上市公司委託理財的風險及其控制

Abstract

近年來，眾多上市公司通過一級市場募集資金後，在按募集用途投放前，便具有了自由的資金流，為保證所募集資金固定收益，大多會向協力廠商購買理財產品，2019年以來，A股共有720家公司購買了理財產品，金額達2437.14億元。隨著宏觀經濟杠杆作用力產生的影響，上市公司購買理財如信託產品、私募基金產品爆雷事件時有發生：中原內配（002448）2019年12月3日晚間公告，公司去年使用閒置自有資金2000萬元，購買上海華領基金產品。根據上海公安局浦東分局12月2日發佈的“警方通報”，上海華領以涉嫌集資詐騙罪己被立案偵查。公司上述投資本金及收益可能無法獲得足額兌付，導致中原內配2019年度的經營業績帶來極其不利的影響。中原內配此前還“踩雷”上海良卓，兩次中招導致1.3億元資金均未能收回。與中原內配同命相連的還有上海洗霸（603200）和康力電梯（002367），其中上海洗霸連踩兩“雷”，涉及資金3400萬元；而康力電梯更是連踩三“雷”，涉及資金2.19億元。 上市公司委託理財頻頻爆雷原因雖有的是上市公司違規理財所致，但絕大部分還是歸結於上市公司企業法律風險管控機制失靈，未能建立相應有效的法律風險管理體系。 本論文探討在上述情況發生時，專業律師如何擺脫傳統律師業務俗套，向管理律師（詳見4.4節）轉型即利用專業法律技能及實踐經驗，來協助企業建立相應法律風險管理體系，以合理規避上市公司委託理財法律風險，實現企業價值的最大化的發展目標。

In recent years, after raising funds in the primary market, many listed companies have free capital flows before the funds are used for the original purpose. To ensure the fixed income of the raised funds, most of such listed companies will buy financial products from third parties. Since 2019, 720 A-shares companies have purchased financial products, with a total amount of 243.714 billion yuan. With the impact of macroeconomic leverage, accidental involvement in scandals by listed companies when buying wealth management products, such as trust products and private equity products have occurred from time to time: Zhongyuan Inner Distribution (002448) announced on the evening of December 3, 2019 that the company used idle self-owned funds of 20 million yuan to buy Shanghai Hualing fund products last year. According to the police report issued by the Pudong branch of Shanghai Public Security Bureau on December 2, Shanghai Hualing has been investigated for suspected fund-raising fraud. The above-mentioned investment principal and income of the Company may not be paid in full, which will adversely affect the operating performance of Zhongyuan Inner Distribution in 2019. Zhongyuan Inner Distribution had also involved with Shanghai Liangzhuo. Those two investment incidents resulted in the failure to collect 130 million yuan of funds. Similarly, Shanghai Xiba (603200) engaged in two scandal investments involving a capital of 34 million yuan, and Kangli Elevator (002367) engaged in three scandal investments involving a capital of 219 million yuan. Although such incidents are partially caused by illegal financial management of listed companies, most of them are attributed to the failure of the listed companies’ corporate legal risk management and control mechanism and the failure to establish an effective legal risk management system. (Source: “Analysis on the Illegal Practice in the Entrusted Investment Management of Listed Companies in China”, Finance and Taxation) When the above incident occurs, This paper discusses how can professional lawyers get rid of the traditional legal business conventions and transform to management lawyers（See section 4.4 for details） with professional legal skills and practical experience to help enterprises establish corresponding legal risk management system, so as to reasonably avoid the legal risks in entrusted investment management of listed companies, and achieve the ultimate goal of maximizing corporate value.