非上市公司关联交易信息披露的规范审视、功能定位与制度铺展

Normative Review, Functional Positioning and Institutional Expansion of Information Disclosure of Related Party Transaction of Unlisted Company

摘要: 我国新《公司法》第182条新设董监高对关联交易的信息披露义务，对各类型公司均具有普适性。然而，受制于现行法律规范的高度分散化和边界模糊化，由多部法律规范所指引的关联交易信息披露制度难免陷入理论困境与司法难题之中，存在对非上市公司的规制薄弱和对信息披露的驱动力不足的问题。基于此，文章从关联交易信息披露的现行规范出发，审视现有法律规范体系的不足，回归信息披露的功能定位，由此提出相应的完善建议，以构建更加完善、高效的关联交易信息披露制度。

Abstract: The Article 182 of China’s new Companies Law imposes information disclosure obligations on directors, supervisors, and senior management regarding related-party transactions, which is applicable to all types of companies. However, due to the highly fragmented and unclear legal framework, the information disclosure system for related-party transactions guided by multiple legal provisions is bound to fall into theoretical dilemmas and judicial difficulties, with weak regulation for non-listed companies and insufficient incentives for disclosure. Based on this, the article starts from the current regulatory framework for related-party transaction disclosure, examines the shortcomings of the existing legal framework, returns to the functional positioning of disclosure, and thus proposes corresponding improvement suggestions to build a more comprehensive and efficient related-party transaction disclosure system.