China: 上市公司股票的司法处置方式探讨

Last Updated: 16 July 2019
Article by Zheng Hongyu and Wang Huaizhi
Most Read Contributor in China, July 2019

根据《物权法》第223条、《担保法》第75条第2项的规定,依法可以转让的股权、股份、股票可以出质或质押,按照《物权法》第226条、《担保法》第64条和《中国证券登记结算有限责任公司证券登记规则》第29条规定,出质人和质权人应依法签署质押合同并至中国证券登记结算有限责任公司办理设立登记。当出质人不能履行到期债务或者出现双方约定的情形时,质权人即可行使对股票的质押权。

上市公司股票作为可以在证券市场交易的有价证券,具有流动性强易于变现处置的特点,但另一方面,股票的价格在每个交易日随市场波动,变现价值也波动较大,并且股票交易和处置也受证券市场法规、监管要求和交易所规则的约束,因此在质押权人通过司法强制执行程序处置质押股票的过程中,有别于动产、不动产等传统财产的执行。

在执行实践中,法院执行上市公司股票的方式具有多样性的特点,包括:司法拍卖、二级市场抛售、非抵债过户、直接抵债等。

笔者团队代理了一起对质押股票申请强制执行的案件,对某上市公司大股东场外质押给某债权人的上市公司无限售流通股申请法院强制执行。

在此结合有关规定和实际操作,针对前述几种主要的司法处置路径进行分析探讨,以期共同交流。

一、法院的处置权

《最高人民法院关于首先查封法院与优先债权执行法院处分查封财产有关问题的批复(2015)》一、 执行过程中,应当由首先查封、扣押、冻结(以下简称查封)法院负责处分查封财产。但已进入其他法院执行程序的债权对查封财产有顺位在先的担保物权、优先权(该债权以下简称优先债权),自首先查封之日起已超过60日,且首先查封法院就该查封财产尚未发布拍卖公告或者进入变卖程序的,优先债权执行法院可以要求将该查封财产移送执行。

《最高人民法院关于人民法院办理财产保全案件若干问题的规定(2016)》第十七条规定,"诉前财产保全措施自动转为诉讼或仲裁中的保全措施;进入执行程序后,保全措施自动转为执行中的查封、扣押、冻结措施。自动转为诉讼、仲裁中的保全措施或者执行中的查封、扣押、冻结措施的,期限连续计算"。

因此,在股票存在查封与执行的情况下,首封法院与优先债权执行法院之间要协调关于查封财产的处置权。

在笔者办理的案件中,首先由股票质押申请强制执行的法院(即优先债权执行法院)向受封法院发出商请移送函,首封法院做出裁定将已经质押部分的股票的处置权进行了移送,优先债权执行法院取得处置权后正式进入处置程序。

二、处置路径

1:司法拍卖

(一)司法拍卖是否需要评估?

上市公司流通股,通过二级市场公开交易,形成每个交易日的开盘价、盘中成交价、收盘价,其价格形成已经是公开透明的高度市场化机制所形成,应为公允的市场价,因此,法院可直接参照股票市场交易价格确定该股票拍卖的起拍价,而无需再委托评估机构进行评估确定(其实由于股票价格每日变动,评估也毫无意义)。

根据《最高人民法院关于人民法院民事执行中拍卖、变卖财产的规定》第四条第一款规定:"对拟拍卖的财产,人民法院应当委托具有相应资质的评估机构进行价格评估。对于财产价值较低或者价格依照通常方法容易确定的,可以不进行评估。"

(二)如何确定拍卖的起拍价?

实践中,不乏责任心强、业务水平高且具有创新意识的法官,在法律允许的范围内,以维护债权人利益为导向,结合对股票作为证券的深刻理解及其交易知识的熟练掌握,采取了一些具有创新性的执行方法。

比如,上海市第一中级人民法院、北京市第三中级人民法院以起拍日前20个交易日的收盘价均价(简称"MA20")乘以股票总股数为起拍价,广东地区的部分法院则以起拍前最后一个交易日的收盘价或以收盘价为基础打折后进行起拍。股票上网挂拍至开拍前对外公示的价格即展示价,并非实际起拍价,一般情况会选取某天当只股票的收盘价乘以总股数。 《最高人民法院关于人民法院网络司法拍卖若干问题的规定》第二条"人民法院以拍卖方式处置财产的,应当采取网络司法拍卖方式",该规定施行后,绝大部分拍卖均已采取了网络公开拍卖的形式。

笔者对近一年来,各大网络平台上较大数额股票的司法拍卖情况进行了汇总,具体如下:

备注:以上数据来源于淘宝网拍卖平台

(三)股票拍卖是否受《上市公司股东、董监高减持股份的若干规定》(下称"减持新规")的限制?

根据深圳市福田区人民法院就孟凯、中信证券股份有限公司保证合同纠纷执行案【(2018)粤0304执异1号】作出的《民事裁定书》,人民法院采用在网拍平台上整体处分实际控制人涉案股票,拍卖成交的买受人将取得涉案股票的所有权益,包括大股东的身份及控股权,不属于减持的情形。且,中国证监会发布的《上市公司股东、董监高减持股份的若干规定》系规范性文件,效力低于法律规定。因此,法院对上市股票司法拍卖时,不受减持新规的限制。

(四)司法拍卖处置的劣势

《最高人民法院关于人民法院网络司法拍卖若干问题的规定》第十二条规定:"网络司法拍卖应当先期公告,拍卖公告除通过法定途径发布外,还应同时在网络司法拍卖平台发布。拍卖动产的,应当在拍卖十五日前公告;拍卖不动产或者其他财产权的,应当在拍卖三十日前公告。"第二十六条规定:"网络司法拍卖竞价期间无人出价的,本次拍卖流拍。流拍后应当在三十日内在同一网络司法拍卖平台再次拍卖,拍卖动产的应当在拍卖七日前公告;拍卖不动产或者其他财产权的应当在拍卖十五日前公告。再次拍卖的起拍价降价幅度不得超过前次起拍价的百分之二十。"

因此,司法拍卖均规定了较长的公告时间,从开始发出公告到拍卖成交并最终过户交割完成,其需要的时间较长,而股票市场行情则是每个交易日随时变动,若在此期间对于上市公司股价、股票市场行情没有非常稳妥的判断,竞买人也很担心竞买成交后出现股价下跌的风险,从而不愿意参与竞买,导致司法拍卖流拍,影响了处置的效率。

三、处置路径

2:直接强制卖出

(一)集中竞价

《最高人民法院关于冻结、扣划证券交易结算资金有关问题的通知》(法[2004]239号),明确了人民法院如何冻结、扣划被执行人在证券公司营业部开设的资金帐户中的资金,也对执行(交易账户中的)流通证券的方式做出了规定,该通知第5条第2款规定:"人民法院执行流通证券,可以指令被执行人所在的证券公司营业部在30个交易日内通过证券交易将该证券卖出,并将变卖所得价款直接划付到人民法院指定的账户。"

目前,集中竞价是无限售流通股司法处置主要方案。安徽华信控股股东被动减持(公告编号:2019-028)、深圳赫美股份5%以上股东被动减持(公告编号:2019-036)、东方金钰控股股东被动减持(公告编号:临2019-040)等均由法院出具《协助执行通知书》由券商协助将被执行人相应股票(不超过1%)在30个交易日内卖出。

(二)大宗交易卖出

如果法院执行股票数量较多,竞价交易方式卖出可能会引起股价大幅下跌和市场恐慌。对此,可以采取大宗交易的方式变卖股票。所谓"大宗交易",是指单笔交易额达到一定标准时可以采取的交易方式,具体包括买卖双方协议以及收市后撮合,可以有效避免因大量抛售而造成的股价急剧下跌。

有些地方法院对此做出了更细致的规定,如《北京市法院执行工作规范》(2013修订)第388条规定"上市公司流通股可以通过大宗交易系统进行变卖,交易费用由被执行人承担。大宗交易的变卖价格由人民法院参照市场价格予以监控。"

(三)通过非抵债过户以突破股票抛售限制

在实践操作中,也会遇到在被执行人原有的证券账户中无法实现股票交易,或者托管券商不配合法院执行导致股票在二级市场变卖出现障碍。对此,部分法院也基于执行实务经验采取了变通手段。如先将标的股票采用非抵债过户的方式,过户到申请执行人或第三方的证券账户中,然后指令证券公司卖出,并将变卖股票所得价款划入法院执行账户。

《江苏省高级人民法院关于印发〈关于执行疑难问题的解答〉的通知》(苏高法[2018]86号)第6条规定,对股票的执行做出了较为细致和体系化的规定,"执行被执行人所持上市公司限售流通股(股票),可以先将限售流通股强制扣划至申请执行人账户,待限售股办理解禁手续转为流通股后再行处置。在此过程中,执行法院视情可以冻结申请执行人该账户,防止变价款高于执行标的额时申请执行人转移变价款损害被执行人利益。"

对于执行上述账户时,还应执行证券账户对应的资金账户。《最高人民法院、最高人民检察院、公安部、中国证券监督管理委员会关于查询冻结扣划证券和证券交易结算资金问题的通知》(法发[2008]4号)对相关执法单位查询、冻结证券账户的流程以及冲突解决做出了更加细化的规定。其中第3条提及了不同的账户类型。证券交易必须同时开具两个账户,一个是资金账户,一个是证券账户。在具体执行时,需要注意进行全面的查询和冻结,要对两个账户同时采取措施。

前述非抵债过户执行操作模式在广东省高级人民法院作出的(2013)粤高法执复字第39号裁定书中就有所体现,具体为:该案执行标的是已经进行了质押的无限售流通股,当时采取的措施是先非交易过户至申请执行人名下并冻结其证券账户,然后指令证券公司卖出,实现债权人的合法债权。先行非交易过户不是一种直接抵债行为,而是为变卖而采取的技术性措施。

但由于该执行操作突破了传统模式,没有具体的法律法规规定,执行手续较为繁琐,同时涉及到非抵债过户等法律问题,实践中采用该模式的法院有限。

四、处置路径

3:直接以股票抵偿债务

根据《最高人民法院关于人民法院民事执行中拍卖、变卖财产的规定》第28条的规定,一般情况只有在被执行财产拍卖流拍的情况下方可进行以物抵债。法律之所以这样规定,是为了防止债权人利用自身优势地位损害债务人的利益或债务人不当转移财产所有权。但是,股票作为可在公开市场流通的有价证券,其已有公开市场交易价格,这就使得法院以实时的股票价格进行抵债,也就不会侵害债务人财产权益。

对于以股票抵债的方式,最高人民法院以及地方法院都有了较为详细的规定:

1.《最高人民法院关于人民法院执行工作若干问题的规定》第52条规定"对被执行人在其他股份有限公司中持有的股份凭证(股票),人民法院可以扣押,并强制被执行人按照公司法的有关规定转让,也可以直接采取拍卖、变卖的方式进行处分,或直接将股票抵偿给债权人,用于清偿被执行人的债务。"

2.《江苏省高级人民法院关于印发〈关于执行疑难问题的解答〉的通知》(苏高法[2018]86号)第6条规定"执行被执行人所持上市公司流通股(股票)时,可以按照收盘价直接抵债给债权人并办理过户手续。被执行人自行处置时,不得损害债权人利益。"

3.北京市高级人民法院关于印发修订后的《北京市法院执行工作规范》的通知第388条第3款规定"经双方当事人同意以股权抵债并对流通股价格确认一致的,可以由人民法院直接扣划该流通股至申请执行人的股票账户以折抵债务,但有其他执行债权人的,应征得其同意后方可抵债。"

以股票抵债的方式,可大大缩短执行流程,也可降低为拍卖股票而产生的成本费用。因此在处置较少数量的股票时,亦有法院及申请执行人选择在执行程序直接以物抵债实现债权。

但是,《物权法》第二百一十一条规定:"质权人在债务履行期届满前,不得与出质人约定债务人不履行到期债务时质押财产归债权人所有。",第二百一十九条第二款规定:"债务人不履行到期债务或者发生当事人约定的实现质权的情形,质权人可以与出质人协议以质押财产折价,也可以就拍卖、变卖质押财产所得的价款优先受偿。",因此以股票抵债的方式,还应以出质人和质权人协商一致达成协议为宜,此外,由于从做出抵债裁定到股票过户完成也需要一定的操作时间,而股票价格每日变动,故也要看申请执行人是否愿意接受股票抵债。

五、减持新规对于司法强制执行的影响

2017年5月27日,证监会发布《上市公司股东、董监高减持股份的若干规定》("减持新规"),上海、深圳证券交易所也出台了完善减持制度的专门规则,新规中特别强调,规定将自发布之日,即5月27日起施行。

如前文所述,在法院司法强制执行中,法院整体处分实际控制人涉案股票,拍卖成交的买受人将取得涉案股票的所有权益,包括大股东的身份及控股权,不属于减持的情形。且,减持新规系规范性化文件,效力低于法律规定,司法执行不受减持新规的影响。

根据减新规及上海、深圳证券交易所完善减持制度的专门规则,笔者对司法变卖及司法扣划对相关股东的影响总结如下:

本文对质押的无限售流通股股票强制执行的相关规定及执行方式做了简要梳理,但具体采用何种执行路径,还需要根据案件的具体情况、执行法院的理解、市场情况、个股股票情况、相关当事人和机构的配合程度,在执行过程中和执行法院、证券登记结算公司、证券交易所、协助执行证券交易机构、债权人、出质人、债务人、上市公司等多方进行协调和沟通,选择更有利于快速高效执行、有利于最大限度实现债权的处置路径和方式,便于法院执行并实现当事人的合法权益。

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You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions