册。
Abstract
Regarding the issuance system of convertible bonds in China, this article points out the problems in the current system through the comparative analysis of the Company Law, the Securities Law and the other regulations formulated according to these law, and proposes the following improvements. First, Chinese Company Law limits the issuer of convertible bonds to listed companies, while some regulations extend the issuer to non-listed companies, which will cause legality issues. Therefore, the issuer under the Chinese Company Law should be extended to all stock corporations. Second, in the case of legislation in erch country, at least for listed companies, the speed of financing is more important, so in most countries, the issuance of convertible bonds is actually authorized to the board of directors. In contrast, the Chinese Company Law strictly applies the legal capital system, so the issuance of convertible bonds cannot be entrusted to the board of directors. The legal capital system requires strict conditions and complicated procedures for capital increase, which is not conducive to the issuance and conversion of convertible bonds. With reference to the legislation and practical experience of various countries, it is necessary to consider introducing an authorized capital system. Third, the Chinese Company Law adopts a legal capital system, so the issuance of convertible bonds requires a special resolution of the general meeting of shareholders. This can be regarded as a piece of legislation faithful to shareholder protection. However, the Chinese Company Law does not stipulate the conditions for attending the resolutions of the general meeting of shareholders. Considering the representativeness of the resolution of the general meeting of shareholders, it is necessary to set a quorum in the Chinese Company Law. Fourth, the "Measures for the Administration of the Issuance of Securities by Listed Companies" restrict the voting rights of related shareholders. Voting rights are the essential rights of shareholders, so restrictions on this should be very careful. I suggest that the avoidance system should not be applied when issuing convertible bonds. Fifth, the Chinese Company Law does not distinguish between public offering and non-public offering, and both require the regulatory approval. However, the new Securities Law revised on December 28, 2019 adopted a registration system and only required registration for public offerings of securities. How to adjust legal conflicts? It is the clearest way to solve the problem by amending the relevant provisions of the Company Law, but before the amendment, it can only be adjusted according to the method of legal interpretation. According to the principle that the new law is superior to the old law, the approval provided by the Company Law can be understood as registration based on public offering.
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