系统重要性金融机构有限责任制度的修正：基本理论和制度建构

Revision of the Limited Liability of Systemically Important Financial Institutions: Basic Theory and System Construction

《上海财经大学学报》2023年25卷第1期 页码：139 - 152 online：2023年2月1日

作者

中：常健, 王清粤

英：Chang Jian, Wang Qingyue

作者单位：海南省优秀人才团队“海南自由贸易港法律创新团队”资助；海南大学人文社科国家级重大科研培育项目“加快海南自由贸易港对外开放高地建设的路径选择与法治保障研究”（20ZDPY02）

摘要及关键词

摘要：有限责任制度作为公司法律制度的基石而存在，具有重要的制度价值。但在后危机时代，有限责任制度的弊端日益凸显，具有偏离金融监管目标、导致利益失衡、引发道德风险、加剧竞争的不公平性等局限，成为系统重要性金融机构实施自救的重要法律障碍。因而有必要对系统重要性金融机构的有限责任制度进行修正，即打破将所有股东责任限制在投资额范围内的僵局，对持股5%以上的主要股东在其投资额的基础上附加额外责任。法律定位上，仍应将修正后的有限责任制度纳入有限责任体系之中，属于在特定情形下有限责任的适用除外；责任计算上，修正后的有限责任以系统重要性金融机构进入风险处置程序前一段时间内的平均股价为基准，根据机构的系统相关性进行计算；归责原则上，修正后的有限责任适用严格责任原则，旨在提高股东对系统重要性金融机构日常经营活动进行监督的积极性，为其持续稳定经营提供重要制度保障。

关键词：系统重要性金融机构；有限责任修正；金融稳定；金融监管

Summary: As the cornerstone of the corporate legal system, the limited liability system has important values such as transferring risks, encouraging investment, gathering capital, reducing transaction costs, and promoting the separation of ownership and management rights. However, in the post-crisis era, the application of the limited liability system to systemically important financial institutions has limitations and shortcomings such as deviating from the financial regulatory objectives, leading to interest imbalance, causing moral hazard, and increasing the unfairness of financial market competition, which does not match the system design of crisis self-help by systemically important financial institutions. Therefore, it is necessary to “revise” the limited liability system of systemically important financial institutions, that is, to break the deadlock of limiting the liability of all shareholders to the investment amount, and to attach additional liability to major shareholders holding more than 5% of shares on the basis of their investment amount. The revision of limited liability is conducive to reducing the negative externality of China’s systemically important financial institutions, and meeting the special regulatory needs of China’s systemically important financial institutions, which has sufficient legitimacy. In terms of legal positioning, the revised limited liability system should still be included in the limited liability system, except for the application of limited liability in specific circumstances. In terms of liability calculation, the revised limited liability is not the amount of capital contribution of shareholders, but the uncertain liability calculated based on the average stock price of systemically important financial institutions in a period of time before entering the risk disposal process, and taking the institutional system relevance and its position in the financial system as the multiplier. In terms of risk exposure, the liability limit that shareholders will face is twice the average stock price of systemically important financial institutions in the 12 months before they enter the risk disposal process. In terms of the principle of liability fixation, the revised limited liability applies the principle of strict liability, aiming to improve the enthusiasm of shareholders to supervise the daily business activities of systemically important financial institutions. In terms of system connection, we must properly handle the connection between the revision of limited liability and other legal systems such as the Company Law and the Financial Stability Law, so as to ensure the effectiveness and operability of the revised limited liability system in the crisis-handling process of systemically important financial institutions, and provide important institutional guarantees for the sustainable and stable operation of systemically important financial institutions.

Key words:systemically important financial institutions; revision of limited liability; financial stability; financial regulation

其他信息

DOI：10.16538/j.cnki.jsufe.2023.01.010

收稿日期：2022-09-23

基金项目：海南省优秀人才团队“海南自由贸易港法律创新团队”资助；海南大学人文社科国家级重大科研培育项目“加快海南自由贸易港对外开放高地建设的路径选择与法治保障研究”（20ZDPY02）

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