Research concerning the Legal Regulation by the Company Law against the Ring-shaped Cross Holding of Stocks in the Business Group or the Company Group

《公司法》对企业集团或公司集团环形交叉持股的法律规制研究

• 批准号: 04620018
• 负责人: ENDOH Yoshiteru
• 金额: $ 0.9万
• 依托单位: Chiba University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (C)
• 财政年份: 1992
• 资助国家: 日本
• 起止时间: 1992 至 1993
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-04620018/
• 关键词: Company group; Business group; Cross-holding of stocks; Konzern regulation; Disclosure requirement; Outside auditor system; Ring-shaped holding of stocks; Reallocation of decision making powers; コンツエルン規制; 配当性向; 営利性構造の歪曲化; 資本空洞化; 会社支配権の歪曲化; 法人

It has been criticized that the closeness, exclusiveness or non-transparency of the Japanese business society is caused by the cross-holding of stocks in the business group or the company group. I have made legal researches on the subject of this cross-holding of stocks, especially the ring-shaped holding of stocks in the business group in order to propose any corrective legal measures. A summary of this research report in the field of the company law is as follows. At first, the disclosure requirement should be strengthened concerning the cross-holding of stocks including the ring-shaped holding and the business activities in the business group. Secondly, the new Konzern regulation should be introduced to the company law and any particular regulations against the cross-holding of stocks should be considered in such a Konzern regulation. Thirdly, the outside auditor system should be strengthened and the decision making powers should be reallocated at least in a publicly held company. Fourthly, the present legal regulation against business transactions is positively necessary to be continued. Fifthly the fundamental policy should be seriously considered in order to improve the dividend ratio in a publicly held company. However, we should be very cautious of considering the specific control of the dividend in case of the cross-holding of stocks.

有人批评，日本商业学会的亲密，排他性或不透明性是由商业集团或公司集团股票交叉持有的。我已经对这种股票交叉持有的主题进行了法律研究，尤其是业务组中股票的环形持有，以提出任何纠正法律措施。该研究领域的研究报告的摘要如下。首先，应加强有关股票交叉持有的披露要求，包括环形持有和业务集团的业务活动。其次，应将新的康兹恩法规介绍给公司法律，任何针对股票交叉持有的特定法规都应在这样的konzern法规中考虑。第三，应该加强外部审核员系统，并且至少应在公开持有的公司中重新分配决策权。第四，有必要继续进行针对业务交易的法律法规。第五个基本政策应认真考虑，以提高公开持有的公司的股息比率。但是，在股票交叉持有的情况下，我们应该非常谨慎考虑对股息的特定控制。

项目成果

遠藤美光: "環状的株式相互保有と法的規制の課題(仮題)" 松下満雄先生還暦記念論文集(社)商事法務研究会. (刊行予定). (1994)

远藤义光：《循环持股与法律规定的挑战（暂定名）》松下光夫教授60岁生日论文集，商事法务研究会（1994年出版）。

遠藤美光: "環状的株式相互保有と法的規制の課題(仮題)" 松下満雄先生還暦記念論文集. (商事法務研究会刊)(予定). (1994)

远藤义光：《循环持股的挑战与法律规定（暂定名）》纪念松下光夫教授60岁生日论文集（正司法务研究会出版）（计划）（1994年）。

遠藤美光: "日米構造協議と企業組織法の課題" 商法・保険法の現代的課題(石田満先生還暦記念論文集). 文眞堂刊. 84-107 (1992)

远藤义光：《日美结构性磋商和公司组织法问题》《商法和保险法的现代问题》（石田光教授60周年纪念论文集），文心堂出版84-107。

Yoshiteru Endoh: ""The Ring-shaped Cross-Holding of Stocks and the Problems of the Legal Regulations" (Japanese) (Tentative Title)" FESTSCHRIFT FOR PROF.MITSUO MATSUSHITA, planed to be published by THE COMMERCIAL LAW CENTRE, INC.OF JAPAN. (1994)

远藤义辉：“股票的环形交叉持有与法律规定的问题”（日语）（暂定标题）” FESTSCHRIFT FOR PROF.MITSUO MATSUSHITA，计划由 THE COMMERCIAL LAW CENTRE, INC.OF 出版

Yoshiteru Endoh: ""The Structural Impediments Initiative between the U.S.& Japan and the Problems of the Business Organization Law" (Japanese)" THE MODERN PROBLEMS OF THE COMMERCIAL LAW AND THE INSURANCE LAW (FESTSCHRIFT FOR PROF.MITSURU ISHIDA) BUNSHINDO

远藤义辉：“美国之间的结构性障碍倡议”