金融控股集团治理结构与约束机制之重构

金融控股集团是一种重要的金融市场经营组织形式,虽有特殊的市场角色与功能,但其治理结构与约束机制必须建立在公司法的一般规范基础之上。其经营模式是"集团统一决策、子公司负责落实",具体路径分为控股公司治理层次、控股公司对子公司治理层次、子公司治理层次三个层次。同时,由于存在从治理向管理的跨界,应强化金融控股公司的外部约束机制,以保护子公司小股东和债权人的利益,即依法保障小股东退出权,并为子公司小股东配置置换母公司股权的权利。

Reconstructing the Governance Structure and Supervision Regime of Financial Holding Groups

As an important business form in financial market,the financial holding group plays special roles and functions,but its governance structure and supervision regime should be constructed pursuant to the general principles of company law.Its management should be followed the principle that group as a unit makes policies while the subsidiaries are responsible for implementing the policies.This is going to be carried out in three levels: the level of holding company governance structure,the level of company gevernance on subsidiaries and the level of governance of subsidiaries.On the other hand,as governance structure of financial holding group has been switched from governance to management,external regime of supervising financial holding company should be strengthened and the rights and interests of minority shareholders and creditors should be paid more attention to.Regarding protection of minority shareholders,their rights to quit should be safeguarded,and they are entitled to substitute their stockholder′s right in subsidiaries for that in holding group.To protect creditors′ right,under some circumstances,exceptions to limited liability doctrine should be recognized,and hence group′s liabilities should be increased.