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2020注册会计师中华网校经济法英语讲义

作者:高考题库网
来源:https://www.bjmy2z.cn/gaokao
2020-11-05 07:49
tags:英语网校

esmeralda-小学一年级数学试卷题

2020年11月5日发(作者:于立)


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专题一 经济法英语基础
第一部分 解题要点和方法
一、区别普通英语与法律英语
某些单词或语法在法律英语中有其专门的意义;
如:accord在普通英语中表示与…一致,在法律英语中指和解或其协议;如reach an accord。
再如:as is意指(货物等的)现状。Deliver the house as is.按照房屋的现状交付房屋。
再如:assign意指转让。Assign the rights to a third party.把权利转让给第三方。

二、法律英语的关键:
用词专业;表达清晰;
忠实原文;固定搭配;
注意积累;法条记忆。

第二部分 固定句式及短语
一、常用法律句型
otherwise引导句型,表示:
除……外
otherwise常与unless共同使用,出现在unless引导的状语从句中,例如:
Contract Law Article 23 Where the offer is made orally, the acceptance shall be
dispatched immediately, unless otherwise agreed by the parties.
《合同法》23 条 要约以对话方式作出的,应当即时作出承诺,但当事人另有约定的除外。
ise句型II,表示:
及其他
otherwise与or连用,表示及其他情形、方式的意思。
例如:
Minor Employment Claims Adjudication Board Ordinance, Art.41[1]
Any person who by threats, persuasion or otherwise induces a witness or a party not
to give evidence in any hearing before the Board commits an offence.
任何人采用恐吓、怂恿或以其他手段诱使证人或一方当事人不在仲裁处审理中作证,即属犯罪。
ise句型III,表示:
除以……方式之外
Otherwise than引导的条件状语,注意和“unless… otherwise”相区别。
例如:No person shall be tried or punished otherwise than by a law court in accordance
with the procedure prescribed by law.
从上面的例句可以看出,otherwise than总是作副词,用来修饰前面的动词,后面主要是接一
种方式,所以,该句型通常都是:
动词+otherwise than + by。
除了otherwise than以外,还有other than的句型。other than和otherwise than的意思
一样,但语法不同。other than修饰动词时,语法结构与otherwise than相同,但是other than
除了可以修饰动词,还可以修饰名词。
例如:
Any person guilty of an offence under this Part, other than an offence under section
3, shall be liable on conviction on indictment or on summary conviction.
t to,表示:
“依据……”或“以……为准”
后面直接加名词,而且最常见的是agreement, section, contract等,例如:
Article 45 A contract whose effectiveness is subject to certain conditions shall become
effective when such conditions are accomplished.


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t prejudice to,表示:
“在不妨碍、损害…规定的前提下”
后面接法律条款或名词,例如:
Without prejudice to your powers and discretions, we hereby authorize you or your agents
to take any actions including but not limited to the following:...
在不损害贵行权力和自由 裁量权的前提下,本公司兹授权贵行或贵行代理人采取但不限于以下
行为的权利……
Without prejudice to article 10.2, a ground of relief under this clause relieves the
party failing to perform from liability in damages, from penalties and other contractual
sanctions.
在不违反第10.2条的前提下,本条款规定的免责事由使不能履行义务的一方免除了支付损害赔< br>偿金、罚金和其它合同制裁的责任。
表示:“凡……”或“如……”
相当于in the case where,例如:
Article 122 of Contract Law Where a party's breach harmed the personal or property
interests of the other party, the aggrieved party is entitled to elect to hold the party
liable for breach of contract in accordance herewith, or hold the party liable for tort
in accordance with any other relevant law.
《合同法》第一百二十二条 因当事人一方的违约行为,侵害对方人身、财产权益的,受 损害方
有权选择依照本法要求其承担违约责任或者依照其他法律要求其承担侵权责任。
the purpose of表示:“为了……目的”或“就…而言”
例如:
A judge may, on the application of an appellant who is in custody, order the appellant
to be brought up to the court in custody for the purpose of attending his appeal or any
application or any proceeding therein.
法官可应羁押中的上诉人的申请,为了使上诉 人能出席其上诉或其中任何申请或法律程序而命
令将他在羁押下带上法庭。
For the purposes of this law, the term “one-person limited liability company” means
a limited liability company with only one shareholder who is a natural person or a legal
person.
本法所称 (也就是就本法而言)一人有限责任公司,是指只有一个自然人股东或者一个法人股
东的有限责任公司。
ed that表示:“如果倘若”或者“但”
该句型放在句首, 引导出条件分句,与if ,when, where引导出的法律条件句没有本质上的
差异,但是如果 该短语之前存在一个主句,则它表示的是一个与之前陈述相反的例外,相当于“with
exception of”, 法律界通常称呼这类句子为“ 但书”(proviso)。
Article 277 of Contract Law Provided that the developer does not interfere with the
normal operation of the contractor, it may inspect the progress and quality of the work
at any time.
《合同法》第二百七十七条 发包人在不妨碍承包人正常作业的情况下,可以随时对作业进度、
质量进行检查。
The Licensee shall not be entitled to take any proceedings in any of the aforesaid
matters: provided, however, that the Licensor may, at its own direction and cost, prosecute
or otherwise stop or prevent such actual or threatened infringement in the name of both
the Licensor and the Licensee or either of them, and in each case the Licensee shall render
all reasonable assistance required by the Licensor.
被许可方无权就 上述任何行为起诉,但许可方可自由决定在自负费用的条件下,以许可方和被
许可方双方名义或任何一方 名义,对实际发生的或被威胁到的侵权行为提起诉讼,或以其他方式阻


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止或防止该等侵权行为。无论许可方采取上述任何 行为,被许可方均根据许可方之要求向其提供一
切合理协助。
hstanding,在普通英语中已罕用,但在法律英语中较常用,表示:“尽管”、“即使”。
接名词性短语而非让步状语从句,例如:
Article 112 of Contract Law Where a party fails to perform or renders non- conforming
performance, and the other party still suffers losses notwithstanding its subsequent
performance or cure of non- conforming performance, the breaching party shall pay damages.
《合同法》第一百一十二条 当事人一方不履行合同义务或者履行合同 义务不符合约定的,在履
行义务或者采取补救措施后,对方还有其他损失的,应当赔偿损失。
cept 表示“除……外”,后面可以跟一个名词性短语, 也可以跟一个从句或另一
个介词短语,例如:
Save as is provided in this ordinance, no claim within the jurisdiction of the Board
shall be actionable in any court.
除非本条例另有规定,否则凡属仲裁处司法管辖权范围内的申索,不得在任何法庭进行诉讼。
二、常用短语
ing toin accordance within (the)light of… 表示“根据…”。
not do t consentauthorization of sb.
“未经某人同意授权,不得擅自…”,其中“shall not”表示“不得”的意思。
is legitimate for do sth.某人做某事的行为是合法的。
×× is valid.××是有效的。
×× conforms tois in conformity with law.
××是符合法律规定的。
ctions by A on B :意为“A对B的限制”
其中by后面的主语是发出限制 的一方,B是接受限制的一方。
stipulated byprescribed in…:意为“正如在…中规定的”。
this case:意为“在本案中、在本案例中”。
liable forbe obligated to 意为“对…负责”。
toowing tobecause ofthanks to 意为“由于”。
, herewith, herein…等
如:The matters in dispute arising from the contract or in connection with performance
hereof shall be referred to arbitration as hereinbefore defined.
因合同产生的或与合同履行相关的争议事项,应按前所规定,提请仲裁。

第三部分 总结
一、答题三步曲
第一步:亮明观点,非黑即白,切莫含糊。
常用答法
1.××× is (not)legal(not)
legitimateillegalillegitimate.
例句:Jia’s proposition is not legitimate.
2.×××,which is (not)legal(not)
legitimateillegalillegitimate.
例句:It is stipulated therein that Ding conducts
partnership affairs, which is legitimate.
is (not)legal(not)legitimateillegalillegitimate for somebody to do something.
例句:It is legal for Jia to apply to People’s Court for approval.
第二步:找出依据,将法律条文原文写出。
常用短语 according to law


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第三步:联系本案例,将具体的数字、人物、行为代入法律原文,做适当替换和修改进行解释。
常用短语 in this case

二、常用普通句式
1.自…日起××天内
Within ××days as of the day when+句子
Within ××days as of the acceptance
Within ××days since the day +名词或句子
2.以…出资
Make capital contribution in…
3.向…申请批准
Apply to …for approval
4.被视为、被认为
Be deemed to be regarded asbe considered as
5.会议必须由23以上的股东出席(半数以上股东通过时决议通过)
The meeting shall not be held unless more than two- thirds shareholders are present.
The resolution shall not be adopted unless more than half of shareholders vote for it.
6.占70%
Account for 70 percent of
7.××期限届满之后
After the expiration(注意不要用termination)of ××

三、各章专门术语务必精确掌握
基础工作,务须扎实
谢谢大家!
专题二 公司法
一、专业词汇
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Limited liability company
Joint stock limited company
Prescribe
Capital contributor
Shareholders’ assembly
Shareholders’ meeting
Articles of association
Resolution
Affirmative vote
Voting right
Limitation of action
Actual capital contributor
Nominee shareholder
Subsidiary
Actual controller
Compensation liability
In … name
Registered capital
Margin
有限责任公司
股份有限公司
规定
资本出资人
股东大会
股东会
公司章程
决议
赞成票
选举权
诉讼时效
实际出资人
名义股东
子公司
实际控制人
赔偿责任
以……的名义
注册资本
差额


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In kind
Intellectual property
Land use right
Non-monetary property
Invalid
以实物
知识产权
土地使用权
非货币财产
无效的
Bring a lawsuit againstfile a
对…向…提起诉讼
lawsuit with
Forms of capital contribution 出资方式
Assessment
Fail to perform
Fail to perform wholly
Preemptive right
Merger
Split-up
Dissolution
Liquidation
Terms of office
Waive
Succeedinherit
Deregister
Bankruptcy
Revoke
Illegal proceeds
Confiscate
Established by promotion
Promoter
评估
未履行
未完全履行
优先购买权、优先认股权
合并
分立
解散
清算
任期
放弃
承继继承
注销
破产
吊销
非法收入
没收
发起设立
发起人
Establishment by public share
募集设立
offer
Prospectus
Listed company
Authorization scope
Independent director
Stock exchange
Industry and commerce
registration authority
Bylaw
Statutory reserved fund
Discretionaryreservedfund
Capital reserved fund
Registration application
Make up for the loss
Expenditure
Fidelity
招股说明书
上市公司
授权范围
独立董事
证券交易所
工商登记机关
公司规章制度
法定公积金
任意公积金
资本公积金
注册申请
弥补亏损
支出
忠诚
Qualifications and obligations 资格和义务


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Capacity of civil conduct
Corruption
Bribery
Encroachment of property
Misappropriation of property
Criminal penalty
Due
Appointment
Without the consent of
Corporate bond
Interest rate
Disclose
Guaranty
Commission
Chairman of the board
Board of directors
Creditor's rights
debt
creditor
Prescribestipulate
Designate
Civil proceeding
Net assets
Underwriter
Par value
Issue
Decrease of capital
Convert
民事行为能力
贪污
贿赂
侵占财产
挪用财产
刑罚
(债务)到期
委任
未经同意
公司债券
利率
披露
担保
佣金
董事长
董事会
债权
债务
债权人
(法律)规定
指定
民事诉讼
净资产
承销人机构
票面金额
发行
减资
转换
二、法律条文要点详解
(一)公司的法人财产权
公司 是企业法人,有独立的法人财产,享有法人财产权。公司以其全部财产对公司的债务承担
责任。有限责任 公司的股东以其认缴的出资额为限对公司承担责任;股份有限公司的股东以其认购
的股份为限对公司承担 责任。
I Legal Person Property Right of Company
Company is an enterprise legal person, which has independent legal person property and
enjoys the right to legal person shall bear the liabilities for its debts with
all its property.
As for a limited liability company, a shareholder shall be liable for the company to
the extent of the capital contributions it has for a joint stock limited company,
a shareholder shall be liable for the company to the extent of the shares it has subscribed
for.
(1)对外投资的限制。
公司可以向其 他企业投资;但是,除法律另有规定外,不得成为对所投资企业的债务承担连带
责任的出资人。
Restrictions on investment in other entities


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A company may invest in other r, unless it is otherwise provided for
by any law, it shall not become a capital contributor that shall bear several and joint
liabilities for the debts of the enterprises in which it invests.
(2)担保的限制。
公司向其他企业投资或者为他人提供担保,按照公司章程的规定由董事会或者 股东会、股东大
会决议;公司章程对投资或者担保的总额及单项投资或者担保的数额有限额规定的,不得 超过规定
的限额。
(2)Restrictions on guarantee
Where a company intends to invest in any other enterprise or provide guarantee for others,
the company shall make a resolution through the board of directors, shareholders’ meeting
or shareholders’ assembly according to its articles of association.
If the articles of association prescribes any limit on the total amount of investments
or guarantees, or on the amount of a single investment or guarantee, the aforesaid total
amount or amount shall not exceed the responsive limited amount.
公司为公司股 东或者实际控制人提供担保的,必须经股东会或者股东大会决议。接受担保的股
东或者受实际控制人支配 的股东不得参加表决。该项表决由出席会议的其他股东所持表决权的过半
数通过。
If a company intends to provide guarantee to a shareholder or actual controller of the
company, it shall make a resolution through the shareholders’ meeting or shareholders’
assembly.
The shareholder as mentioned in the preceding paragraph or the shareholder dominated
by the actual controller as mentioned in the same shall not participate in voting on the
matter as mentioned in the matter requires the affirmative votes of more than
half of the other shareholders attending the meeting.
(二)名义股东和实际出资人
1.有限责任公司的实际出资人与 名义出资人订立合同,约定由实际出资人出资并享有投资权益,
以名义出资人为名义股东,实际出资人与 名义股东对该合同效力发生争议的,如无合同法第五十二
条规定的情形,人民法院应当认定该合同有效。
Ⅱ Nominal Shareholder and Actual Investor
an actual investor of a limited liability company signs a contract with nominal
shareholder, which stipulates that the actual investor shall make capital contribution and
enjoy rights and interests of the investment, with a nominal investor, who shall be
registered as a nominal shareholder according thereto, and a dispute arises between the
two parties over the validity of the contract, the People’s Court shall determine that
the contract is valid in the case that no circumstance under Article 52 of Contract Law
happens.
上述规定的实际出资人与名义股东因投资权益的归属发生争议,实际出资人以其实际履行了出
资义务为由 向名义股东主张权利的,人民法院应予支持。名义股东以公司股东名册记载、公司登记
机关登记为由否认 实际出资人权利的,人民法院不予支持。
Where dispute arises between above-mentioned actual investor and nominal shareholder
over the ownership of the rights and interests of investment, and the actual investor claims
against the nominal shareholder for its actual performance of capital contribution, the
People’s Court shall support the pleading.
Where the nominal shareholder denies the rights of the actual investor through record
on shareholders’ list and registration with company registration authority, the People’
s Court shall not support the defense.
实际出资人未经公司其他股东半数以上同意,请求公司变更股东、签发出资证明书、记载于股
东名册、记载于公司章程并办理公司登记机关登记的,人民法院不予支持。


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Where the actual contributor pleads against the company to change the shareholder, issue
the certificate of investment, record that on the shareholders’ list and the articles of
association, and file with the registration authority, the People’s Court shall not support
the pleading on the condition that consent from over 50% of other shareholders is not
available.
2.名义股东将登记于其名下的股权转让、质押或者以其他方式处 分,实际出资人以其对于股权
享有实际权利为由,请求认定处分股权行为无效的,人民法院可以参照物权 法第一百零六条的规定
处理。名义股东处分股权造成实际出资人损失,实际出资人请求名义股东承担赔偿 责任的,人民法
院应予支持。
the nominal shareholder transfers, pledges or disposes in other ways the shares
registered under his own name, and the actual investor pleads to judge that the act of
disposition is invalid for its enjoying the factual rights, the People’s Court may proceed
in reference to Article 106 of Property Law.
Where the actual investor pleads against the nominal shareholder to bear the liability
of indemnifying the losses due to its act of disposing the shares, the People’s Court shall
support the pleading.
3、冒用他人名义出资并将该他人作为股 东在公司登记机关登记的,冒名登记行为人应当承担相
应责任;公司、其他股东或者公司债权人以未履行 出资义务为由,请求被冒名登记为股东的承担补
足出资责任或者对公司债务不能清偿部分的赔偿责任的, 人民法院不予支持。
lly using another’s name to contribute and registering said person in the
company registration authority, the person who takes illegal registration act shall bear
corresponding responsibility;
Where the company, other shareholders or creditors plead against the falsely registered
person to fulfill the unpaid contribution or assume the outstanding debts of said company,
the People’s Court shall not support the pleading.
(三)股东诉讼
1.股东代表诉讼
(1)股东通过监事会或者监事提 起诉讼。公司董事、高级管理人员执行公司职务时违反法律、
行政法规或者公司章程的规定,给公司造成 损失的,有限责任公司的股东、股份有限公司连续180
日以上单独或者合计持有公司1%以上股份的股 东,可以书面请求监事会或者不设监事会的有限责任
公司的监事向人民法院提起诉讼。
III Shareholder Suit
older Representative Suit
(1)Shareholders file a suit through supervisor or board of supervisors
When a director or senior manager violates laws, administrative regulations or the
articles of association while conducting office affairs, causing losses to the company,
the shareholder of a limited liability company or that of a joint stock company separately
or aggregately holding 1% or more of the total shares for over 180 consecutive days may
require the board of supervisors or the supervisor in a limited liability company without
board of supervisors in writing to file a suit with the People’s Court.
(2)股东通过董事会或者董事提起诉讼。监事执行公司职务时违反法律、行政法规或者公司章程的规定,给公司造成损失的,有限责任公司的股东、股份有限公司连续180日以上单独或者合计
持有公司1%以上股份的股东,可以书面请求董事会或者不设董事会的有限责任公司的执行董事向人
民法 院提起诉讼。
(2)Shareholders file a suit through directors or board of directors
When a supervisor violates laws, administrative regulations or the articles of
association while conducting office affairs, causing losses to the company, the shareholder
of a limited liability company or that of a joint stock company separately or aggregately


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holding 1% or more of the total shares for over 180 consecutive days may require in writing
the board of directors or executive director in a limited liability company not setting
a board of directors to file a suit with the People’s Court.
(3)股东直接提起诉讼。监事会、不设监事会的有限责任公司 的监事,或者董事会、执行董事
收到上述股东的书面请求后拒绝提起诉讼,或者自收到请求之日起30日 内未提起诉讼,或者情况紧
急、不立即提起诉讼将会使公司利益受到难以弥补的损害的,有限责任公司的 股东、股份有限公司
连续180日以上单独或者合计持有公司1%以上股份的股东,有权为了公司的利益 以自己的名义直接
向人民法院提起诉讼。
(3)Shareholders file a suit directly
Where the board of supervisors, a supervisor of a limited liability company not setting
a board of supervisors, the board of directors or the executive director rejects to file
a lawsuit after receiving the written request from the said shareholder, or fails to do
so within 30 days, or if in an emergency, the failure to file a lawsuit will cause
unrecoverable damages to the interests of the company, the shareholder of a limited
liability company or that of a joint stock company separately or aggregately holding 1%
or more of the total shares for over 180 consecutive days is entitled to file a lawsuit
with the Peopl’s Court in its own name.
(4)股东对他人给公司造成损失行为提起诉讼的程序。公司董事、监事、高级管理人员以外的
他人侵犯 公司合法权益,给公司造成损失的,有限责任公司的股东、股份有限公司连续180日以上
单独或者合计 持有公司1%以上股份的股东可以书面请求监事会或者监事、董事会或者董事向人民法
院提起诉讼,或者 直接向人民法院提起诉讼。
(4)Procedures for shareholders to file a suit against others who cause losses to the
company
Where a person other than the directors, supervisors, senior managers infringes the
legitimate rights of the company and renders losses thereto, the shareholder of a limited
liability company, or the shareholder of a joint stock company separately or aggregately
holding 1% or more of the total shares for over 180 consecutive days, may require the board
of supervisors, supervisors, board of directors or directors in writing to file a suit with
the People’s Court.
2、股东直接诉讼
公司董事、高级管理人员违反法律、行政法规或者公司章程的规定,损害了股东利益的,股东
可以依法向 人民法院提起诉讼。
olders direct suit
Where any director or senior manager damages the shareholders’ interests by violating
any law, administrative regulation or the articles of association, the shareholders may
file a lawsuit with the People’s Court according to the law.
(四)有限责任公司设立的条件
IV Establishment Conditions of Limited Liability Company
1.股东条件
Condition of shareholder
有限责任公司由50个以下股东出资设立。
A limited liability company shall be established by not more than 50 shareholders.
2.财产条件
有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额。
法律、行政法规以及国 务院决定对有限责任公司注册资本实缴、注册资本最低限额另有规定的,
从其规定。
The registered capital of a limited liability company shall be the total amount of the
capital contributions subscribed for by all the shareholders that have registered in the


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company registration authority.
Where provisions as to the actually-paid capital contribution and the minimum amount
of registered capital are otherwise prescribed by any law, administrative or decisions of
the State Council, those shall take precedence.
3.出资
股东可以用货币出资,也可以用实物、知识产权、土地使用权等可以用货币估价并可以依法转
让的非货币财产作价出资;但是,法律、行政法规规定不得作为出资的财产除外。对作为出资的非
货币 财产应当评估作价,核实财产,不得高估或者低估作价。法律、行政法规对评估作价有规定的,
从其规定 。《公司登记管理条例》规定:“股东不得以劳务、信用、自然人姓名、商誉、特许经营
权或设定担保的 财产等作价出资”。
bution
A shareholder may make contributions in currency, in kind or intellectual property right,
land use right or other non-monetary properties that may be assessed on the basis of currency
and may be transferred according to law, excluding the properties that shall not be treated
as capital contributions according to any law or administrative regulation.
The value of the non-monetary properties as contributions shall be assessed and verified,
which shall not be over-valued or any law or administrative regulation
prescribes the value assessment, such law or administrative regulation shall prevail.
It is stipulated in Company Registration Administration Provisions that shareholders
shall not use labor service, credit, name of a natural person, goodwill, franchise or
guaranteed property as capital contribution.
4.不按照规定出资的责任
股东未履行或者未全面履行出资义务,公司或者其他股东可以请求其向公司依法全面履行出资
义务。
公司债权人也可以请求未履行或者未全面履行出资义务的股东在未出资本息范围内对公司债务
不能清偿的
部分承担补充赔偿责任。未履行或者未全面履行出资义务的股东已经承担上述责任后,其他债权
人再提出
相同请求的,人民法院不再予以支持。
Liabilities of Failing to Contribute According to Provisions
Where a shareholder fails to perform or fails to fully fulfill the investment obligation,
the company or other shareholders may request the company to fully fulfill the investment
obligation.
Creditors can also request the shareholder who fails to perform or fails to fully fulfill
the investment obligation to assume supplementary compensation liability for the portion
of the debts uncleard off.
Where a shareholder who fails to perform or fails to fully fulfill the investment
obligation has assumed the responsibility, and if other creditors make the same claim, the
People’s Court shall not support the their arguments.
股东在公司设立时未履行 或者未全面履行出资义务,发起人与被告股东承担连带责任,但是,
公司的发起人承担责任后,可以向被 告股东追偿。
Where the shareholders fail to perform or fully perform investment obligations when
the company has been established, company's promoters and the defendant shareholders should
bear several and joint liability; however, company's promoter could recourse against
defendant shareholders after bearing the liabilities.
(五)有限责任公司的股东会
1.股东会会议
股东会会议分为定期会议和临时会议。定期会议应当按照公司章程的规定按时召开。代表110


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以上表决权 的股东,13以上的董事,监事会或者不设监事会的公司的监事提议召开临时会议的,
应当召开临时会议 。
V Shareholder Meeting of Limited Liability Company
olders’ Meeting
The sessions of shareholders’ meeting shall be classified into regular meetings and
temporary meetings.
The regular meetings shall be timely held in pursuance with the articles of
a temporary meeting is proposed by the shareholders representing 110
of the voting rights or more, directors representing 13 of the voting rights or more, the
board of supervisors, or the supervisor of the company with no board of supervisors, the
said temporary meeting shall be held.
2、股东会的召集
首次股东会会议由出资最多的股东召集和主持 ,依照行使职权。以后的股东会会议,公司设立
董事会的,由董事会召集,董事长主持;董事长不能履行 职务或者不履行职务的,由副董事长主持;
副董事长不能履行职务或者不履行职务的,由半数以上董事共 同推举一名董事主持。
ing shareholders’ meeting
The first session of shareholders’ meeting shall be convened and presided over by the
shareholder who has made the largest percentage of contributions and shall exercise its
for the following sessions, where a limited liability company has set up
a board of directors, the shareholders’ meeting shall be convened by the board of directors
and presided over by the chairman of the board of directors.
If the chairman is unable or does not perform his duties, the said meetings shall be
presided over by the deputy chairman of the board of the deputy chairman of
the board of directors is unable or does not perform his duties, the sessions shall be
presided over by a director jointly recommended by half or more of the directors.
有限责任公司不设董事会的,股东会会议由执行董事召集和主持。 董事会或者执行董事不能履
行或者不履行召集股东会会议职责的,由监事会或者不设监事会的公司的监事 召集和主持;监事会
或者监事不召集和主持的,代表110以上表决权的股东可以自行召集和主持。
Where a limited liability company has not set up the board of directors, the
shareholders’ meeting shall be convened and presided over by the executive director.
If the board of directors or the executive director is unable or does not perform the
duties of convening the session of shareholders’ meeting, the board of supervisors or the
supervisor of the company with no board of supervisors may convene and preside over such
session.
If the board of supervisors or supervisor does not convene or preside over such sessions,
the shareholder representing 110 or more of the voting rights may convene and preside over
such sessions on his own initiative.
3、表决方法
股东会会议由股东按照出资比例行使表决权;但是,公司章程另有规定的除外。股东会的议事
方式和表决 程序,除《公司法》有规定的外,由公司章程规定。股东会会议作出修改公司章程、增
加或者减少注册资 本的决议,以及公司合并、分立、解散或者变更公司形式的决议,必须经代表23
以上表决权的股东通过 。
method
The shareholders shall exercise their voting rights at the sessions of shareholders’
meeting on the basis of their respective percentage of the capital contributions, unless
it is otherwise stipulated by the articles of association.
The discussion methods and voting procedures of the shareholders’ meeting shall be
prescribed in the articles of association, unless it is otherwise provided for by Company


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Law.A resolution made at a shareholders’ meeting on amending the articles of association,
increasing or reducing the registered capital, merger, split-up, dissolution or change of
the company form shall be adopted by the shareholders representing 23 or more of the voting
rights.
(六)有限责任公司的股权转让
1.股权转让的限制
有限责任公司的 股东之间可以相互转让其全部或者部分股权。股东向股东以外的人转让股权,
应当经其他股东过半数同意 。股东应就其股权转让事项书面通知其他股东征求同意,其他股东自接
到书面通知之日起满30日未答复 的,视为同意转让。
VI Transfer of Stock Rights of Limited Liability Company
tion of share transfer
All or part of the shares of a limited liability company may be transferred between
the shareholders thereof.
Where a shareholder intends to transfer its shares to any person other than shareholder,
it shall be subject to the approval of more than half of the other shareholders.
The shareholder shall require other shareholders in writing as to the said matter for
their any of the other shareholders fails to reply within 30 days after the
receipt of the written notice, it shall be deemed to have agreed to the transfer.
其他股东半 数以上不同意转让的,不同意的股东应当购买该转让的股权;不购买的,视为同意
转让。经股东同意转让 的股权,在同等条件下,其他股东有优先购买权。两个以上股东主张行使优
先购买权的,协商确定各自的 购买比例;协商不成的,按照转让时各自的出资比例行使优先购买权。
公司章程对股权转让另有规定的, 从其规定。
If half or more of the other shareholders disagree to the transfer, the shareholders
who disagree to the transfer shall purchase the shares to be transferred.
If they refuse to purchase the said shares, they shall be deemed to have agreed to the
the same conditions, the other shareholders have a preemptive right to
purchase the shares to be transferred upon their approval.
If two or more shareholders claim the preemptive rights, they shall determine their
respective percentage of purchase through negotiation.
If they fail to reach an agreement during the negotiation, they shall exercise the
preemptive rights on the basis of their respective percentage of capital
it is otherwise provided in the articles of association as to share
transfer, the articles of association shall prevail.
2.股权回购请求权
有下列情形之一的,对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购其股
权:
(1)公司连续5年不向股东分配利润,而公司该5年连续盈利,并且符合《公司法》规定的分配利润条件的;
(2)公司合并、分立、转让主要财产的;
for repurchase right
Under any of the following circumstances, a shareholder, who votes against the
resolution of the shareholder meeting, may request the company to purchase its shares at
a reasonable price:
(1)The company fails to distribute any dividends to the shareholders in 5 consecutive
years, when annual profits are positive and the requirements prescribed in Company Law as
to profit distribution are satisfied;
(2)The company is going to merge with others, to split up, or transfer the major
properties of the company to others;


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( 3)公司章程规定的营业期限届满或者章程规定的其他解散事由出现,股东会会议通过决议修
改章程使公 司存续的。
自股东会会议决议通过之日起60日内,股东与公司不能达成股权收购协议的,股东可 以自股东
会会议决议通过之日起90日内向人民法院提起诉讼。
(3)When the business term as specified in the articles of association expires or other
circumstances for dissolution as prescribed therein occur, the shareholders’ meeting makes
the company exist continuously by adopting a resolution to modify the articles of
association.
Within 60 days after the resolution is adopted at the shareholders’ meeting, if the
shareholder and the company fail to reach an agreement on the purchase of the shares, the
shareholder may file a lawsuit with the People’s Court within 90 days after the resolution
is adopted at the shareholders’ meeting.
(七)股份有限公司的设立
——设立条件
(1)发起人条件
设立股份有限公司,应当有2人以上200人以下 为发起人,其中须有半数以上的发起人在中国
境内有住所。
VII Establishment of Joint Stock Limited Company
—— Requirements of establishment
(1)Promoters
To establish a joint stock limited company, there shall not be less than 2 but not more
than 200 promoters, of whom half or more shall have a domicile within the territory of China.
(2)财产条件
股份有限公司采取发起设立方式设立的,注册 资本为在公司登记机关登记的全体发起人认购的
股本总额。在发起人认购的股份缴足前,不得向他人募集 股份。股份有限公司采取募集方式设立的,
注册资本为在公司登记机关登记的实收股本总额。法律、行政 法规以及国务院决定对股份有限公司
注册资本实缴、注册资本最低限额另有规定的,从其规定。
(2)Requirements of Capital
Where a joint stock limited company is established by promotion, its registered capital
shall be the total share capital subscribed for by all the promoters as registered in the
company promoters shall not issue shares to others until their subscribed
shares are fully paid.
Where a joint stock limited company is established by public share offer, its registered
capital shall be the total actually-received share capital as registered in the company
authority.
Where provisions as to the actually-paid capital contribution and the minimum amount
of registered capital are otherwise prescribed by any law, administrative or decisions of
the State Council, those shall take precedence.
股份有限公司 采取募集方式设立的,注册资本为在公司登记机关登记的实收股本总额,发起人认
购的股份不得少于公司 股份总数的35%;但是,法律、行政法规另有规定的,从其规定。
For a joint stock limited company established by public share offer, the shares
subscribed for by the promoters shall not be less than 35% of the total r,
if it is otherwise provided for by any law or administrative regulation, such law or
administrative regulation shall prevail.
以发起设立方式设立股份有限公司的,发起人应当书面认足公司章程规定其认购的股份,并按
照公司章程 规定缴纳出资。发起人认足公司章程规定的出资后,应当选举董事会和监事会,由董事
会向公司登记机关 报送公司章程以及法律、行政法规规定的其他文件,申请设立登记。以非货币财
产出资的,应当依法办理 其财产权的转移手续。发起人不依照前款规定缴纳出资的,应当按照发起


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人协议承担违约责任。
When establishing a joint stock limited company by promotion, the promoters shall
subscribe, in writing, for the full amount of shares prescribed in the articles of
association and pay the said amount according the case of making capital
contributions in non-monetary properties, the promoters shall file the formalities for
property transfer in accordance with law.
If any of the promoters fails to make capital contributions in light of the provisions
of the preceding paragraph, it shall bear the liabilities for breaching the promoters’
agreement.
(八)股份有限公司的股东大会
1、股东大会会议形式
股东大会应当每年召开一次年会。有下列情形之一的,应当在两个月内召开临时股东大会:
(1)董事人数不足《公司法》规定人数或者公司章程所定人数的三分之二时;
(2)公司未弥补的亏损达实收股本总额三分之一时;
VIII Shareholders’ Assembly of Joint Stock Limited Company
form of shareholders’ assembly
Shareholders’ assembly shall be held each any of the following circumstances,
a temporary shareholders’ assembly shall be held within 2 months:
(1)The quorum is less than that as required by Company Law or two thirds of that as
prescribed in the articles of association;
(2)The unrecovered losses of the company reach up to one third of the total
actually- received share capital;
(3)单独或者合计持有公司百分之十以上股份的股东请求时;
(4)董事会认为必要时;
(5)监事会提议召开时;
(6)公司章程规定的其他情形。
(3)At the request of the shareholders separately or aggregately holding 10% or more
of the company’s shares;
(4)The board of directors deems it necessary;
(5)At the request of the board of supervisors; and
(6)Other circumstances as prescribed in the articles of association.
2、股东大会会议的表决和决议事项
股东出席股东大会 会议,所持每一股份有一表决权。但是,公司持有的本公司股份没有表决权。
股东大会作出决议,必须经 出席会议的股东所持表决权过半数通过。但是,股东大会作出修改公司
章程、增加或者减少注册资本的决 议,以及公司合并、分立、解散或者变更公司形式的决议,必须
经出席会议的股东所持表决权的23以上 通过。
and deciding matters of the shareholders’ assembly
As for a shareholder attends the shareholders’ assembly, he enjoys one piece of voting
right for each share he r, the company has no voting right for its own shares
it holds.
When any resolution is to be made by the shareholders’ assembly, it shall be adopted
by the shareholders representing more than half of the voting rights of the shareholders
in presence.
However, when the shareholders’ assembly makes a decision to modify the articles of
association or to increase or reduce the registered capital, or a resolution about the merger,
split-up, dissolution or change of the company form, the resolution shall be adopted by
shareholders representing 23 or more of the voting rights of the attending shareholders.


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(九)上市公司组织机构的特别规定
1、 增加股东大会特别决议事项
上市公司在 一年内购买、出售重大资产或者担保金额超过公司资产总额30%的,应当由股东大
会作出决议,并经出 席会议的股东所持表决权的23以上通过。
IX Specific Regulations of Listed Company Organization
sing special resolution in shareholders’ assembly
Where a listed company purchases or sells any important asset, or provides guaranties
that exceed 30% of the company’s total assets within a year, such resolutions shall be
made by the shareholders’ assembly and adopted by the shareholders representing 23 of
the voting rights of the shareholders who attend the assemblies.
2.上市公司设立独立董事。
任职条件
下列人员不得担任独立董事:(1)在上市公司或者其附属企业任职的人员及其直系亲属、主要
社会关系
(直系亲属是指配偶、父母、子女等;主要社会关系是指兄弟姐妹、岳父母、儿媳女婿、兄弟姐妹的配偶、配偶的兄弟姐妹等);
(2)直接或间接持有上市公司已发行股份1%以上或者是 上市公司前十名股东中的自然人股东
及其直系亲属;(3)在直接或间接持有上市公司已发行股份5%以 上的股东单位或者在上市公司前五
名股东单位任职的人员及其直系亲属;(4)最近一年内曾经具有前三 项所列举情形的人员;(5)为
上市公司或者其附属企业提供财务、法律、咨询等服务的人员;(6)公 司章程规定的其他人员;(7)
中国证监会认定的其他人员。
3.上市公司设立董事会秘 书,负责公司股东大会和董事会会议的筹备、文件保管以及公司股权
管理,办理信息披露事务等事宜。董 事会秘书是上市公司高级管理人员。
2.A listed company shall set independent director.
Qualifications for independent directors
The following persons shall not act as independent directors: (1)the employee working
in listed company or its affiliated company and hisher immediate relatives, main social
relationships (immediate relatives refer to spouse, parents, children and so on; the main
social relationships refer to brothers and sisters, parents-in-law, daughter-in-law,
son-in-law, brother’s and sister’s spouse, spouse’s siblings);
(2)Individual shareholders directly or indirectly holding more than 1% of issued shares
of listed company or top ten individual shareholders of listed
company and their immediate relatives; (3)employees in the entity shareholders
directly or indirectly holding more than 5% of issued shares of listed company or top five
entity shareholders of listed company and their immediate relatives;
(4)persons mentioned in above three circumstances in recent oneyear; (5)persons who provide
financial, legal, consulting and other services for listed companies or its affiliated
companies; (6)other personnel specified in the articles of association; (7)other persons
recognized by the Chinese Securities Regulatory Commission
3.A listed company shall have a secretary of the board of directors who charges
preparation of shareholders’ assembly and meetings of the board of directors, preservation
of documents, management of the company’s stock rights, and information disclosure,
secretary of the board of directors falls into the senior managers of a listed company.
4.增设关联董事的表决权排除制度
上市公司董事与董事会会议决议事项所涉及的企业有关联关系的,不得对该项决议行使表决权,
也不得代 理其他董事行使表决权。该董事会会议由过半数的无关联关系董事出席即可举行,董事会
会议所作决议须 经无关联关系董事过半数通过。出席董事会的无关联关系董事人数不足3人的,应
将该事项提交上市公司 股东大会审议。


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ing voting right of related director
Where any of the directors has any relationship with the enterprise involved in the
matter to be decided at the meeting of the board of directors, he shall not vote on this
resolution, nor may he vote on behalf of any other person.
The board meeting shall not be held unless more than half of the unrelated directors
are present at the meeting.A resolution of the board of directors shall be adopted by more
than half of the unrelated the number of unrelated directors present are less
than 3 persons, the matter shall be submitted to the shareholders’ assembly of the listed
company for examination.
(十)公司形式变更及财务会计
1、有限责任公司变更为股份有限公司时,折合的实收股本总额不得高于公司净资产额。
Ⅹ Changing Limited Liability Company into Joint Stock Limited Company
a limited liability company changes into a joint stock limited company, the
total amount of the actually received share capital shall be not more than the value of
the net assets.
2、利润分配
公司应当按照如下顺序进行利润分配:
(1)弥补以前年度的亏损,但不得超过税法规定的弥补期限。
(2)缴纳所得税。
(3)弥补在税前利润弥补亏损之后仍存在的亏损。
(4)提取法定公积金。
(5)提取任意公积金。
(6)向股东分配利润。
公司弥补亏损和提取公积金后所 余税后利润,有限责任公司按照股东实缴的出资比例分配,但全
体股东约定不按照出资比例分配的除外; 股份有限公司按照股东持有的股份比例分配,但股份有限公
司章程规定不按持股比例分配的除外。
distribution
Company shall distribute profit in accordance with following orders:
(1)Cover loss which carried from previous years, but can not excess the limit which
regulated by tax.
(2)Income tax payment.
(3)Cover the loss existing after being partly-paid by profit before tax.
(4)Extract legal accumulation fund.
(5)Extract optional accumulation fund.
(6)Distribute profits to shareholders.
Profit after tax of covering loss and extracting accumulation fund, shall be distributed
in accordance with proportion to the capital contributions they made for limited liability
company unless otherwise agreed by the whole shareholders;
as for a stock limited company, the profits shall be distributed in accordance with
proportion to the capital contributions they held unless otherwise regulated by article
of association.
3.公积金
公 积金分为盈余公积金和资本公积金两类。盈余公积金分法定公积金和任意公积金两种。法定
公积金按照公 司税后利润的10%提取,当公司法定公积金累计额为公司注册资本的50%以上时可以不
再提取。
公司的公积金用于弥补公司的亏损、扩大公司生产经营或者转为增加公司资本。但是,资本公积金不得用于弥补公司的亏损。法定公积金转为资本时,所留存的该项公积金不得少于转增前公司注册
资本的25%。


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lation funds
Accumulation funds are divided into surplus accumulation fund and capital accumulation
s accumulation fund is divided into legal accumulation fund and optional
accumulation accumulation fund is exacted from profit after tax at 10%, when
accumulated amount of legal accumulation fund excesses 50% of company registered capital
which need not to be exacted.
The accumulation funds of the company shall be used for making up losses, expanding
the production and business scale or increasing the registered capital of the
the capital accumulation funds shall not be used for making up the company’s
the statutory common reserve is converted to capital, the remainder of the common reserve
shall not be less than 25% of the registered capital prior to the increase.
(十一)股份有限公司的股份转让
1、 股票的概念和特征
股份有限 公司的资本划分为股份,每一股的金额相等。公司的股份采取股票的形式。股票是公
司签发的证明股东所 持股份的凭证。
股票发行价格可以按票面金额,也可以超过票面金额,但不得低于票面金额。
XI Shares Transfer of Joint Stock Limited Company
t and features of stock
The capital of a joint stock limited company shall be divided into shares, and each
share shall be of equal value.
The shares of the company are represented with stocks.A stock is a certificate issued
by the company to certify the share held by a shareholder.
The stocks may be issued at a price equal to or above the par value, but not below the
par value.
2.优先股
(1)股东权利
优先股股东的权利主要是优先分配利润和剩余财产。公 司应当以现金的形式向优先股股东支付
股息,在完全支付约定的股息之前,不得向普通股股东分配利润。
(2)优先股的限制
①发行的限制。第一,只有上市公司和非上市公众公司可以发行 优先股,其中只有上市公司可以
公开发行优先股;第二,公司已发行的优先股不得超过普通股股份总数的 50%,且筹资金额不得超过
发行前净资产的50%。
②优先股股东表决权限制。除以下 情况外,优先股股东不出席股东大会会议,所持股份没有表决
权:修改公司章程中与优先股相关的内容; 一次或累计减少公司注册资本超过10%;公司合并、分立、
解散或变更公司形式;发行优先股;公司章 程规定的其他情形。上述事项的决议,除须经出席会议的普
通股股东(含表决权恢复的优先股股东)所持 表决权的23以上通过之外,还须经出席会议的优先股
股东(不含表决权恢复的优先股股东)所持表决权 的23以上通过。
ence shares
(1)Right of shareholders
The rights of preference shareholders are preferentially distributing profit and
residual y should pay the dividend to preference shareholders in cash and
shall not distribute profit to common shareholders before fully paying stipulated dividend.
(2)The limitation of preference shares
①Issuance limitation.
First, only listed companies and unlisted public companies are entitled to issue
preference shares, among this, only listed company may publicly issue preference shares;
second, the number of preference shares issued shall not exceed 50% of total amount of
ordinary shares, and the financing amount shall not exceed 50% of net assets before issuance.


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② Preference shareholders’ voting right limitation.
Except for the following situations, preference shareholders shall not attend
shareholders’ meeting, shares held do not have voting rights: the content of articles of
association related to preference shares is modified; the registered capital of the company
reduces more than 10% one time or accumulatively;
resolutions about the assignment, split-up, change of company form, dissolution,
liquidation of the company are adopted; issuing preference shares; other situations which
are stipulated by company.
When any resolution related to the events stated above is to be made by the general
meeting of shareholders, it shall be adopted by ordinary shareholders (including preference
shareholders whose voting rights are restored)representing more than 23 of the voting
rights of the shareholders in presence and preference shareholders (excluding preference
shareholders whose voting rights are restored)representing more than 23 of the voting
rights of the shareholders in presence.
3.股票转让
(1)发起人转让股票的限制
发起人持有的本公司股份,自公司成立 之日起1年内不得转让。公司公开发行股份前已发行的
股份,自公司股票在证券交易所上市交易之日起1 年内不得转让。
transfer
(1)Limitation of promoter transferring shares
The shares of a company held by the promoters of this company shall not be transferred
within 1 year since the date of the establishment of the company.
The shares issued before when the company publicly issues shares shall not be
transferred within 1 year from the day when the stocks of the company get listed and traded
in a stock exchange.
(2)董事、监事、高级管理人员转让股票的限制
公司董事、监事、高级管理人员应 当向公司申报所持有的本公司的股份及其变动情况,在任职
期间每年转让的股份不得超过其所持有本公司 股份总数的25%;所持本公司股份自公司股票上市交
易之日起1年内不得转让。
(2)Limitation of shares transfer as to director, supervisor and senior manager
The directors, supervisors and senior managers of the company shall report to the
company the shares held by themselves and the changes thereof.
During the term of office, the shares transferred by any of them each year shall not
exceed 25% of the total shares of the company he holds within half a stocks held
by the aforesaid persons shall not be transferred within 1 year from the day when the shares
of the company get listed and traded in a stock exchange.
上述人员离职后半年内,不得转让其所持有的本公司股份。 上市公司董事、监事和高级管理人
员所持股份不超过1000股的,可一次性全部转让,不受上述转让比 例的限制。公司章程可以对公司
董事、监事、高级管理人员转让其所持有的本公司股份作出其他限制性规 定。
Within 6 months after any of the aforesaid persons is removed from his position, he
shall not transfer the shares of the company he directors, supervisors and senior
managers of a listed company may transfer all its shares at one time in the case that it
holds no more than 1000 shares.
The articles of association may specify other mandatory restrictions on transfer of
shares held by the directors, supervisors and senior managers.
(3)公司收购自身股票的限制
公司不得收购本公司股份。但是,有下列情形之一的除外:
① 减少公司注册资本;


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② 与持有本公司股份的其他公司合并;
③ 将股份奖励给本公司职工;
④ 股东因对股东大会作出的公司合并、分立决议持异议,要求公司收购其股份的。
(3)Limitation of company purchasing its own shares
A company shall not purchase its own shares except any of the following circumstances:
① To decrease the registered capital of the company;
② To merge another company holding shares of this company;
③ To award the employees of this company with shares; or
④ It is requested by any shareholder to purchase his shares because it objects to the
company’s resolution on merger or split-up made by the shareholders’ assembly.
公司因上述第①项至第③项的原因收购本公司 股份的,应当经股东大会决议。公司收购本公司
股份后,属于第①项情形的,应当自收购之日起10日内 注销;属于第②项、第④项情形的,应当在
6个月内转让或者注销。公司依照第③项规定收购的本公司股 份,不得超过本公司已发行股份总额
的5%;用于收购的资金应当从公司的税后利润中支出;所收购的股 份应当在1年内转让给职工。
Where a company needs to purchase its own shares for any of the circumstances as
mentioned in items① to ③ of the preceding paragraph, it shall be subject to a resolution
of the shareholders’ assembly.
After the company purchases its own shares pursuant to the provisions of the preceding
paragraph, it shall, under the circumstance as mentioned in item ①, deregister them within
10 days after the purchase; while under either circumstance as mentioned in item ② or ④,
it shall transfer or deregister them within 6 months.
The shares purchased by the company according to item ③ of the preceding paragraph
shall not exceed 5% of the total shares already issued by the said fund used
for the share acquisition shall be drawn from the after- tax profits of the shares
purchased by the company shall be transferred to the employees within 1 year.
(4)股票质押的限制
公司不得接受本公司的股票作为质押权的标的。
(4)Limitation of shares pledge
A company shall not take its own stocks as the subject matter of a pledge right.
(十二)公司合并、分立与减资
1.公司合并
公司合并可以采取吸收合并或者新设合并。一个公司吸收其他公司为吸收合并,被吸收的公司
解散。两个 以上公司合并设立一个新的公司为新设合并,合并各方解散。
XII Merger, Split-up and Deduction of Registered Capital

The merger of a company may be effected by way of merger or consolidation.
In the case of merger, a company absorbs any other company and the absorbed company
is the case of consolidation, two or more companies combine together for the
establishment of a new one, and the existing ones are dissolved.
公司合并,应当 由合并各方签订合并协议,并编制资产负债表及财产清单。公司应当自作出合
并决议之日起10日内通知 债权人,并于30日内在报纸上公告。债权人自接到通知书之日起30日内,
未接到通知书的自公告之日 起45日内,可以要求公司清偿债务或者提供相应的担保。
To carry out a corporate merger, all parties to the merger shall conclude an agreement
with each other and prepare balance sheets and checklists of properties.
The companies involved shall, within 10 days after making the decision of merger, notify
the creditors, and shall make a public announcement on a newspaper within 30 days.
The creditors may, within 30 days after receiving the notice or within 45 days after


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the issuance of the public announcement if it fails to receive a notice, demand the company
to clear off its debts or to provide corresponding guarantees.
2.公司分立
公司分立前的债务由分立后的公司承担连带 责任。但是,公司在分立前与债权人就债务清偿达
成的书面协议另有约定的除外。
-up
The post-split companies shall bear several and joint liabilities for the debts of the
company before its split unless it is otherwise prescribed in a written agreement, which
is reached between the company and the creditors before the split and regards pay-off of
the debt.
3.公司减资
公司需要减少注册资本时,必须编制资 产负债表及财产清单。公司应当自作出减少注册资本决
议之日起10日内通知债权人,并于30日内在报 纸上公告。债权人自接到通知书之日起30日内,未
接到通知书的自公告之日起45日内,有权要求公司 清偿债务或者提供相应的担保。
ion of registered capital
Where a company reduces its registered capital, it must prepare balance sheets and
checklists of company shall, within ten days after the decision of reducing
registered capital, notify the creditors and make a public announcement on a newspaper
within 30 days.
The creditors are, within 30 days after receiving the notice or within 45 days after
the issuance of the public announcement if it fails to receive the notice, entitled to demand
the company to pay off the debts or to provide corresponding guarantees.
(十三)公司董事、监事、高级管理人员的资格和义务
ⅩⅢ The Qualifications and Obligations of Directors, Supervisors and Senior Managers
1.公司董事、监事和高级管理人员的资格
Qualifications and Obligations of Directors, Supervisors and Senior Managers
有下列情形之一的,不得担任公司的董事、监事、高级管理人员:
Anyone who is under any of the following circumstances shall not take the position of
a director, supervisor or senior manager of a company:
(1)无民事行为能力人或者限制民事行为能力人。
(1)He is a person without or with limited capacity of civil conduct.
(2)因贪污、贿赂、侵占财产、挪用财产,被判处刑罚,执行期 满未逾5年;或者因犯罪被剥
夺政治权利,执行期满未逾5年。
(2)He has been sentenced to any criminal penalty due to an offence of corruption,
bribery, encroachment of property or misappropriation of property, and it has not been 5
years since the completion date of the execution of the penalty; or he has ever been deprived
of his political rights due to any crime and it has not been 5 years since the completion
date of the execution of the penalty.
(3)担任破产清算的企业厂长(或公司董事),对该公司、企业的破产负有个 人责任的,自该
企业破产清算完结之日起未逾3年。
(3)He was a former director, factory director or manager of a company or enterprise
which was bankrupt and liquidated, and he was personally liable for the bankruptcy of such
company or has not been 3 years since the date of completion of the bankruptcy
and liquidation of the company or enterprise.
(4)担任因违法被吊销营业执照、责令关闭的公司的法定代表人,并负 有个人责任的,自该公
司被吊销营业执照之日起未逾3年。
(4)He was the legal representative of a company or enterprise, and the business license
thereof was revoked and it was ordered to close due to violation of the is personally


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liable for the revocation, and it has not been 3 years since the date of the revocation
of the business license thereof.
(5)个人所负数额较大的债务到期未清偿。
(5)He owes a relatively large amount of debt which is due but not paid off.
2、公司董事、监事和高级管理人员行为禁止 (重点掌握)
ited behavior of directors, supervisors and senior managers
(1)违反“公司章程”的规定或者未经“股东会、股东大会”同意,与本公司订立合同或者进
行交易;
(1)Without the consent of the shareholders’ meeting or shareholders’ assembly, or
by violating articles of association, he enters into any contract or conducts any
transaction with the said company.
(2)未经“股东会或者股东大会”同意,利用职务便利为 自己或者他人谋取属于公司的商业机
会,自营或者为他人经营与所任职公司同类的业务;
(2)Without the consent of the shareholders’ meeting or shareholders' assembly, he
seeks to acquire business opportunities for his own sake or any other person by taking
advantages of his position, or runs business of the same type as that of the said company
by his own or for any other person;
【考题-1】
(2011年)甲、乙共同成立A有限 责任公司(简称A公司),注册资本200万元,其中,甲持
有60%股权,乙持有40%股权。200 8年8月25日,A公司聘请李某担任公司总经理,负责公司日常
经营管理。双方约定,除基本工资外, 李某可从公司每年税后利润中提取1%作为奖金。同时,A公
司股东会决议:同意李某向A公司增资20 万元,其中,李某以其姓名作价10万元出资,其余10
万元出资以李某未来从A公司应分配的奖金中分 期缴纳。
2009年1月初,乙要求退资。经股东会同意,1月20日,A公司与乙签订退资协议 ,约定A公
司向乙返还80万元出资款。1月28日,A公司向乙支付80万元后,在股东名册上将乙除 名,同时,
A公司宣布减资80万元,并向债权人发出了通知和公告。债权人丙接到通知后,当即提出异 议,认
为股东出资后不得撤回,并要求A公司立即清偿债务。A公司则以丙的债权尚未到期为由拒绝清偿 。
根据上述内容,分别回答下列问题:
(1)李某可否以姓名出资?并说明理由。
(2)李某以未来从A公司可分得的奖金分期缴纳出资款是否符合法律规定?并说明理由。
(3)丙以股东出资后不得撤回为由反对乙退资的主张是否成立?并说明理由。
(4)丙是否有权要求A公司清偿未到期债务?并说明理由。
【答案】
(1)李某 不能以姓名出资。根据规定,股东不得以劳务、信用、自然人姓名、商誉、特许经营
权或者设定担保的财 产等作价出资。
(1) can’t use his name as capital ing to provisions,
shareholders are prohibited to make capital contributions in labor services, credit,
natural person’s name, goodwill, franchise or guaranteed property.
(2)李某以未来从A 公司可分得的奖金分期缴纳出资款不符合法律规定。根据规定,股东可以
用货币出资,也可以用实物、知 识产权、土地使用权等可以用货币估价并可以依法转让的非货币财
产作价出资;但是,法律、行政法规规 定不得作为出资的财产除外。在本案例中“以奖金作为出资”
无法用货币估价而且不能转让,所以不能作 为出资。
(2)It does not comply with provisions that takes the bonus obtained in the future
as capital contributions.
According to the law, a shareholder may make capital contributions in currency, in kind
or intellectual property right, land use right or other non-monetary properties that may
be assessed on the basis of currency and may be transferred according to law, excluding
the properties that shall not be treated as capital contributions according to any law or


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administrative regulation.
In this case, the bonus obtained in the future cannot be evaluated on the basis of
currency and cannot be transferred; therefore, it shall not be taken as capital
contribution.
(3)丙以股东出资后不得撤回为 由反对乙退资的主张不成立。减资还可以以返还出资的方式而
减少出资,或者以免除出资义务的方式减资 或者以销除股权或者股份的方式减资。本题中,A公司
如果依法定程序减资后再注销乙的股权是允许的。
(3)Bing’s assertion that Yi can’t withdraw paid-in capital from company A is
stipulated in Chinese Company Law, the company can decrease its paid-in capital by returning
shares to shareholders, or by exempting the obligation to make capital contribution, or
by canceling the equity or the case above, company A can decrease its paid-in
capital and then deregister Yi’s shares through legal procedure.
(4)丙有权要求A公司清 偿未到期债务。根据规定,公司减少注册资本,公司应当自做出减少
注册资本决议之日起10日内通知债 权人,并于30日内在报纸上公告。债权人自接到通知书之日起
30日内,未接到通知书的自公告之日起 45日内,有权要求公司清偿债务或者提供相应的担保。
(4)Bing has the right to claim company A to pay off the debt which is not yet
stipulated in Chinese Company Law, when a company decreases its paid-in capital, it must
notify its creditors within 10 days and issue announcement on newspaper within 30 days since
the resolution concerning decrease of paid-in capital is any of the creditors can
claim the company to pay off the debt or provide corresponding guarantees within 30 days
since he is informed, or within 45 days if he fails to assess the notice or announcement.
谢谢大家!
专题三 证券法 企业破产法
详细讲解
一、专业词汇
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Security
Unlisted public company
Main Board
Small and Medium Enterprise
Board(SME)
证券
非上市公众公司
主板
中小板
Growth Enterprise Market(GEM) 创业板
Initial Public Offerings(IPO) 首次公开发行股票
Principal underwriter
Participant underwriter
Underwrite
Sale by proxy
Exclusive sale
Underwrite syndicate
Issuer
Actual controller
Independent director
The board secretary system
Persons acting in concert
Certified public accountant
(CPA)
Sponsor
主承销商
参与承销商
承销
代销
包销
承销团
发行人
实际控制人
独立董事
董事会秘书制度
一致行动人
注册会计师
保荐人


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20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Subscriber
Unspecific objects
Credit rating agency
Financial consultant
Related party
Related transaction
Dispute
Independence
Special account
Affiliated company
Market inquiry
Management principle
Pledge
Mortgage
Freeze
Judicial auction
Trusteeship
Trust
Voting right
Seal up
Deduct
Audit Report
Verification service
Unqualified audit report
Qualified audit report
认购人
不特定对象
信用评级机构
财务顾问
关联方
关联交易
纠纷、争议
独立性
专项账户
附属公司
市场询价
经营方针
质押
抵押
冻结
司法拍卖
托管
信托
表决权
查封
扣划
审计报告
鉴证业务
无保留意见的审计报告
保留意见的审计报告
Adverse opinion of audit report 否定意见的审计报告
Audit report with a disclaimer of
无法表示意见的审计报告
opinion
Prospectus
Periodic report
Interim report
Provisional report
Financial statement
Financial report
Asset appraisal report
Legal opinions
False record
Misleading statement
Material omission
Accounting year
Asset
Liability
Owners’ Equity
招股说明书
定期报告
中期报告
临时报告
财务报表
财务报告
资产评估报告
法律意见书
虚假记载
误导性陈述
重大遗漏
会计年度
资产
负债
所有者权益


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62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Revenue
Expense
Net profit
营业收入
费用
净利润
Accounting Standard for Business
企业会计准则
Enterprises(ASBE)
Book value
Parface value
Investment income
Main business
Financial assets held for
trading
账面价值
面值
投资收益
主营业务
交易性金融资产
Financial assets available for
可供出售金融资产
sale
Trust investment
Extraordinary item
Cash flows arising from
investment
Rate of return
Pricing ex-date
Average price
Financial situation
Management result
Cash dividend
Convertible corporate bonds
Separate trade
Warrants
Principal
Interest
Penalty for breach
Damages
Bonus share
Disclosure
Accounting estimate
Insider information
Joint tort
Manipulate price
委托理财
非经常性损益
Cash flows arising from business 经营活动产生的现金流量
投资活动产生的现金流量
Net assets (average weighted) 加权平均净资产
收益率
定价基准日
均价
财务状况
经营成果
现金分红
可转换公司债券
分离交易
认股权证
本金
利息
违约金
损害赔偿金
送股
披露
会计估计
内幕信息
共同侵权
操纵价格
Accumulated distributed profit 累计分配的利润
Change of accounting policies 变更会计政策
Prepare (financial statements
编制(报表等)
etc)
Be suspected of being involved 涉嫌
Condemn 谴责


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101
102
103
104
105
106
107
108
109
110
111
Signature
Self-regulatory organization
for securities
Securities registration and
clearing institution
Stock exchange
China Securities Regulatory
Commission (CSRC)
签章
证券行业自律组织
证券登记结算机构
证券交易所
中国证监会
Land, environmental protection
土地、环保、海关部门
and customs authorities
Trademark
Patent
Franchise
Tax preference
Contingencies
商标
专利
特许经营权
税收优惠
或有事项

二、法律条文要点详解
(一)在主板和中小板上市的公司首次公开发行股票的条件
1.发行人应当是依法设 立且合法存续一定期限的股份有限公司,该股份有限公司应自成立后,
持续经营时间在3年以上;如果是 有限责任公司按原账面净资产值折股整体变更为股份有限公司的,
持续经营时间可以从有限责任公司成立 之日起计算,并达3年以上;经国务院批准,可以不受上述
时间的限制。
I .Conditions of IPO for Companies Listed in the Main Board and the SME Board
issuer shall be a joint stock limited company established in accordance with the
law and legally exists for more than 3 years thereafter;
Where it is one changed from a limited liability company by converting the original
net book value of assets into shares, the duration shall be calculated from the establishment
date of the said limited liability company, and last for more than 3 years; however it may
not be subject to the time limitation with the approval of the State Council.
2.发行人发行股票并上市的财务指标应当达到以下要求:(1)最近3个会计 年度净利润均为正
数且累计超过人民币3000万元,净利润以扣除非经常性损益前后较低者为计算依据 ;(2)最近3
个会计年度经营活动产生的现金流量净额累计超过人民币5000万元;或者最近3个会 计年度营业收
入累计超过人民币3亿元;
ial indicators for investors to issue shares shall meet the following
requirements: (1)the net profits of last 3 accounting years are positive and reach more
than 30 million Yuan, the lower value of the net profit with and without excluding
extraordinary item shall be treated as calculation basis;
(2)the accumulated cash flow in the last 3 accounting years arising from business
shall be more than 50 million Yuan; or the revenue of last 3 accounting years shall be more
than 300 million Yuan;
(3)发行前股本总额不少于人民币3000万元
(4)最近一期期末无形资产(扣除土地使用权 、水面养殖权和采矿权等后)占净资产的比例不
高于20%;
(5)最近一期期末不存在未弥补亏损。
(3)the total share capital before issuance shall be not less than 30 million Yuan;
(4)the intangible assets at the end of the last period (excluding land use rights,


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water aquaculture right and mining right)shall account for no more than 20% of net assets;
(5)there shall be no uncovered deficits at the end of the last period.
3.发行人存在下列情形之一的,构成首次发行股票并 上市的法定障碍:(1)最近36个月内未
经法定机关核准,擅自公开或者变相公开发行过证券;或者有 关违法行为虽然发生在36个月前,但
目前仍处于持续状态。(2)最近36个月内违反工商、税收、土 地、环保、海关以及其他法律、行
政法规,受到行政处罚,且情节严重。
of the following circumstances of an issuer may constitute legal barriers in its
IPO and listing:(1)where he offers public the security or in other forms without the approval
of legal authorities in last 36 months; or though the illicit acts occurred before 36 months,
but at present it still keeps on .
(2)where he violates the law and regulations with respect to industry and commerce,
tax, land, environmental protection, customs, was punished by administrative
authority subject to serious circumstance of violation in the last 36 months.
(3)最近36个月内曾向中国证监会提出发行申请,但报送的发行申请文件有虚假记载、误导性陈述或重大遗漏;或者不符合发行条件以欺骗手段骗取发行核准;或者以不正当手段干扰中国证
监 会及其发行审核委员会审核工作;或者伪造、变造发行人或其董事、监事、高级管理人员的签字、
盖章。 (4)本次报送的发行申请文件有虚假记载、误导性陈述或者重大遗漏。
(3)where he filed application with CSRC in the last 36 months, but false record,
misleading statement or material omission is found therein; or where he acquired the
approval with deception; or where he interfered the auditing work of CSRC and its Issue
Audit Commission by unjust means; or where he altered the signatures and seals of the issuer
or his directors, supervisors and senior managers were fabricated or altered.
(4)where there are false records, misleading statements or material omissions in the
application files submitted this time.
(5)涉嫌犯罪被司法机关立案侦查,尚未有明确结论意见。
(6)严重损害投资者合法权益和社会公共利益的其他情形。
(5)where he is suspected with crime and put on record for investigation without definite
conclusion until now.
(6)other circumstances where he impaired the legal rights and interests of the investors
and social public interests.
(二)首次公开发行股票的程序和承销
以及老股转让
1.程序
发行 人董事会提出方案报请股东大会批准;发行人按照规定制作申请文件,由保荐人推荐并向
证监会申报;证 监会收到文件受理审核;核准后,发行人自核准发行之日起6个月内发行股票,发
行的股票一般由证券公 司承销。
II .Procedures and Underwriting of IPO
ures
The board of directors of the issuer shall submit the proposal to the General Meeting
of Shareholders for approval; the issuer shall prepare the application documents in
accordance with the regulations, and the sponsor shall make recommendation and submit the
said documents to CSRC for approval;
CSRC shall audit the documents after receiving the same; The issuer shall issue shares
within 12 months as of the date when issuance is issued shares are generally
underwritten by securities companies.
2.承销
证券的代销、包销期限最 长不得超过90日。证券公司在代销、包销期内,对所代销、包销的证
券应当保证先行出售给认购人,证 券公司不得为本公司预留所代销的证券和预先购入并留存所包销


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的证券。向不特定对象公开发行的证券票面总额超过50 00万元的,应当由承销团承销。承销团应当
由主承销和参与承销的证券公司组成。
riting
The term for sale by proxy or exclusive sale may not exceed 90 days at the most.A
securities company shall, within the said term, guarantee the priority of the relevant
subscribers in purchasing securities under sale by proxy or exclusive sale.
He is prohibited to reserve in advance any securities under sale by proxy or purchase
in advance and retain any securities under exclusive Public offerings with the
par value of more than RMB 50 million shall be underwritten by an underwriting syndicate
which consists of a lead underwriter and several underwriting securities houses.
股票发行采用代销方式,代销期限届满,向投资者出售的 股票数量未达到拟公开发行股票数量
70%的,为发行失败。发行人应当按照发行价并加算银行同期存款 利息返还股票认购人。
Where the stocks issued are sold by proxy, the issuance fails if the stocks sold out
to investors account for less than 70% of the proposed public offerings at the end of the
underwriting this case the issuer shall reimburse the subscribers based on the
issuing price plus the bank deposit interest of the same period.
3.首次公开发行股票时的老股转让
公司首次公开发行时,公司股 东公开发售的股份,其已持有时间应当在36个月以上。公司股东公
开发售股份后,公司的股权结构不得 发生重大变化,实际控制人不得发生变更。公司股东公开发售的
股份,权属应当清晰,不存在法律纠纷或 质押、冻结及其他依法不得转让的情况。
er of old shares in IPO
When the company encounters IPO, company’s shareholders publicly issue shares, the
period that the shares have been held is more than 36 company’s shareholders
issue the shares publicly, company’s ownership structure shall not change significantly,
the actual controlling party shall not change.
Where company’s shareholders issue shares publicly, the ownership shall be clear, there
is no legal disputes or pledge, freeze and other circumstances that shall not be transferred.
(三)上市公司增发股票
1 上市公司增发股票的障碍
上市公司不存在下列行为:(1)本次发行申请文件有虚假记载、误导性 陈述或重大遗漏;(2)
擅自改变前次公开发行证券募集资金的用途而未作纠正;(3)上市公司最近1 2个月内受到过证券
交易所的公开谴责;
Ⅲ.Conditions for Listed Company Issuing SPO (Secondary Public Offering)
rs for listed company issuing secondary public offering
No existence of the following circumstance(s)for listed company:
(1)Occurrence of false record, misleading statement or material omission in the
documents for issue application;
(2)Unauthorized change of the purposes of funds raised from previous publicly issued
securities and not corrected;
(3)Denounced publicly by the Stock Exchange within the last 12 months;
(4)上市公司及其控股股东或实际控制人最近12个月内存在未履行向投资者作出的公开承诺
的行为;
(5)上市公司或其现任董事、高级管理人员因涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证监会立案调查;
(6)严重损害投资者合法权益和社会公共利益的其他情形。
(4)Failure of the listed company and its controlling stockholders and actual
controllers to fulfill public commitment(s)to investors within the last 12 months;
(5)The listed company or its current directors or senior managers being filed for


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investigation by judicial authority due to suspected crime or by CSRC due to violation of
laws and regulations;
(6)Other circumstances that seriously damage investors’ legitimate rights and
interests and social public interests.
2 上市公司配股的条件
配股除了应当符合增发股票的一般条件之外,还应当符合以下条件:
(1)拟配售股份数量不超过本次配售股份前股本总额的30%。
(2)控股股东应当在股东大会召开前公开承诺认配股份的数量。
2 Conditions for allotment of listed company
Allotment should not only comply with the conditions of issuing additional shares,
but also comply with the following conditions:
(1)The stocks of rights issue shall not account for more than 30% of total share capital
prior to the same.
(2)Controlling shareholder(s)shall announce the amount of shares he(they)promise
(s)to subscribe before General Meeting of Shareholders being convened.
(3)采用证券法规定的代销方式发行。控股股东不履行认配股 份的承诺,或者代销期限届满,
原股东认购股票的数量未达到拟配售数量70%的,发行人应当按照发行 价并加算银行同期存款利息
返还已经认购的股东。
(3)Issue by proxy in accordance with the provisions of Security the
controlling shareholder(s)fail(s)to fulfill the commitment for right issue subscription,
or when the proxy term expires, the quantity of shares subscribed by original shareholders
fails to reach up to 70% of proposed quantity of right issue, the issuer shall return to
the shareholders committing to subscription on the basis of issue price plus bank deposit
interest at the same period.
3.上市公司增发的条件
增发除了符合发行新股的一般条件之外,还应当符合下列条件:
(1)最近3个会计 年度加权平均净资产收益率平均不低于6%。扣除非经常性损益后的净利润
与扣除前的净利润相比,以低 者作为加权平均净资产收益率的计算依据。
onal conditions for SPO (Secondary Public Offering)
SPO should not only comply with the conditions of IPO,but also comply with the following
conditions:
(1)The ROE (Rate of Return on Common Stockholders’ Equity)(Weighted Average)
in average for the last 3 accounting years shall not be lower than 6%.The lower value of
the net profit with and without excluding extraordinary item shall be treated as the
calculation basis for ROE (Weighted Average);
(2)除金融类企业外,最近一期期末不存在持有金额 较大的交易性金融资产和可供出售的金融
资产、借予他人款项、委托理财等财务性投资的情形。
(3)发行价格应不低于公告招股意向书前20个交易日公司股票均价或前一个交易日的均价。
(2)Except for financial institutions, the issuer shall, at the end of the last period,
have no circumstance of financial investment including possession of financial assets for
trading with large amount, financial assets available for sale, lending, trust investment,
and so on;
(3)The issue price shall not be lower than the average share price in the 20 trading
days before the prospectus being announced or the average share price of the last trading
day.
(四)上市公司非公开发行股票的条件
1.上市公司非公开发行股票的条件
上市公司非公开发行股票,应当符合下列规定:


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(1)发行价格不低于定价基准日前20个交易日公司股票均价的90%;
Ⅳ Conditions of private placement for listed company
ions of private placement for listed company
Listed company is authorized to conduct private placement under following conditions:
(1)Issue price is not less than 90% of the average share price within 20 trading days
prior to the pricing ex-date;
(2)本次发行的股份自发行结束之日起,12个月 内不得转让;控股股东、实际控制人及其控
制的企业认购的股份,36个月内不得转让;
(3)募集资金使用符合有关规定;
(4)本次发行将导致上市公司控制权发生变化的,还应当符合中国证监会的其他规定。
(2)Shares issued shall not be transferred within 12 months since the end of the issue;
shares subscribed by controlling shareholders, actual controllers and controlled
enterprises shall not be transferred within 36 months thereafter;
(3)The use of the funds raised shall comply with relevant provisions;
(4)Where the controlling power in listed company varies as a result of the issue,
other provisions stated by CSRC shall also be met.
2.上市公司非公开发行股票的障碍
上市公司存在下列情形之一的,不得非公开发行股票:
(1)本次发行申请文件有虚假记载、误导性陈述或重大遗漏;
(2)上市公司的权益被控股股东或实际控制人严重损害且尚未消除;
(3)上市公司及其附属公司违规对外提供担保且尚未解除;
rs in private placement for listed company
A listed company shall not do a private placement in any of the following circumstances:
(1)False records, misleading statements or material omissions are found in the
application documents;
(2)The rights and interests of the listed company are seriously harmed by the
controlling shareholder(s)or the actual controller(s)and the effect still remains;
(3)Illegal guarantee provided by the listed company or its affiliate(s);
(4)现任董事、高级管理人员最 近36个月内受到过中国证监会的行政处罚,或者最近12个月
内受到过证券交易所公开谴责;
(5)上市公司或其现任董事、高级管理人员因涉嫌犯罪正被司法机关立案侦查或涉嫌违法违规正被中国证监会立案调查;
(4)The current director(s)or senior manager(s)is(are)subject to administration
punishment by CSRC in the last 36 months, or denouncement by Stock Exchange in the last
12 months;
(5)The Listed company or its current director(s)or senior manager(s)is(are)
filed for investigation by judicial authority due to suspected crime or by CSRC due to
violation of laws and regulations;
(6)最近一年及一期财务报表被注册会计师出具 保留意见、否定意见或无法表示意见的审计报
告。保留意见、否定意见或无法表示意见所涉及事项的重大 影响已经消除或者本次发行涉及重大重
组的除外;
(7)严重损害投资者合法权益和社会公共利益的其他情形。
(6)Audit report(s)with qualified opinion, adverse opinion or disclaimer of opinion
are issued by CPA on the financial statements for the last year and period, excluding those
serious issues referred in the said reports having been solved out or there being a material
reorganization in this issue.
(7)other circumstances where he damaged the legal rights and interest of the investors
and social public interests.


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(五)公司债券的发行条件
向合格投资者公开发行公司债券,应当符合下列条件:
(1)股份有限公司的净资产不低于人民币3000万元,有限责任公司的净资产不低于人民币6000
万元;
(2)累计债券余额不超过公司净资产的40%;
(3)最近3个会计年度实现的年均可分配利润不少于公司债券1年的利息;
Ⅴ.Conditions for Issue of Corporate Bonds
Public issue of corporate bonds to qualified investor shall satisfy the following
requirements:
(1)The net assets of a stock limited company being no less than RMB 30 million and
the net assets of a limited liability company being no less than RMB 60 million;
(2)The accumulated bond balance accounting for no more than 40% of the net assets;
(3)The average distributable profits over the last 3 years being sufficient to pay
one- year interest of the corporate bonds;
(4)筹集的资金投向符合国家产业政策;
(5)债券的利率不超过国务院限定的利率水平;
(6)国务院规定的其他条件。
(4)The investment of raised funds complying with the industrial policies of the state;
(5)The rate of return on bonds not surpassing the limitation of interest rate stipulated
by the State Council; and
(6)Meeting any other requirements as prescribed by the State Council.
有下列情形之一的,不得再次公开发行公司债券:
(1)前一次公开发行的公司债券尚未募足;
(2)对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实,仍处于继续状态;
(3)违反《证券法》规定,改变公开发行公司债券所募资金的用途;
In case of the following circumstances, public issuance of corporate bonds shall not
be carried out once more:
(1)Where the corporate bonds issued in the last public issue haven’t been fully
subscribed;
(2)Where a company has any default on corporate bonds as publicly issued or on any
other liabilities, or postpones the payment of the relevant principal plus interests, and
such situation is still continuing; or
(3)Where a company violates the Security Law by altering the use of funds raised through
public issue of corporate bonds.
(4)最近36个月内公司财务会计文件存在虚假记载,或公司存在其他重大违法行为;
(5)本次发行申请文件存在虚假记载、误导性陈述或重大遗漏;
(6)严重损害投资者合法权益和社会公共利益的其他情形。
(4)False financial accounting records or other material illegal behaviors were found
in last 36 months;
(5)False records, misleading statements or material omission were found in the
application documents;
(6)Other circumstances where the company seriously damages investors’ legitimate
rights and social public interests.
(六)可转换公司债券的发行条件
上市公司发行可转换债券,除应当符合增发股票的一般条件外,还应当符合下列规定:
(1)最 近3个会计年度加权平均净资产收益率平均不低于6%。扣除非经常性损益后的净利润
与扣除前的净利润 相比,以低者作为加权平均净资产收益率的计算依据;
Ⅵ Conditions for Issuing Convertible Corporate Bonds


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Where a listed company intends to issue convertible corporate bonds, he shall meet not
only the general conditions of SPO but also the following requirements:
(1)The weighted average of ROE in last 3 accounting years shall not be lower than
6%.The lower value of the net profit with and without excluding extraordinary item shall
be treated as calculation basis for weighted average of ROE.
(2)本次发行后累计公司债券余额不超过最近一期末净资产额的40%;
(3)最近3个会计年度实现的年均可分配利润不少于公司债券1年的利息。
(2)Cumulate amount of issued corporate bonds shall not exceed 40% of net assets at
the end of the last year;;
(3)The average distributable profits over the latest 3 years shall not be less than
one-year interest of corporate bonds.
发行分离交易的可转换公司债券,除符合增发股票的一般条件外,还应当符合下列规定:
(1)公司最近一期末经审计的净资产不低于人民币15亿元;
Where a listed company intends to issue detachable convertible corporate bonds, he shall
meet not only the general conditions of SPO but also the following requirements:
(1)The audited net assets at the end of recent period shall not be less than 1.5 billion
Yuan;
(2)最近3个会计年度实现的年均可分配利润不少于公司债券1年的利息;
(3)最近3个会 计年度经营活动产生的现金流量净额平均不少于公司债券1年的利息,但最近
3个会计年度加权平均净资 产收益率平均不低于6%(扣除非经常性损益后的净利润与扣除前的净利
润相比,以低者作为加权平均净 资产收益率的计算依据)的除外;
(2)Average distributable profits in recent 3 accounting years shall not be less than
one-year interest of corporate bonds;
(3)Average net cash flows generated from business in recent 3 years shall not be less
than one-year interest of corporate bonds, except for the circumstance that weighted average
of ROE in last 3 accounting years is not lower than 6%, calculated on the basis of the lower
value of the net profit with and without excluding extraordinary item.
(4)本次发行后累计公司债券 余额不超过最近一期末净资产额的40%,预计所附认股权全部行
权后募集的资金总量不超过拟发行公司 债券金额。
(4)Cumulate closing balance of corporate bonds after issue shall not exceed 40% of
net assets at the end of recent period, and the total expected amount of capital to be raised
from exercising subscribed stock options shall not exceed the amount of corporate bonds
planned to issue.
(七)股票上市和债券上市的条件
1 股票上市的条件
股份有限公司申请股票上市,应当符合下列条件:
(1)股票经国务院证券监督管理机构核准已公开发行;
(2)公司股本总额不少于人民币3000万元;
Ⅶ Conditions for Shares and Bonds Listing
1 Conditions for shares listing
A stock limited company that files an application for the listing of its stocks shall
satisfy the following requirements:
(1)The stocks shall have been subject to the audit and approval of the securities
regulatory authority under the State Council for public issue;
(2)The total amount of capital stock shall be no less than RMB 30 million;
(3)公开发 行的股份达到公司股份总数的25%以上;公司股本总额超过人民币4亿元的,公开
发行股份的比例为1 0%以上;
(4)公司最近3年无重大违法行为,财务会计报告无虚假记载。证券交易所可以规定 高于前款


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规定的上市条件,并报国务院证券监督管理机构批准。
(3)The shares as publicly issued shall reach more than 25 % of the total amount of
corporate shares; where the total amount of capital stock of a company exceeds RMB 0.4
billion, the shares as publicly issued shall be no less than 10% thereof; and
(4)The company shall not have any major irregularity over the latest 3 years and no
false record(s)is(are)in its financial statements.A Stock Exchange may prescribe the
requirements of listing that are more strict than those as prescribed in the preceding
paragraph herein, which shall be reported to the securities regulatory authority under the
State Council for approval.
2.债券上市交易的条件
公司申请公司债券上市交易,应当符合下列条件:
(1)公司债券的期限为1年以上;
(2)公司债券实际发行额不少于人民币5000万元;
(3)公司申请债券上市时仍符合法定的公司债券发行条件。
ions for corporate bonds listing
A company shall, when applying for the listing of corporate bonds, fulfill the following
requirements:
(1)The term of corporate bonds shall be more than 1 year;
(2)The amount of corporate bonds to be actually issued shall be no less than RMB 50
million;
(3)The company shall meet the statutory requirements for issue of corporate bonds
when applying for the listing of its bonds.
(八)虚假陈述行为
投资人具有以下情形的,人民法院应当认定虚假陈述与损害结果之间存在因果关系:
(1)投资人所投资的是与虚假陈述直接关联的证券;
(2)投资人在虚假陈述实施日及以后,至揭露日或者更正日之前买入该证券;
(3)投资人在虚 假陈述揭露日或者更正日及以后,因卖出该证券发生亏损,或者因持续持有该
证券而产生亏损。
Ⅷ False Statement Actions
Where the investor is under any of the following circumstances, the People’s Court
shall determine the causal relationship between false statement actions and consequences
of damage:
(1)The investment made by the investor is the security directly related to the
misrepresentation;
(2)The investor purchases the securities after the date when the false statement is
made and before the disclosure date or correction date;
(3)After the date the misrepresentation is disclosed or corrected, the losses occur
as a result of selling the securities or continuously holding the security.
被告举证证明原告具有以下情形的,人民法院应当认定虚假陈述与损害结果之间不存在因果关
系:
(1)在虚假陈述揭露日或者更正日之前已经卖出证券;
(2)在虚假陈述揭露日或者更正日及以后进行的投资;
Where the defendant proves that the plaintiff is under any of the following
circumstances, the People’s Court shall judge that there is no causal relationship between
the false statement and the consequences of damage:
(1)The securities have been sold before the date of disclosure and correction;
(2)The investment is made after the date of disclosure and correction;


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(3)明知虚假陈述存在而进行的投资;
(4)损失或者部分损失是由证券市场系统风险等其他因素所导致;
(5)属于恶意投资、操纵证券价格的。
(3)The investment is made with the knowledge of the false statement;
(4)The overall or partial loss is caused by other factors such as systematic risk
in securities market;
(5)It falls into malicious investment or manipulating market price.
(九)内幕交易行为
1 内幕信息的知情人
证券交易内幕信息的知情人包括:
(1)发行人的董事、监事、高级管理人员;
(2)持有公司百分之五以上股份的股 东及其董事、监事、高级管理人员,公司的实际控制人及
其董事、监事、高级管理人员;
Ⅸ Insider Trading
1 Insiders
The insiders who have access to insider information of securities trading include:
(1)Directors, supervisors, and senior managers of an issuer;
(2)Shareholders who hold no less than 5% of the shares in a company as well as the
directors, supervisors, and senior managers thereof, or the actual controller of a company
as well as the directors, supervisors, and senior managers thereof;
(3)发行人控股的公司及其董事、监事、高级管理人员;
(4)由于所任公司职务可以获取公司有关内幕信息的人员;
(5)证券监督管理机构工作人员以及由于法定职责对证券的发行、交易进行管理的其他人员;
(6)保荐人、承销的证券公司、证券交易所、证券登记结算机构、证券服务机构的有关人员;
(7)国务院证券监督管理机构规定的其他人。
(3)A company controlled by the issuer as well as the directors, supervisors, and senior
managers thereof;
(4)The personnel who may take advantage of their position in the company to obtain
any insider information thereof;
(5)The staff of the securities regulatory body, and other personnel who administer
the issue and transaction of securities pursuant to statutory regulations;
(6)The relevant personnel of sponsor, securities company engaging in underwriting,
stock exchange, securities registration and clearing institution and securities trading
service agency; and
(7)Any other person as prescribed by the securities regulatory authority under the
State Council.
2.内幕信息的认定
下列信息皆属内幕信息:
(1)临时报告涉及的重大事件;
(2)公司分配股利或者增资的计划;
(3)公司股权结构的重大变化;
(4)公司债务担保的重大变更;
2 Insider information
The following information shall be considered as insider information:
(1)Major events involved in the ad hoc reports;
(2)The plan of a company concerning any distribution of dividends or increase of capital;
(3)Any major change in the company’s equity structure;
(4)Any major change in guaranty of the company’s liabilities;


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(5)公司营业用主要资产的抵押、出售或者报废一次超过该资产的30%;
(6)公司的董事、监事、高级管理人员的行为可能依法承担重大损害赔偿责任;
(7)上市公司收购的有关方案;
(8)国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。
(5)Where the mortgaged, sold or discarded value of a major asset as involved in the
business operation of the company exceeds 30% of the said asset in a one-off manner;
(6)Where any act as conducted by any director, supervisor or senior manager of the
company may be rendered liabilities of major damage and compensation;
(7)The relevant plan of a listed company regarding acquisition; and
(8)Any other important information regarded by the securities regulatory authority
under the State Council as having a marked effect on the trading prices of securities.
3.短线交易
上市公司董事、监事、高级管理人员、持有上市公司股份5%以上的股 东,将其持有的该公司的
股票在买入后6个月内卖出,或者在卖出后6个月内又买入,由此所得收益归该 公司所有,公司董
事会应当收回其所得收益。
-term trade
Where any director, supervisor and senior manager of a listed company or any shareholder
holding more than 5% of the total shares, sells the stocks within 6 months after purchasing
the same, or purchases any stock within 6 months after selling the same, the proceeds
obtained shall be attributed to the profits of the said board of directors of
the company shall withdraw the proceeds.
但是,证券公司因包销购入售后剩余股票而持有5%以上股份的,卖出该股票 不受6个月时间限
制。公司董事会不按照前款规定执行的,股东有权要求董事会在30日内执行。公司董 事会未在上述
期限内执行的,股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。
公司董事会不按照第一款的规定执行的,负有责任的董事依法承担连带责任。
However, where a securities company holds more than 5% of the shares of a listed company
due to purchase of the unsold shares for the exclusive sale, the sale of the said stocks
shall not be limited by a term of 6 months.
Where the board of directors of a company fails to implement the provisions as prescribed
in the preceding paragraph herein, the shareholders concerned have the right to require
the board of directors to implement them within 30 days.
Where the board of directors of a company fails to implement them within the aforesaid
term, the shareholders have the right to directly file a litigation with the People’s Court
in their own names for the interests of the the board of directors of a company
fail to implement the provisions as prescribed in paragraph 1 herein, the responsible
directors shall bear the joint and several liabilities according to law.
(十)上市公司收购
1.权益变动披露
通过证券交易所的证券交易,投资者持有或 者通过协议、其他安排与他人共同持有一个上市公
司已发行的股份达到5%时,应当在该事实发生之日起 3日内,向国务院证券监督管理机构、证券交
易所作出书面报告,通知该上市公司,并予公告;在上述期 限内,不得再行买卖该上市公司的股票。
Ⅹ Takeover of Listed Company
sure of equity changes
Where an investor, through securities trading at a stock exchange, comes to hold or
holds with any other person 5% of the shares as issued by a listed company by means of
agreement or any other arrangement, the investor shall, within three days as of the date
when such shareholding becomes a fact, submit a written report to the securities regulatory
authority under the State Council and the stock exchange, notify the relevant listed company


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and make public announcement.
Within the aforesaid prescribed period, the investor may not purchase or sell any more
shares of the listed company.
投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份 达到5%后,其
所持该上市公司已发行的股份比例每增加或者减少5%,应当依照上述规定进行报告和公 告。在报告
期限内和作出报告、公告后2日内,不得再行买卖该上市公司的股票。
In case an investor holds or holds with any other person 5% of the shares as issued
by a listed company by means of agreement or any other arrangement, he shall, pursuant to
the provisions of the preceding paragraph herein, make report and announcement of each 5%
increase or decrease in the proportion of the issued shares of the said company he holds
through securities trading at a stock exchange.
Within the reporting period as well as two days after the relevant report and
announcement are made, the investor may not purchase or sell any more shares of the listed
company.
2.要约收购
(1)通 过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上
市公司已发行的股 份达到30%时,继续进行收购的,应当依法向该上市公司所有股东发出收购上市
公司全部或者部分股份 的要约。收购上市公司部分股份的收购要约应当约定,被收购公司股东承诺
出售的股份数额超过预定收购 的股份数额的,收购人按比例进行收购。
offer
(1)Where an investor holds or holds with any other person 30% of the stocks as issued
by a listed company by means of agreement or any other arrangement through securities trading
at a stock exchange and if the purchase is continued, he shall issue a tender offer to all
the shareholders of the said listed company to purchase all of or part of the shares of
the listed company.
It shall be stipulated in a tender offer as issued to a listed company that, where the
share amount as promised to be sold by the shareholders of the target company exceeds the
scheduled amount of stocks for purchase, the purchaser shall carry out the acquisition
according to the relevant proportion.
(2)收购要约提出的各项收购条件,适用于被收购公司的所有股东。
(3)采取要约收购方式的,收购人在收购期限内,不得卖出被收购公司的股票,也不得采取要约规定以外的形式和超出要约的条件买入被收购公司的股票。
(4)在上市公司收购中,收购 人持有的被收购的上市公司的股票,在收购行为完成后的12个
月内不得转让。
(2)The offerings in tender offer shall be applicable for all shareholders of the said
company.
(3)In the event of an acquisition by tender offer, a purchaser shall, within the term
for acquisition, not sell any share of the target company, nor shall it buy any share of
the target company by any other means that hasn’t been stipulated by provisions of its
tender offer or that is beyond the terms as stipulated in its tender offer.
(4)In an acquisition of a listed company, the stocks of the target company as held
by a purchaser may not be transferred within 12 months after the acquisition is concluded.
(十一)上市公司重大资产重组行为的界定
上市公司及其控股或者控制的公司购买、出售资产,达到下列标准之一的,构成重大资产重组:
( 1)购买、出售的资产总额占上市公司最近一个会计年度经审计的合并财务会计报告期末资产
总额的比例 达到50%以上;
Ⅺ Definition of Material Asset Reorganizations of Listed Companies
If purchase or sale of assets by listed companies or their controlled companies falls


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into one of the following criteria, it will constitute a major asset restructuring:
(1)If the total assets purchased or sold account for more than 50% of the total assets
ending balance reported in the audited consolidated financial statements of the listed
company in the last fiscal year;
(2)购买、出售的资产在最近一个会计年度所产 生的营业收入占上市公司同期经审计的合并财
务会计报告营业收入的比例达到50%以上;
(3)购买、出售的资产净额占上市公司最近一个会计年度经审计的合并财务会计报告期末净资
产额的比 例达到50%以上,且超过5000万元人民币。
(2)Revenue of the last fiscal year generated from the assets purchased or sold account
for more than 50% of the revenue reported in the audited consolidated financial statements
of the listed company in the same period;
(3)The total net book value of the assets purchased or sold accounted for more than
50% of the ending net book value of total assets reported in the audited consolidated
financial statements of the listed company in the last recent fiscal year and the amount
exceeds 50 million Yuan.
(十二)重大资产重组行为的要求
上市公司实施重大资产重组,应当符合下列要求:
(1)符合国家产业政策和有关环境保护、土地管理、反垄断等法律和行政法规的规定;
(2)不会导致上市公司不符合股票上市条件;
(3)重大资产重组所涉及的资产定价公允,不存在损害上市公司和股东合法权益的情形;
Ⅻ Requirements of Material Asset Reorganizations by Listed Companies
If a listed company intends to implement material assets reorganization, the following
requirements shall be met:
(1)The reorganization complies with the state’s industrial policy and laws &
administrative regulations in relation to environmental protection, land management and
anti-monopoly;
(2)The reorganization shall not cause the public company’s failure to meet the
conditions for listing;
(3)The assets involved in the material assets reorganization are priced fairly and
there are no circumstances that can impair the legitimate rights of the listed company and
shareholders;
(4)重大资产 重组所涉及的资产权属清晰,资产过户或者转移不存在法律障碍,相关债权债务
处理合法;
(5)有利于上市公司增强持续经营能力,不存在可能导致上市公司重组后主要资产为现金或者
无具体经 营业务的情形;
(4)Assets involved in the material assets reorganization are with clear ownership
and there are no legal obstacles for ownership transfer; relevant dealings of rights and
debts are legally conducted;
(5)The reorganization is beneficial to enhance the public company’s capability of
sustainable operation; there shall not be situations where the main assets of the public
company after the reorganization are cash or there is no definite business;
(6)有利于上市公司在业务、资产、财务、人员、机构等方面与实际控制人 及其关联人保持独
立,符合中国证监会关于上市公司独立性的相关规定;
(7)有利于上市公司形成或者保持健全有效的法人治理结构。
(6)The reorganization shall enable the listed company to be independent from the actual
controllers and their related persons in aspects of business, assets, finance, personnel
and organization, and to comply with relevant provisions of the CSRC regarding independence
of the same; and


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(7)The reorganization shall be favorable for the list companies to form or maintain
sound and effective corporate governance structure.
对于 一些特殊的重大资产重组,还应当遵守额外的要求。其中最主要就是对借壳上市的特殊规
定:自控制权发 生变更之日起,上市公司向收购人及其关联人购买的资产总额,占上市公司控制权
发生变更的前一个会计 年度经审计的合并财务会计报告期末资产总额的比例达到100%以上的,主板
(含中小企业板)上市公 司购买的资产对应的经营实体应当是股份有限公司或者有限责任公司,且
符合《首发办法》规定的发行条 件。创业板上市公司不得实施该种交易行为。
The special material asset reorganization shall meet additional requirements, which
is mainly referring to backdoor listed company.
Since the date when the actual control changes, where the total assets that the listed
company purchased from buyers and their affiliates account for more than 100% of the total
assets ending balance reported in the audited consolidated financial statements of the
listed company for the last accounting year before the actual control changes, the business
entity of the assets purchased by the company listed on main board, including
small- and-medium board, shall be a limited liability company or a joint stock company, and
the conditions set in regulations for IPO shall be ies listed on the Growth
Enterprise Board shall not make the deal.
(十三)上市公司发行股份购买资产的规定
(1)上市公司为促进行业的整合、转型升级,在其控制权不发生变更的情况下,可以向控股股
东、实际 控制人或者其控制的关联人之外的特定对象发行股份购买资产。所购买资产与现有主营业
务没有显著协同 效应的,应当充分说明并披露本次交易后的经营发展战略和业务管理模式,以及业
务转型升级可能面临的 风险和应对措施。
ⅩⅢ Rules on Listed Companies regarding Purchasing Assets by Issuing Shares
(1)In order to promote integration, transformation and upgrade of a sector, a listed
company may issue shares to specific objects including controlling shareholders, actual
controllers or controlling affiliates in order to buy there is no obvious
coordinative effect existing between bought assets and current main business, the listed
company shall declare and disclose the development strategy and management mode of the
business, and also the potential risks and precautious measures.
(2)特定对象以现金或者资产认购上市公司非公 开发行的股份后,上市公司用同一次非公开发
行所募集的资金向该特定对象购买资产的,视同上市公司发 行股份购买资产。
(3)上市公司发行股份的价格不得低于市场参考价的90%。市场参考价为本 次发行股份购买资
产的董事会决议公告日前20 个交易日、60 个交易日或者120 个交易日的公 司股票交易均价之一。
本次发行股份购买资产的董事会决议应当说明市场参考价的选择依据。
交易均价的计算公式为:董事会决议公告日前若干个交易日公司股票交易均价=决议公告日前若
干个交易 日公司股票交易总额决议公告日前若干个交易日公司股票交易总量。
(2)After the specific objects offer to buy non-publicly issued shares by cash or assets,
the listed company uses the fund raised by the same non-publicly issued shares to purchase
assets from the specific objects, it shall be regarded as purchasing assets by issuing
shares.
(3)The issuing price of the shares issued by listed companies shall not be lower than
market 90% reference price, which is one of the average trading price of the shares during
the 20, 60 or 120 trading days before the date the resolution of the board of directors
on the issuance of shares to purchase assets is above-mentioned resolution
shall explain the basis of market reference equation for average trading price
is calculated as follows:
the average trading price of the shares during some trading days before the date the
resolution of the board of directors is bulletined = the total transaction amount during


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the same trading days before the date the resolution of the board of directors is
bulletinedthe total transaction volume during the same trading days before the date the
resolution of the board of directors is bulletined.
(4)特定对象以资产 认购而取得的上市公司股份,自股份发行结束之日起12个月内不得转让;
属于下列情形之一的,36个 月内不得转让:①特定对象为上市公司控股股东、实际控制人或者其控
制的关联人。②特定对象通过认购 本次发行的股份取得上市公司的实际控制权。③特定对象取得本
次发行的股份时,对其用于认购股份的资 产持续拥有权益的时间不足12个月。
(4)If the specific objects offer to buy the listed company’s shares by assets, the
purchased shares shall not be transferred within 12 months since the shares issuance is
the following circumstances, the shares cannot be transferred within 36
months:
① the specific objects are the listed company’s controlling shareholder, actual
controllers or related parties under its control.② the specific buyer obtains actual
control right of the listed company through the purchase.③when the specific object buys
the shares issued, the holding period of the assets used to buy the shares is less than
12 months.
(十四)上市公司重大资产重组的决议
(1)上市公司股东大会就 重大资产重组事项作出决议,必须经出席会议的股东所持表决权的
23以上通过。
(2) 上市公司重大资产重组事宜与本公司股东或者其关联人存在关联关系的,股东大会就重大
资产重组事项进 行表决时,关联股东应当回避表决。
ⅩⅣ Resolution on Material Assets Reorganization of Listed Company
(1)The resolution on the material assets reorganization made by the Shareholders’
General Meeting shall be passed by more than 23 voting rights held by the shareholders
present at the meeting.
(2)Where the listed company’s material assets reorganization is related to its
shareholders or any related persons thereof, related shareholders shall withdraw from
voting when vote shall be done on the material assets reorganization.
(3)交易 对方已经与上市公司控股股东就受让上市公司股权或者向上市公司推荐董事达成协议
或者默契,可能导致 上市公司的实际控制权发生变化的,上市公司控股股东及其关联人应当回避表
决。
(4) 上市公司就重大资产重组事宜召开股东大会,应当以现场会议形式召开,并应当提供网络
投票或者其他合 法方式为股东参加股东大会提供便利。
(3)The counterparty has made negotiation or tacit agreement with the controlling
shareholders of listed company as to purchasing shareholdings or recommending directors
to listed company, which may lead to the changes of the actual control, listed company’
s controlling shareholders and related persons shall withdraw from voting.
(4)The Shareholders’General Meetings about material assets reorganization shall be
held in the form of live meeting and be able to provide facilitations, such as network vote
or other reasonable method for the shareholders to attend the meeting.

三、归纳总结
股票、发起设立、募集设立、 公司债券、可转换公司债券、信息公开、要约收购、协议收购、
虚假陈述行为、内幕交易行为、上市公司 收购、一致行动人、豁免申请、财务顾问。
企业破产法
一、专业词汇
1 bankruptcy 破产


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bankruptcy application
acceptance
Invalid
administrator
preservative measures
terminate
enforcement procedure
civil action
scope
bankruptcy revocation rights
void act system
recall right
bankruptcy expense
破产申请
受理
无效
管理人
保全措施
解除,终止
执行程序
民事诉讼
范围
破产撤销权
无效行为制度
取回权
破产费用
right of set-off in bankruptcy 抵销权
debts incurred for the common
共益债务
good of creditors
declaration of claims
reorganization plan
legal effect
realization
exemption right
conceal and transfer assets
fabricate debts
acknowledge
subject matters
deliver
lodge a claim with…
offset
Litigation cost
remuneration
recruit
incur
payable
fulfillperform the contract
spontaneous agency
unjust enrichment
social insurance premiums
arise from
petition
wage
medical care
disability benefit
pension cost
债权申报
重组计划
法律效力
变价
别除权
隐匿、转移财产
虚构债务
承认
标的物
发运、运送
向…主张
抵销
诉讼费用
报酬
招募、聘用
引发
应付的
履行合同
无因管理
不当得利
社会保险费用
起因于
提请,请愿、请求
工资
医疗
伤残补助
抚恤费用


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basic pension insurance
basic medical insurance cost
objection
relevant evidence
explanation
additional
recourse
guarantee
guarantor
General guarantor
joint-and-several debtor
guarantee liability
right of plea for preference
claim
principal debt
exempt
supplementary liability
guarantee debt
contract rescission
client
trustee
基本养老保险
基本医疗保险费用
异议
有关证据
说明
额外的、附加的
追偿权
保证
保证人
一般保证人
负连带责任的保证人
保证责任
先诉抗辩权
主债务
免除(责任)
补充责任
保证债务
合同解除
委托人
受托人

二、法律条文要点详解
(一)破产申请的受理
(1)人民法院受理破产申请后,债务人对个别债权人的债务清偿无效。
(2)人民法院受理破产申请后,债务人的债务人或者财产持有人应当向管理人清偿债务或者交
付财产。
Ⅰ Acceptance of the Bankruptcy Application
(1)After the People’s Court accepts an application for bankruptcy, the repayment
of debts made by a debtor to individual creditors shall be invalid.
(2)After the People’s Court accepts an application for bankruptcy, the debtors or
property possessors of the debtor shall pay off debts or deliver the relevant property to
the bankruptcy administrator.
(3)人民法院受理破产申请后,管理人对破产申请受理前成立而债务人和对方当事人均未履行
完毕的合 同有权决定解除或者继续履行,并通知对方当事人。
(4)人民法院受理破产申请后,有关债务人财产的保全措施应当解除,执行程序应当中止。
(3)After the People’s Court accepts an application for bankruptcy, the bankruptcy
administrator shall decide to rescind or continue to perform a contract that has been
established before acceptance yet has not been fully performed by both parties concerned
and notify the opposite party concerned of its decision.
(4)After the People’s Court accepts an application for bankruptcy, the relevant
measures for preserving the debtor’s assets shall be released and the enforcement procedures
shall be suspended.
(5)人民法院受理破产申请后,已经开始而尚未终结的有关债务人的民事 诉讼或者仲裁应当中
止;在管理人接管债务人财产、掌握诉讼情况后能够继续进行时,该诉讼或者仲裁继 续进行。
(6)破产申请受理后,有关债务人的民事诉讼只能向受理破产申请的人民法院提起。但 是其他


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法律有特殊规定的应当除外。
(5)After the People’s Court accepts an application for bankruptcy, any civil action
or arbitration involving the relevant debtor that is in the process of trail shall be
action or arbitration can be resumed after a bankruptcy administrator takes
over the debtor’s assets.
(6)After the acceptance of the application for bankruptcy, the debtor can only file
a suit to the People’s Court that accepts the application for bankruptcy, unless otherwise
provided for in other law.
(二)债务人财产
破产申请受理时属于债务人的全部财产,以及破产申请受理后至破产程序终结前 债务人取得的
财产,为债务人财产。
Ⅱ Debtors’ Assets
A debtor’s assets refer to all the assets that belong to a debtor when an application
for bankruptcy is accepted, as well as the assets as obtained by the debtor during the period
from the date when an application for bankruptcy is accepted to the date when the procedures
for bankruptcy are concluded.
1.破产撤销权
人民法院受理破产申请前一年内,涉及债务人财产的下列行为,管理人有权请求人民法院予以
撤销:
(1)无偿转让财产的;
(2)以明显不合理的价格进行交易的;
(3)对没有财产担保的债务提供财产担保的;
(4)对未到期的债务提前清偿的;
(5)放弃债权的。
of rescission
The bankruptcy administrator has the right to plead the court to revoke any of following
acts, occurring within one year before the People’s Court accepts an application for
bankruptcy, relating to the debtor’s assets:
(1)Transferring the assets free of charge;
(2)Trading at an obviously unreasonable price;
(3)Providing asset guaranty to those debts without any asset guaranty;
(4)Paying off the undue debts in advance; or
(5)Giving up the creditor’s right.
2.债务人的无效行为
涉及债务人财产的下列行为无效:
(1)为逃避债务而隐匿、转移财产的;
(2)虚构债务或者承认不真实的债务的。
’s invalid acts
Any of the following actions involving the debtor’s assets shall be deemed as invalid:
(1)Concealing or transferring assets for debt evasion;
(2)Fabricating any debt or acknowledging any unreal debt.
3.抵销权
债 权人在破产申请受理前对债务人负有债务的,可以向管理人主张抵销。但是,有下列情形之
一的,不得抵 销:(1)债务人的债务人在破产申请受理后取得他人对债务人的债权的;
right
If a creditor is in debt to the debtor prior to the acceptance of the bankruptcy petition,
it may make a request to the administrator for r, under the following


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circumstances, offset shall not be carried out: (1)it obtains the creditor’s right of
any other party against the debtor after the application for bankruptcy is accepted;
(2)债 权人已知债务人有不能清偿到期债务或者破产申请的事实,对债务人负担债务的;但是,
债权人因为法律 规定或者有破产申请一年前所发生的原因而负担债务的除外;
(3)债务人的债务人已知债务人有 不能清偿到期债务或者破产申请的事实,对债务人取得债权
的;但是,债务人的债务人因为法律规定或者 有破产申请一年前所发生的原因而取得债权的除外。
(2)the creditor gets indebted to the debtor with knowledge of the fact that the debtor
is incapable of paying off its due debts or is in the process of applying for bankruptcy,
except that the creditor is indebted due to provisions by law or for any reasons incurred
one year before the application for bankruptcy is filed;
(3)it obtains a creditor’s right from the debtor with knowledge of the fact that
the debtor is incapable of paying off its due debts or is in the process of applying for
bankruptcy, except that the debtor’s debtor obtains the creditor’s right due to provisions
by law or for any reasons incurred one year before the application for bankruptcy is filed.

(三)破产债权
1.破产债权申报的一般规则
(1)人民法院受理破产申请时对债务人享有的债权称为破产债权。
(2)未到期的债权,在破产申请受理时视为到期。附利息的债权自破产申请受理时起停止计息。
(3)连带债权人可以由其中一人代表全体连带债权人申报债权,也可以共同申报债权。
Ⅲ Bankruptcy Claims
l rules on declaration of credit of bankruptcy
(1)The claims enjoyed against the debtor at the time the People’s Court accepts the
bankruptcy petition shall be known as claims in bankruptcy.
(2)Any undue creditor’s right shall be deemed as due when the relevant application
for bankruptcy is interest of any creditor’s right shall stop accruing after
the relevant application for bankruptcy is accepted.
(3)The joint and several creditors may choose one from among them to declare their
creditor’s right or may jointly declare the creditor’s right together.
2.破产债权申报的特别规定
2.1 债务人破产
(1)债务人的保证人或者其他连带债务人已经代替债务人清偿债务的,以其对债务人的求偿权
申报债权 。债务人的保证人或者其他连带债务人尚未代替债务人清偿债务的,以其对债务人的将来
求偿权申报债权 。但是,债权人已经向管理人申报全部债权的除外。
l provisions on declaration of credit of bankruptcy
2.1 Debtor bankruptcy
(1)Where the guarantor of a debtor or any other related joint and several debtor has
cleared off the liabilities on behalf of the debtor, it may declare its creditor’s right
on the basis of its right to recourse against the debtor.
Where the guarantor of a debtor or any other related joint and several debtor has not
yet paid off the debts on behalf of the debtor, it may declare its creditor’s right on
the basis of its future right to recourse against the debtor, unless the creditors have
declared all the creditor’s right against the relevant bankruptcy administrator.
(2)连带债务人数人被裁定适用破产法规定的程序的,其债权人 有权就全部债权分别在各破产
案件中申报债权。
(3)人民法院受理债务人破产案件后, 对于负连带责任的保证人,债权人有权要求其清偿保证
债务,也可以先向进入破产程序的债务人追偿,然 后再以未受偿的余额向保证人追偿。
(2)Where several joint and several debtors are ruled to be governed by the procedures


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as prescribed in the bankruptcy law, the creditors thereof have the right to declare their
creditors’ rights as a whole in each bankruptcy case respectively.
(3)After the People’s Court accepts the bankruptcy case, the creditor may either
request a joint and several guarantors for the debtor to pay off the guaranteed debts, or
recover the debt from the debtor who enters into bankruptcy procedures before recovering
the balance from the guarantors.
(4)人民法院受理债权人破产案件,中止执行程序的,保证人不得行使 先诉抗辩权。但是,破
产案件受理时主债务未到期的,负补充责任的保证人并无提前履行保证责任的义务 ,仍应按照原保
证合同的约定承担保证责任。债权人先向债务人申报债权追偿的,对于其在破产程序中未 受清偿的
部分,债权人要求保证人承担保证责任的,最迟应当在破产程序终结后6个月内提出。
(4)The People’s Court accepts the bankruptcy cases of creditors, if enforcement
procedures are suspended, the guarantor shall not exercise the pre-litigation demur
r, in case that the principal debt is not due when the bankruptcy case is
accepted, the guarantor who assumes complementary liability does not have the obligation
to perform guaranty responsibility in advance, and shall still assume guarantee liability
in accordance with the original contract agreed.
The creditor, when requesting the guarantor to assume the guaranty liability of the
portion unrecovered from the debtor in the bankruptcy procedures, shall put forward the
request within six months after the conclusion of the procedures.
2.2 保证人破产
(1)人民法院受理保证人破产案件的,保证人的保证责任不得因其破产而免除。保证债务已到期时,债权人可依保证合同的约定向保证人申报债权追偿。保证债务尚未到期的,将其未到期之保
证 责任视为已到期,在减去未到期的利息后予以提前清偿。
2.2 Guarantor bankruptcy
(1)The guaranty liability is not exempted even if the People’s Court has accepted
the guarantor’s bankruptcy creditor may claim debt recovery against the
guarantor based on the guaranty agreement when the guaranteed debt becomes
guaranteed debt is undue, the undue guaranty liability shall be deemed as due and be settled
after subtracting the undue interest.
(2)负补充责任的保证人破产的,不得行使先诉抗辩权。
(3)管理人或者债务人 依照破产法规定解除双方均未履行完毕的合同,对方当事人以因合同解
除所产生的损害赔偿请求权申报债 权。这时可申报的债权以实际损失为限,违约金不得作为破产债
权申报。
(2)Where the guarantor who assumes complementary liability announces bankruptcy, he
should not exercise the pre-litigation demur right.
(3)Where the administrator or the debtor terminates a contract which has not been
completed by both parties according to the bankruptcy law, the counterparty shall file its
claim on the basis of its right to claim damages incurred as a result of the termination
of the creditor’s right shall be declared within the limit of actual losses,
and the liquidated damages is not part of the claim in bankruptcy.
(四)破产清算程序
1.破产宣告
破产宣告前,有下列情形之一的,人民法院应当裁定终结破产程序,并予以公告:
(1)第三人为债务人提供足额担保或者为债务人清偿全部到期债务的;
(2)债务人已清偿全部到期债务的。
Ⅳ Procedures of Bankruptcy Liquidation
ptcy announcement
Before any bankruptcy is announced, the People’s Court shall judge to terminate the


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bankruptcy procedures and make a public announcement in any of the following circumstances:
(1)A third party provides full-amount guaranty or pays off all the due debts for the
debtor;
(2)The debtor has paid off all the due debts.
2.别除权
别除权是指对破产人的特定财产享有担保权的权利人,对该特定财产享有优先受偿的权利。
别除权 人行使优先受偿权利未能完全受偿的,其未受偿的债权作为普通债权。别除权人放弃优
先受偿权利的,其 债权作为普通债权。但如破产人仅作为担保人为他人债务提供物权担保,担保债
权人的债权虽然在破产程 序中可以构成别除权,但因破产人不是主债务人,在担保物价款不足以清
偿担保债额时,余债不得作为破 产债权向破产人要求清偿,只能向原主债务人求偿。
ion right
Exemption right refers to that the possessor with secured right for bankrupt’s specific
properties has the priority right to get compensation from those specific properties.
The uncovered creditor’s right shall be considered as common creditor’s the
priority right is forgone, the creditor’s right shall be considered as common creditor’
s right.
Where the bankrupt only provides real right security for other debtors as a guarantor
rather than the principal debtor, after exercising the exemption right for the secured
creditor’s right, the unpaid debts after payment shall be claimed not against the bankrupt
but against the principal debtor.
3.破产财产的分配
破产财产在优先清偿破产费用和共益债务后,依照下列顺序清偿:
(1)破产人所欠职工的工资和 医疗、伤残补助、抚恤费用,所欠的应当划入职工个人账户的基
本养老保险、基本医疗保险费用,以及法 律、行政法规规定应当支付给职工的补偿金;
bution of bankruptcy properties
The property in bankruptcy shall be applied to the discharge of claims in the following
sequence of priority after the discharge of the bankruptcy expenses and debts of common
interest:
(1)The wages, medical and disability subsidies and support owed to staff by the bankrupt,
the basic old-age support insurance and basic medical insurance premiums payable into the
individual accounts of the staff and the compensation payable to the staff in accordance
with laws and administrative regulations;
(2)破产人欠缴的除前项规定以外的社会保险费用和破产人所欠税款;
(3)普通破产债权。
破产财产不足以清偿同一顺序的清偿要求的,按照比例分配。
(2)The social insurance premiums other than those mentioned in the preceding item
owed by the bankrupt and taxes owed by the bankrupt; and
(3)Common claims in bankruptcy.
Where the bankruptcy property is insufficient to clear off all the debts in a certain
level, the distribution within such level shall be conducted pro rata.
【考题】2004年2月,A公司和B公司共同投资设立西电有限责任公司( 以下简称西电公司),
注册资本1000万元,其中:A公司持有30%的股权,B公司持有70%的股 权。2005年3月,A公司分
别向C公司和D公司转让了占西电公司10%的股权。
2 006年3月,西电公司的注册资本增至5000万元,其中:原股东以资本公积及未分配利润按
照出资 比例转增股本;新股东E公司注资6000万元,持有西电公司20%的股权。
2008年3月 ,西电公司按原账面净资产值折股整体改制为股份有限公司,拟申请首次公开发行
股票并在深圳证券交易 所中小企业板上市,同时聘请F证券公司,G律师事务所和H会计师事务所
等中介机构提供相关服务。


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2 009年4月,F证券公司作为保荐人,向中国证监会报送西电公司首次公开发行股票的材料。
在预审过 程中,预审员提出的反馈意见之一是:请说明西电公司作为股份公司成立不足三年符合首
次公开发行股票 条件的依据。
2009年7月,中国证监会核准西电公司首次公开发行股票申请。8月21日, 西电公司成功完成
股票公开发行,募集资金3亿元,并于8月28日在深圳证券交易所中小企业板挂牌上 市。
2010年6月2日,西电公司发布公告称:2005年5月,公司大股东B公司已将其所持 本公司的
股权全部转让给公司董事长张某,双方签订了股权转让协议,张某已向B公司支付了股权转让款 ,
但未办理股权过户登记手续;2010年6月1日,B公司已正式将上述股权过户登记至张某名下。
2010年7月16日,中国证监会宣布:经调查,B公司实际是从2005年5月开始至办理股权 过
户登记日一直代张某持有西电公司股份,西电公司和张某隐瞒了该事实,构成了虚假陈述。对西电公司处以罚款50万元,对张某处以罚款30万元。
李某在西电公司股票上市日购买了该公司 的股票1万股,于2010年5月31日全部卖出,亏损
5000元;赵某于2010年5月31日买入 西电公司股票2万股,于7月13日卖出,亏损3万元。李
某和赵某于2010年8月2日分别向法院提 起证券民事赔偿诉讼,要求西电公司、F证券公司、G律
师事务所、董事长张某和独立董事钱某赔偿其因 违法行为遭受的投资损失。
经查:F证券公司和G律师事务所在核查西电公司股权事项时,认真调 阅了公司股东名册、工
商登记等资料,均未发现B公司向张某转让西电公司股权和B公司代张某持有西电 公司股份的事实,
也未从西电公司和张某以及其他方面获悉该事实。钱某自2009年12月起一直担任 西电公司独立董
事,在2010年6月2日西电公司公告前,其对B公司和张某之间的股权转让事项并不 知情。
根据上述内容,分别回答下列问题:
(1)2005年3月,A公司将所持 西电公司部分股权转让给C公司和D公司是否需要经过B公司
同意?并说明理由。
(2)2006年3月,西电公司增加注册资本需经哪些程序?
(3)2006年3月,西电公司 完成增加注册资本后,除E公司外,如不考虑B公司代张某持有
公司股权的因素,A公司、B公司、C公 司、D公司分别持有西电公司的股权比例是多少?
(4)如何回答预审员提出的“西电公司作为股 份公司成立不足三年符合首次公开发行股票条件
的依据”的反馈意见?
(5)李某和赵某各自在证券民事赔偿诉讼中的请求能否得到法院支持?并分别说明理由
(6)F 证券公司、G律师事务所和独立董事钱某是否应当对因虚假陈述给投资者造成的损失承
担赔偿责任?并分 别说明理由。
【答案】
(1)A公司转让股权需要经过B公司同意。根据规定,股 东向股东以外的人转让股权,应当经
其他股东过半数同意。公司章程对股权转让另有规定的,从其规定。 本题中是股东“对外”转让股
权,且公司章程对股权转让没有其他规定,因此要经过“其他股东B公司” 的同意。
(1)The equity transferring from company A to company C and D shall get the approval
of company e, according to the Company Law, where a shareholder of a limited
liability intends to transfer the equity to a non-shareholder party,it shall be agreed
upon by more than half of the other shareholders.
(2)增加注册资本的程序:①由董事会制订增加注册资本的方案;②由股东会以特别决议方式
通过(须 经代表23以上表决权的股东通过);③进行工商变更登记(自足额缴纳出资之日起30
日内申请变更登 记)。
(2)According to the Company Law, Xidian increasing its registered capital requires
three steps, which are as follows: to convene a shareholders meeting to approve the
resolution of increasing its registered capital; to modify its articles of incorporation;
and to apply a registration of modification to the registration authority.
(3)A公司持有8%,C公司持有8%,D公司持有8%,B公司持有56%。
增资前,A公司 、C公司、D公司原本分别持有10%,B公司原本持有70%。而认购增资时,原股
东是按照“出资比 例”转增,所以A公司、C公司、D公司这三者相比,比例还均是10%,B公司还


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是70%。增资后,E公司持股20 %,ABCD合计持股80%,在这80%中,A公司、C公司、D公司分别占
10%,B公司占70% ;所以在公司的全部股权(100%)中,A公司、C公司、D公司分别持股100%×80%
×10% =8%,B公司持股100%×80%×70%=56%。
(3)After the registered capital increasing in March 2006, the equity proportion of
the four companies are company A holds 8 percent, company B holds 56 percent, company C
holds 8 percent, and company D holds 8 percent.
(4)该反馈意见不符合规定。根据规 定,发行人自股份有限公司成立后,持续经营时间应当在
3年以上,但经国务院批准的除外。有限责任公 司按原账面净资产值折股整体变更为股份有限公司
的,持续经营时间可以从有限责任公司成立之日起计算 。题目中,该公司是在2004年2月设立,于
2008年3月按原账面净资产值折股整体变更为股份有 限公司,所以是从2004年2月开始计算,在
2009年上市时,已满3年。
(4)The legal basis is according to the securities laws, for a joint stock company
which is totally changed from a limited liability company by converting its net assets value
as shown in its original accounting book into shares, the time of continuous operation may
be calculated from the day when the limited liability company is established.
(5)①李某的请求不能得到法院支持。根据规定:被告举证证明原告 在虚假陈述揭露日或者更
正日之前已经卖出证券的,人民法院应当认定虚假陈述与损害结果之间不存在因 果关系。题目中,
揭露日为2010年6月2日,李某卖出股票的时间发生在揭露日之前,因此,其投资 损失与西电公司
的虚假陈述行为不存在因果关系,民事赔偿请求不能获得人民法院的支持。②赵某的请求 可以得到
法院支持。其在虚假陈述实施日之后、虚假陈述揭露日之前买入股票,在虚假陈述揭露日之后卖 出
股票,并受有亏损,可以推定投资损失与西电公司的虚假陈述行为存在因果关系。
(5)Li’s claim cannot get support from the had sold out his stocks before
the day when Xidian’s false statement was disclosed, so it cannot be presumed, that there
is a causal relationship between his loss and Xidian’s false ’s claim will
be supported by the bought stocks after the day when Xidian made the false
statement and before the day when Xidian’s false statement was disclosed, sold the stocks
after the day when the false statement was disclosed, and lost money, so it can be presumed
that there is a causal relationship between his loss and Xidian’s false statement.
(6)①F 证券公司无须承担赔偿责任。根据规定,证券承销商、证券上市推荐人对虚假陈述给
投资人造成的损失承 担赔偿责任。但有证据证明无过错的,应予免责。在本题中,由于F证券公司
经查没有过错,应予免责。 ②G律师事务所无须承担赔偿责任。根据规定,专业中介服务机构及其
直接责任人违反《证券法》的规定 虚假陈述,给投资人造成损失的,就其负有责任的部分承担赔偿
责任。但有证据证明无过错的,应予免责 。在本题中,由于G律师事务所经查没有过错,应予免责。
③独立董事钱某无须承担赔偿责任。根据规定 ,发起人、发行人或者上市公司对其虚假陈述给投资
人造成的损失承担民事赔偿责任。发行人、上市公司 负有责任的董事、监事和经理等高级管理人员
对前款的损失承担连带赔偿责任。但有证据证明无过错的, 应予免责。在本题中,由于独立董事钱
某经查没有过错,应予免责。
(6)Securities company F is not liable for the investor’s ing to the
securities laws, sponsors take liabilities on a base of presumptive did not find
the equity transfer through a due diligence, and this can prove the fact that it has no
fault.
Law Firm G is not liable for the investor’s ing to the securities laws,
firms take liabilities on a base of presumptive did not find the equity transfer
through a due diligence, and this can prove the fact that it has no fault.
Qian is not liable for the investor’s ing to the securities laws, listed
companies take liabilities on a base of presumptive had no idea of the equity
transfer and this can prove the fact that he has no fault.
专题四 物权法 合同法


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专业词汇
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
real right
category
realtyimmovable
chattelmovable
ownership
usufruct rights
real rights for security
fruits
accessory matters
subrogation
creation
alteration
transfer
termination
take effect
物权
种类
不动产
动产
所有权
用益物权
担保物权
孳息
从物
代位物
设立
变更
转让
消灭
发生效力
certificate of ownership of an
不动产权属证书
immovable
register of immovable
rights holder
register
delivery
simplified delivery
indicated delivery
possession reformulation
construction land use rights
mortgage rights
maximum amount of mortgage
rights
pledge rights
movable pledge
pledge of rights
lien
possession
不动产登记薄
权利人
登记
交付
简易交付
指示交付
占有改定
建设用地使用权
抵押权
最高额抵押权
质权
动产质权
权利质权
留置权
占有
the restoration to the original
恢复原状
state
infringement
possess
utilize
profit
dispose
transfer the land user right
allot the land user right
circulate
侵害
占有
使用
收益
处分
出让土地使用权
划拨土地使用权
流转


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41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
an invitation to tender
transfer ofassignor
transfereeassignee
mortgagor
mortgagee
floating charge
pledgor
pledgee
document of title
negotiable securities
bill
deposit slip
warehouse receipt
bills of lading
fund
accounts receivable
lienor
招标
转让人
受让人
抵押人
抵押权人
动产浮动抵押
出质人
质权人
权利凭证
有价证券
票据
存款单
仓单
提单
基金
应收账款
留置权人
考点详解
一、物权变动
(一)物权变动的原因
物权变动的原因可分为两大类,一是基于法律行为的物权变动,二是非基于法律行为的物权变
动。
非基于法律行为的物权变动主要包括三类:
ⅠReal Right Change
ⅰReasons of real right change
The reasons of real right change can be divided into two categories, the first one is
the real right change based on the legal actions, the second one is the real right change
not based on the legal actions.
Real right change not based on the legal actions mainly includes three types:
(1)基于事实行为。因合法建造、拆除房屋等事实行为设立或者消灭物权的,自事 实行为成就
时发生效力。
(2)基于法律规定。因继承或者受遗赠取得物权的,自继承或者受遗赠开始时发生效力。
(1)Based on factual real rights are created or terminated as a result
of such factual events as the legal construction or demolition of premises, the real rights
shall take effect upon the accomplishment of the factual event.
(2)Based on provision of real rights are acquired through inheritance or
bequest, the real rights shall take effect at the commencement of the inheritance or bequest.
(3)基于公法行为。因人民法院、 仲裁委员会的法律文书或者人民政府的征收决定等,导致物
权设立、变更、转让或者消灭的,自法律文书 或者人民政府的征收决定等生效时发生效力。
非基于法律行为的物权变动不必以公示为前提。
(3)Based on public law the creation, alteration, transfer or termination
of real rights resulting from a legal document issued by the People’s Court or arbitration
committee or a requisition decision issued by the People’s Government, etc, the real rights
shall take effect upon the effectiveness of the legal document or the requisition decision
of the People’s Government, etc.


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Real right change not based on the legal actions is not necessarily based on the public
notification.
(二)物权变动的公示行为
1.动产物权变动的公示方式——交付
动产物权的设立和转让,自交付时发生效力,但法律另有规定的除外。
交付有现实交付与交付替代两种形态。
ⅱ Publication behavior of real right change
1 Publication way of chattel real right change:delivery
The creation or alienation of the real right of a chattel shall come into effect upon
delivery, unless it is otherwise prescribed by any law.
Delivery includes realistic delivery and delivery alternative.
交付替代方式包括:
(1)简易交付。动产物权设立和 转让前,权利人已经依法占有该动产的,物权自法律行为生效
时发生效力。
(2)指示交 付。动产物权设立和转让前,第三人依法占有该动产的,负有交付义务的人可以通
过转让请求第三人返还 原物的权利代替交付。
(3)占有改定。动产物权转让时,双方又约定由出让人继续占有该动产的 ,物权自该约定生效
时发生效力。
Delivery alternative methods include:
(1)Simple delivery
In case the right holder has legally possessed the chattel prior to the creation or
alienation of a chattel’s real right, the real right shall come into effect upon the
effectiveness of the legal action.
(2)Direction delivery
In case a third party has legally possessed the chattel prior to the creation or
alienation of a chattel’s real right, the person assuming the obligation of delivery may,
instead of delivery, alien the right to request the third party to return the original object.
(3)Changeable possession
In case both parties agree to let the alienator continuously possesses the chattel when
the real right of a chattel is alienated, the real right shall go into effect upon the
effectiveness of the agreement.
2.不动产物权变动的公示方式——登记
不动产物权的设立 、变更、转让和消灭,经依法登记,发生效力;未经登记,不发生效力,但
法律另有规定的除外。
ation way of immovable real right change: register
Until it is registered in accordance with law, the creation, alteration, alienation
or termination of the real right of immovable shall come into effect; unless it is otherwise
prescribed by any law, it shall have no effect if it is not registered in accordance with
law.
二、共有
共有人对共有的不动产或者动产没有约定为 按份共有或者共同共有,或者约定不明确的,除共
有人具有家庭关系等外,视为按份共有。按份共有人对 共有的不动产或者动产享有的份额,没有约
定或者约定不明确的,按照出资额确定;不能确定出资额的, 视为等额享有。
Ⅱ Co-ownership
Where it is not stipulated, or if the stipulation is unclear, whether the co-owned
immovable or movable is under divided co-ownership or joint ownership, it shall be
considered as a divided co-ownership unless there is a family relationship among the
co-owners.


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A divided co-owner’s share of an immovable or movable shall be decided according to
his amount of capital contribution where no stipulation or unclear stipulation
it is impossible to determine the amount of capital contribution, each divided co-owner
shall enjoy an equal share.
1.共有物的管理
处分共有的不动 产或者动产以及对共有的不动产或者动产作重大修缮的,应当经占份额三分之
二以上的按份共有人或者全 体共同共有人同意,但共有人之间另有约定的除外。对共有物的管理费
用以及其他负担,有约定的,按照 约定;没有约定或者约定不明确的,按份共有人按照其份额负担,
共同共有人共同负担。
ment of collectively owned properties
As regards the disposal or major repair of a co-owned immovable or movable, unless the
co-owners stipulate otherwise, the consent of at least two- thirds of the divided co-owners
or all joint owners shall be obtained.
Where a stipulation exists in regard to management expenses or any other liabilities
of a co- owned immovable or movable, such stipulation shall no stipulation or
unclear stipulation exists, expenses shall be assumed by the divided co-owners in accordance
with their respective shares or commonly assumed by all joint owners.
2.对外债权债务的效力
因共有的不动产或者动产产生的债权债务,在对外关系上,共有人享有连 带债权、承担连带债
务,但法律另有规定或者第三人知道共有人不具有连带债权债务关系的除外;在共有 人内部关系上,
除共有人另有约定外,按份共有人按照份额享有债权、承担债务,共同共有人共同享有债 权、承担
债务。偿还债务超过自己应当承担份额的按份共有人,有权向其他共有人追偿。
iveness of external creditor’s right and debt
An obligee’s creditor’s right or liabilities generated from a co-owned immovable or
movable, unless otherwise prescribed by any law or the third party is aware of the fact
that the co-owner does not have the relationship of joint or divided creditor’s right or
liabilities, a co-owner shall hold joint or divided creditor’s right or undertake joint
or divided liabilities in terms of an external relationship.
In terms of an internal relationship among the co-owners, unless it is otherwise
stipulated, a divided co-owner shall hold the creditor’s right or undertake liabilities
on the basis of his own share, while joint owners shall enjoy the creditor’s right or
undertake liabilities on a common any divided co-owner overpays his share of
the debt, he has the right to recover the overpaid amount from the other co-owners.
三、善意取得制度
1.善意取得的构成要件
无处分权人将不动产或者动产转让给受让人的,所有权人有权追回;除法 律另有规定外,符合
下列情形的,受让人取得该不动产或者动产的所有权:(1)受让人受让该不动产或 者动产时是善意
的;(2)以合理的价格转让;(3)转让的不动产或者动产依照法律规定应当登记的已 经登记,不
需要登记的已经交付给受让人。
Ⅲ System of Bona Fide Acquisition
constitutive requirements of bona fide acquisition
Where a person without disposal rights of an immovable or movable transfers the
immovable or movable to an assignee, the owner is entitled to recover the immovable or
movable.
Unless otherwise prescribed by law, the assignee shall obtain the ownership of the
immovable or movable if all of the following conditions are met: (1)Acceptance of the
immovable or movable in good faith;(2)Purchase of the immovable or movable at a reasonable
price;


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and (3)Registration of the transferred immovable or movable where registration is
required by registration is not required, the immovable or movable has been
delivered to the assignee.
2.遗失物的处理
遗失物不适用善意取得制度,所有权人或者其他权利人有权追回遗 失物。该遗失物通过转让被
他人占有的,权利人有权向无处分权人请求损害赔偿,或者自知道或者应当知 道受让人之日起二年
内向受让人请求返还原物,但受让人通过拍卖或者向具有经营资格的经营者购得该遗 失物的,权利
人请求返还原物时应当支付受让人所付的费用。权利人向受让人支付所付费用后,有权向无 处分权
人追偿。
ents of lost property
Lost property is not suitable for system of bona fides owner or any other
right holder has the right to recover a lost the lost property is possessed
by any other person through transference, the owner has the right to require the person
without disposal right to compensate for damages, or, require the assignee to return the
original property within 2 years of the date the owner becomes aware of the assignee.
Where the assignee purchases the lost property through auction or from a qualified
operator, the right holder shall, when requesting the return of the original property, pay
the assignee the amount the assignee paid for purchasing the paying the
amount to the assignee, the owner has the right to recover said amount from the person without
disposal right of the property.
3.善意取得的法律效果
善意受让人取得动产后,该动产上的原有权利消灭,但善意 受让人在受让时知道或者应当知道
该权利的除外。原权利人有权向无权处分人请求损害赔偿。
legal effects for the bona fide acquisition
After a bona fide assignee obtains a moveable, the original rights on the moveable shall
be terminated, unless the bona fide assignee is already aware or ought to be aware of the
rights when the transfer is al right holder has the right to claim compensation
to persons without disposal rights of the moveable.
四、担保物权之抵押权
1.抵押权的设定
(1)流押条款
抵押权人 在债务履行期届满前,不得与抵押人约定债务人不履行到期债务时抵押财产归债权人
所有。如果在抵押合 同中约定此内容,该内容无效,但不影响抵押合同其他部分的效力。
Ⅳ Real Rights for Security—Mortgage Right
on of mortgage right
(1)Liquid mortgage terms
The mortgagee and the mortgagor may not, prior to the expiration of the time limit for
paying debts, stipulate that the ownership of the mortgaged property will be attributed
to the obligee when the obligor fails to pay its due debts.
Such stipulation shall become invalid if written in the mortgage
invalidity of the fluidity provision does not affect the effectiveness of other provisions
in the contract.
(2)抵押登记
①登记生效。以建筑物和其他土地附着物、建设用地使用权、以招标、拍卖、公开 协商等方式
取得的荒地等土地承包经营权以及正在建造的建筑物抵押的,抵押权自登记时设立。
(2)Mortgage registration
①Registration buildings and other objects fixed to land, construction
land use rights, land contractual operating rights of land such as barren land, etc that


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is acquired through invitation to tender, auction and public consultation, etc., and a
building under construction are mortgaged, the mortgage right shall be established from
the date of registration.
②登记对抗。以生产设备、原材料、半成品、产品 、交通运输工具以及正在建造的船舶、航空
器抵押的,抵押权自抵押合同生效时设立,未经登记,不得对 抗善意第三人。
另外,浮动抵押之抵押权亦自抵押合同生效时设立,未经登记,不得对抗善意第三 人。并且,
浮动抵押不得对抗正常经营活动中已支付合理价款并取得抵押财产的买受人。
② Registration manufacturing facilities, raw materials,
semi-manufactured goods and finished products, means of communications and transportation,
vessels and aircraft under construction are mortgaged, the mortgage right shall be
established from when the mortgage contract comes into the mortgage has not been
registered, the parties concerned may not challenge any bona fide third party.
In addition, floating mortgage right shall be established since the mortgage contract
comes into effect, if the mortgage has not been registered, the parties concerned may not
challenge any bona fide third regard to floating mortgage, the parties concerned
may not challenge a buyer who has paid a reasonable price and obtained the mortgaged property
in the course of normal business activities.
2.抵押与租赁
订立抵押合同前抵押财产已出租的,原租赁关系不受该抵押权的影响。抵押权设立 后抵押财产
出租的,该租赁关系不得对抗已登记的抵押权。
ge and lease
Where the mortgaged property has been leased prior to entering into of the mortgage
contract, the original leasehold relations may not be affected by the mortgage
it is leased after the establishment of the mortgage right, the leasehold relation may not
challenge the registered mortgage right.
3.抵押物转让的限制
(1)抵押期间,抵押人经抵押权人同意转让抵押财产的,应当将转让所得的价款向抵押权人提
前清偿债 务或者提存。转让的价款超过债权数额的部分归抵押人所有,不足部分由债务人清偿。
(2)抵押 期间,抵押人未经抵押权人同意,不得转让抵押财产,但受让人代为清偿债务消灭抵
押权的除外。
ctions on mortgage transfer
(1)Where a mortgagor alienates, upon consent of the mortgagee, the mortgaged property
during the mortgage period, the money collected from such alienation shall be used to pay
off debts to the mortgagee in advance or be submitted to a competent authority for
value exceeding the obligee’s rights shall be attributed to the mortgagor,
and the gap shall be paid off by the obligor.
(2)Without the mortgagee’s consent, a mortgagor may not alienate the mortgaged property
during the mortgage period, unless the transferee pays off the debts on behalf of the
mortgagor so as to terminate the mortgage right.
4.抵押权顺位
抵押权人可以放弃抵押权或者抵 押权的顺位。抵押权人与抵押人可以协议变更抵押权顺位以及
被担保的债权数额等内容,但抵押权的变更 ,未经其他抵押权人书面同意,不得对其他抵押权人产
生不利影响。
sequence of the mortgage right
A mortgagee may abandon the mortgage right or the sequence thereof.A mortgagee and a
mortgagor may, through negotiations, alter the sequence of the mortgage right or the amount
of secured obligee’s rights, etc., however, such alteration may not produce unfavorable
influences on any other mortgagee without the written consent thereof.


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债 务人以自己的财产设定抵押,抵押权人放弃该抵押权、抵押权顺位或者变更抵押权的,其他
担保人在抵押 权人丧失优先受偿权益的范围内免除担保责任,但其他担保人承诺仍然提供担保的除
外。
Where an obligor creates the mortgage by itshis own properties, and the mortgagee
abandons the mortgage right or the sequence thereof or alters such mortgage right, other
security providers shall, within the scope for which said mortgagee has lost the right to
seek preferred payments, be exempted from the security liability, unless any of other
security providers promises to provide the security all the same.
5.孳息收取权
债务人不履行到期债务或者发生当事人约定的实现抵押权的情形,致使抵押财产被人民法院依
法扣押的,自扣押之日起抵押权人有权收取该抵押财产的天然孳息或者法定孳息,但抵押权人未通
知应 当清偿法定孳息的义务人的除外。抵押权人所收取的孳息应当先充抵收取孳息的费用。
collection right
When the obligor fails to pay itshis due debts or any circumstance as stipulated by
the parties concerned for realizing the mortgage right arises, and the mortgaged property
is thus seized by the People’s Court in accordance with law, the mortgagee has the right
to collect natural or statutory fruits of the mortgaged property as of the date of seizure,
unless the mortgagee has failed to inform the subject liable to pay off statutory fruits.
The statutory fruits collected by mortgagee shall be firstly used for paying the
collection expenses thereof.
6.优先受偿权
债务人不履行到期债务或者发生当事人约定的实现抵押权的情形,抵押权人可以与 抵押人协议
以抵押财产折价或者以拍卖、变卖该抵押财产所得的价款优先受偿。
of preferential payments
When the obligor fails to pay his due debts or any circumstance as stipulated by the
parties concerned for realizing mortgage rights arises, upon negotiation with the mortgagor,
the mortgagee may convert the mortgaged property into cash or seek preferential payments
from the money generated from the auction or sale of the mortgaged property.
7.抵押权的实现
抵押财产折价或者拍卖、变卖后,其价款超过债权数额的部分归抵押人所有,不足部分由债务
人清偿。
同一财产向两个以上债权人抵押的,拍卖、变卖抵押财产所得的价款依照下列规定清偿:
(1)抵押权已登记的,按照登记的先后顺序清偿;顺序相同的,按照债权比例清偿;
(2)抵押权已登记的先于未登记的受偿;
(3)抵押权未登记的,按照债权比例清偿。
ation of mortgage right
The value exceeding the obligee’s rights shall be attributed to the mortgagor, and
the gap shall be paid off by the obligor, after the mortgaged property has been converted
into money, auctioned or sold off.
In case the same property is mortgaged to two or more obligees concurrently, the proceeds
collected from the auction or sale of the mortgaged property shall be used for paying debts
in light of the prescriptions as follows:
(1)In case all the mortgage rights have been registered, the payments shall be made
according to the registration sequence; and where the sequence is the same, the payments
shall be made on the basis of the proportion of obligee’s rights;
(2)The registered mortgage right shall be cleared off prior to the unregistered one;
and


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(3)In case mortgage right has not been registered, the payments shall be made on basis
of the proportion of obligee’s rights.
五、担保物权之质权
1.质权的设定
(1)流质条款之禁止
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。
(2)质权的设定
动产质权自出质人交付质押财产时设立。
Ⅴ Real Right for Security—Pledge Right
right establishment
(1)Fluidity clause prohibition
The pledgee and the pledgor may not, prior to the time limit for paying debts expires,
stipulate that the ownership of pledged properties will be attributed to the obligee when
the obligor fails to pay due debts.
(2)Pledge right establishment
The chattel pledge right shall be established after the pledgor has delivered the
pledged properties.
以汇票、支票、本票、债券、存款单、仓单、提单出质的,当事人应当订 立书面合同。质权自
权利凭证交付质权人时设立;没有权利凭证的,质权自有关部门办理出质登记时设立 。
The parties concerned shall conclude a written contract for the pledge of a money order,
check, cashier’s check, bond, deposit receipt, warehouse receipt or bill of
pledge right shall be established after the delivery of the title certificate to the
case there is no title certificate, the pledge right shall be established after
the related department has handled the registration of the pledge.
以基金份 额、股权出质的,当事人应当订立书面合同。以基金份额、证券登记结算机构登记的
股权出质的,质权自 证券登记结算机构办理出质登记时设立;以其他股权出质的,质权自工商行政
管理部门办理出质登记时设 立。
The parties concerned shall enter into a written contract for the pledge of fund units
or stock regards the pledge of fund units or the stock rights that are registered
in the securities depository and clearing institution, the pledge right shall be established
after the securities depository and clearing institution has handled the registration of
the pledge.
As regards the pledge of other stock rights, the pledge right shall be established after
the administrations for industry and commerce has handled the registration of the pledge.
以注册商标专用权、专利权、著作权等知识产权中的财产权出质的,当事人应当订立书面合同。
质权自有 关主管部门办理出质登记时设立。
以应收账款出质的,当事人应当订立书面合同。质权自信贷征信机构办理出质登记时设立。
As regards the pledge of property rights in the intellectual property such as registered
trademark rights, patent rights, copyrights,etc, the parties concerned shall enter into
a written contract, and the pledge right shall be established after the related competent
authority has handled the registration of the pledge.
As regards the pledge of receivables, the parties concerned shall enter into a written
contract, and the pledge right shall be established after the related credit rating
institution has handled the registration of the pledge.
2.质物处分限制
质 权人在质权存续期间,未经出质人同意,擅自使用、处分质押财产,给出质人造成损害的,
应当承担赔偿 责任。质权人在质权存续期间,未经出质人同意转质,造成质押财产毁损、灭失的,


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应当向出质人承担赔偿责任。
tion of disposing pledge
Where a pledgee, without consent of the pledgor, illegally uses or disposes of the
pledged properties within the duration of the pledge right, and thus damages are caused
to the pledgor, he shall make compensations.
Where a pledgee transfers, without consent of the pledgor, the pledge within the
duration of the pledge right, and thus destroy or loss are caused to the pledged properties,
he shall make compensations to the pledgor.
基金份额、股权出质后,不得转 让,但经出质人与质权人协商同意的除外。出质人转让基金份
额、股权所得的价款,应当向质权人提前清 偿债务或者提存。
After the fund units or stock rights have been pledged, unless it is otherwise agreed
to by the pledgor and the pledgee upon negotiations, they may not be regards
the money incurred from the transfer of fund units or stock rights, the pledgor shall fulfill
the obligee’s rights to the pledgee in advance, or submit it to a competent authority for
keeping.
知识产权中的财产权出质后,出质人不得转让或者许可他人使用,但经 出质人与质权人协商同
意的除外。出质人转让或者许可他人使用出质的知识产权中的财产权所得的价款, 应当向质权人提
前清偿债务或者提存。
After the property rights in the intellectual property have been pledged, unless it
is otherwise agreed to between the pledgor and the pledgee upon negotiations, the pledgor
may not alienate the pledge or permit anyone else to use it.
As regards the money incurred from the alienation of the pledged intellectual property
or the permission of anyone else to use it, the pledgor shall use it to fulfill the obligee’
s rights in advance, or submit it to a competent authority for keeping.
应收账款出质后,不得转让,但经出质人与质权人协商同意的除外。出 质人转让应收账款所得
的价款,应当向质权人提前清偿债务或者提存。
After the receivables have been pledged, unless it is otherwise agreed on by the pledgor
and the pledgee upon negotiations, the pledgor may not alienate the pledged
regards money incurred form the alienation of accounts receivable, the pledgor shall use
it to fulfill the obligee’s rights in advance, or submit it to a competent authority for
keeping.
3.质权的效力
动产质 权的效力及于质物的从物。但是,从物未随同质物移交质权人占有的,质权的效力不及
于从物。质权人有 权收取质押财产的孳息,但合同另有约定的除外。所收取的孳息应当先充抵收取
孳息的费用。
effectiveness of pledge right
The effectiveness of chattel pledge affects the appurtenance of pledged
the appurtenance is not transferred together with the pledged properties to the pledgee,
the effectiveness of pledge does not affect the appurtenance.
Unless it is otherwise stipulated in the contract, a pledgee has the right to obtain
the fruits of the pledged fruits received shall be firstly used for paying
the expenses for collecting the fruits.
六、担保物权之留置权
1.留置权的成立条件
(1)债权人须合法占有债务人动产。
(2)债权已届清偿期。
(3)债权人留置的动产,应当与债权属于同一法律关系,但企业之间留置的除外。
Ⅵ Real Right for Security—Lien


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ishing conditions for lien
(1)The creditor should legally occupy the chattel of debtor.
(2)The liquidation period of the obligatory right becomes due.
(3)The chattels taken as lien by the obligee and the obligee’s rights shall fall
into a same legal relationship, except for the lien between enterprises.
2.留置物的范围
留置财产为可分物的,留置财产的价值应当相当于债务的金额。
scope of lien object
Where a property under lien is a divisible object, its value shall be equal to the amount
of debts.
3.孳息收取权
留置权人有权收取留置财产的孳息。所收取的孳息应当先充抵收取孳息的费用。
to obtain the fruits
A lienor has the right to obtain the fruits generated from the property under
fruits obtained should firstly offset the expense which is used for collecting fruits.
4.抵押权、质权与留置权的效力等级
同一动产上已设立抵押权或者质权,该动产又被留置的,留置权人优先受偿。
iveness levels of mortgage right, pledge right and lien
The lienor has the right to seek preferred payments in case the right to mortgage or
the right of pledge has been established on a chattel before it is taken as lien.
5.留置权消灭
留置权人对留置财产丧失占有或者留置权人接受债务人另行提供担保的,留置权消灭。
ation of lien
The lien shall terminate where a lienor loses possession of the property under lien
or accepts another form of guarantee from the obligor.
二、合同法
专业词汇
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contract law
bilateral contract
unilateral contract
gratuitous contract
consensual contract
principal contract
accessory contract
concludeenter into
performfulfill
written form
oral form
relatedconcerning parties
offer
acceptance
offeror
offeree
withdraw
revoke
subject matter
合同法
双务合同
单务合同
无偿合同
诺成合同
主合同
从合同
订立(合同)
履行(合同)
书面形式
口头形式
当事人
要约
承诺
要约人
受要约人
撤回
撤销
标的物


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quality
quantity
remuneration
substantial modification
transaction practices
data-telex
recipient
telegram
postmark
void contract
voidable contract
counterpart
principal
ratify
valid
invalid
right to defense in the
performance
质量
数量
报酬
实质性变更
交易习惯
电文形式
收件人
电报
邮戳
无效合同
可撤销合同
相对人
委托人,被代理人
追认
有效
无效
履行抗辩权
effectiveness-pending contract 效力待定合同
right to defense of simultaneous
同时履行抗辩权
performance
pre-perform plead rights 先履行抗辩权
right to defense of uncertain
不安抗辩权
performance
evade debts
creditworthiness
supplementary terms
subrogation rights
right of revocation
obligor
obligee
secondary obligor
third party
deliver
escrow
terminate
offset
continue to perform its
obligations
penalty for breach of
contractliquidated damages
deposit
force majeure
guaranty contract
逃避债务
信誉
协议补充
代位权
撤销权
债务人
债权人
次债务人
第三人
交付
提存
解除
抵销
继续履行
违约金
定金
不可抗力
保证合同


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guarantor
guarantee
warranty
right of plea for preference
claim
general guaranty
joint liability guaranty
common guaranty
simply guaranty
functional departments
branch
state organs
limitation of action
judgment
arbitration award
contract for the sale
seller
buyer
the first carrier
risk
sale by installment payment
sale by trial
inspection
leasing contract
non-term lease
lessee
lessor
maintenance or repair
contract for construction
project
sub-contract
sub-package
保证人
被保证人
担保书
先诉抗辩权
一般保证
连带责任保证
共同保证
单独保证
职能部门
分支机构
国家机关
诉讼时效
判决
仲裁裁决
买卖合同
出卖人
买受人
第一承运人
风险
分期付款买卖
试用买卖
检验
租赁合同
不定期租赁
承租人
出租人
维修
建设工程合同
转包
分包
the privilege right for project
工程款优先权
funds
technology contracts 技术合同
technology development contract 技术开发合同
technology transfer contracts 技术转让合同
Monopolize (V.)
impair
job-related technology
the patent technology
the non- patent technology
developer
free
垄断
妨碍
职务技术成果
专利技术
非专利技术
开发人
免费


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101
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exploit
commissioned development
cooperative development
assignment of patent
利用
委托开发
合作开发
专利权转让
assignment of patent application
专利申请权转让
right
patent licensing 专利实施许可
考点详解

一、合同订立程序
1.要约
(1)要约与要约邀请
要约是希望和他人订立合同的意思表示。
要约邀请是希望他人向自己发出要约的意思 表示。寄送的价目表、拍卖公告、招标公告、招股
说明书、商业广告等为要约邀请。商业广告的内容符合 要约规定的,视为要约。
ⅠProcedures of Contract Formation

(1)Offer and invitation to offer
An offer is a party’s manifestation of intention to enter into a contract with the
other party.
An invitation to offer is a party’s manifestation of intention to invite the other
party to make an offer there to.A delivered pricelist, announcement of auction, call for
tender, prospectus, or commercial advertisement, etc, is an invitation to offer.
(2)要约的生效时间
要约到达受要约人时生效。采用数据电文形式订立合同,收件 人指定特定系统接收数据电文的,
该数据电文进入该特定系统的时间,视为到达时间;未指定特定系统的 ,该数据电文进入收件人的任
何系统的首次时间,视为到达时间。
(2)Effective time of offer
An offer becomes effective when it reaches the a contract is concluded
by the data message, if the recipient of a data message has designated a specific system
to receive it, the time when the data message enters into such specific system is deemed
as its time of arrival; if no specific system has been designated, the time when the data
message first enters into any of the recipient’s systems is deemed as its time of arrival.
(3)要约的撤回与撤销
要约可以撤回。撤回要约的通知应当在要约到达受要约人之前或者与要约同时到达受要约人。
要约可以撤销。撤销要约的通知应当在受要约人发出承诺通知之前到达受要约人。
有下列情形之一的,要约不得撤销:
① 要约人确定了承诺期限或者以其他形式明示要约不可撤销;
② 受要约人有理由认为要约是不可撤销的,并已经为履行合同作了准备工作。
(3)Offer withdrawal and revocation
An offer may be notice of withdrawal shall reach the offeree before or
at the same time as the offer.
An offer may be notice of revocation shall reach the offeree before it has
dispatched a notice of acceptance.
An offer may not be revoked, if
①it expressly indicates, whether by stating a fixed time for acceptance or otherwise,
that it is irrevocable;


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②the offeree has reasons to regard the offer as irrevocable, and has undertaken
preparation for performance.
(4)有下列情形之一的,要约失效:
①拒绝要约的通知到达要约人;
②要约人依法撤销要约;
③承诺期限届满,受要约人未作出承诺;
④受要约人对要约的内容作出实质性变更。
(4)An offer is extinguished in any of the following circumstances:
①The notice of rejection reaches the offeror;
②The offer or lawfully revokes the offer;
③The offeree fails to dispatch its acceptance at the end of the period for acceptance;
④The offeree makes a material change to the terms of the offer.
2.承诺及承诺的生效
承诺(即接受提议),是指受要约人同意要约的意思表示。
An acceptance is the expression of an intention that the offeree assents to the offer.
(1)承诺自通知到达要约人时生效。
An acceptance becomes effective when its notice reaches the offeror.
(2)要约以信件或电报作出的,承诺期限自信件载明的日期或电报交发之日起开始计算;信件未载明日期的,自投寄该信件的邮戳日期开始计算。
Where an offer is made by letter or telegram, the time limit for acceptance shall accrue
from the date shown in the letter or from the date on which the telegram is handed in for
no such date is shown in the letter, it shall accrue from the postmark date
on the envelope.
(3)受要约人超过承诺期限发出承诺的,除要约人及时通知受要约人该承诺有效的以外,为新
要约。
Where an offeree makes an acceptance beyond the time limit for acceptance, the
acceptance shall be a new offer except that the offeror promptly informs the offeree of
the effectiveness of the said acceptance.
(4)受要约 人在承诺期限内发出承诺,按照通常情况能够及时到达要约人,但因其他原因致使
承诺到达要约人时超过 承诺期限的,为迟到承诺,除要约人及时通知受要约人因承诺超过期限不接
受该承诺的以外,该承诺有效 。
If the offeree dispatched the acceptance within the time limit specified for acceptance,
and under normal circumstances the acceptance would have reached the offeror in due time,
but due to other reasons the acceptance reaches the offeror after the time limit for
acceptance has expired, such acceptance shall be effective, unless the offeror notifies
the offeree in a timely manner that he does not accept the acceptance due to exceeding the
time limit.
二、合同的履行
(一)合同履行的规则
1.约定不明时合同内容的确定规则
合同生效后,当事人就质量、价款或者报酬、履行地点等内容 没有约定或者约定不明确的,可
以协议补充;
Where, after the contract becomes effective, there is no agreement in the contract
between the parties on such contents as quality, price or remuneration, or place of
performance and so on, or such agreement is ambiguous, the parties may agree upon
supplementary terms through negotiation;
不能达成补充协议的,按照合同有关条款或者交易习惯确定。
If a supplementary agreement cannot be reached, such terms shall be determined in


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accordance with the relevant provisions of the contract or the transaction practices.
如果仍然不能确定的,适用下列履行规则:
If the methods mentioned-above fail, they can follow the regulations below:
(1)质量要求不明确的,按照国家标准、行业标准履行 ;没有国家标准、行业标准的,按照通
常标准或者符合合同目的的特定标准履行。
if quality requirement is not clear, performance shall be in accordance with the state
standard or industry standard; if no these standards, performance shall be in accordance
with the customary standard or any particular standard consistent with the purpose of the
contract;
(2)价款或者报酬不明确的,按照订立合同时履行地的市场价格履行。
If price or remuneration is not clear, performance shall be in accordance with the
prevailing market price at the place of performance at the time the contract was concluded;
(3)履行地点不明确的 ,给付货币的,在接受货币一方所在地履行;交付不动产的,在不动产
所在地履行;其他标的,在履行义 务一方所在地履行。
where the place of performance is not clear, if the obligation is payment of money,
performance shall be at the place where the payee is located; if the obligation is delivery
of immovable property, performance shall be at the place where the immovable property is
located; for any other subject matter, performance shall be effected at the place of location
of the party fulfilling the obligations.
(4)履行期限不明确的,债务人可以随时履行,债权人也可以随时要 求履行,但应当给对方必
要的准备时间。
If the time of performance is not clear, the obligor may perform, and the obligee may
require performance, at any time, provided that the other party shall be given the time
required for preparation;
(5)履行方式不明确的,按照有利于实现合同目的的方式履行。
If the method of performance is not clear, performance shall be exercised in a manner
which is benefit to realize the purpose of the contract;
(6)履行费用的负担不明确的,由履行义务的一方负担。
If the responsibility for the expenses of performance is not clear, the party fulfilling
the obligations shall bear the expenses.
2.向第三人履行和由第三人履行
(1)当事人约定由债务人向第三人履行债务的,债务人未向第 三人履行债务或者履行债务不符
合约定,应当向债权人承担违约责任。
Where the parties agree that the obligor shall perform the obligations to a third party,
and the obligor fails to perform its obligations to such third party or its performance
of the obligations is not in conformity with the agreement, the obligor shall be liable
to the obligee for breach of contract.
(2)当事人约定由第三人 向债权人履行债务,第三人不履行债务或者履行债务不符合约定,债
务人应当向债权人承担违约责任。
Where the parties agree that a third party performs the obligations to the obligee,
and the third party fails to perform the obligations or the performance is not in conformity
with the agreement, the obligor shall be liable to the obligee for breach of contract.
(二)代位权
1.代位权行使的条件
债权人提起代位权诉讼,应当符合下列条件:(1)债权人对债务人的债权 合法。(2)债务人
怠于行使其到期债权,对债权人造成损害。(3)债务人的债权已到期。(4)债务 人的债权不是专
属于债务人自身的债权。所谓专属于债务人自身的债权,是指基于扶养关系、抚养关系、 赡养关系、


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赔 偿请求权等权利。
Subrogation right
Conditions of executing subrogation right
If creditor files a suit relating to subrogation right, the following conditions should
be met: (1)Obligatory right to the debtor enjoyed by creditor is legal
(2)The obligor is remiss in exercising its due creditor’s right, thereby harming
the obligee’s interests (3)Obligatory right of the debtor becomes due (4)The creditor’
s right does not exclusively belong to the obligor.
The creditor’s right exclusively belongs to the obligor, which means payments rights
based on support relationship, fostering relationship and inheritance relationship, and
compensation rights based on remuneration, pension, annuity, consolation money, settlement
allowance, life insurance and personal injury, etc.
2.代位权诉讼中的主体及管辖
在 代位权诉讼中,债权人是原告,次债务人是被告,债务人为诉讼上的第三人。因此在代位权
诉讼中,如果 债权人胜诉的,由次债务人承担诉讼费用,且从实现的债权中优先支付。其他必要费
用则由债务人承担。 代位权诉讼由被告住所地人民法院管辖。
Subject and administration in subrogation right suit
In subrogation right suit, the creditor is plaintiff, sub-debtor is defendant, the
debtor is third the creditor wins the case, the sub-debtor shall bear the litigation
expenses which shall be paid as a priority from the realized creditor’s right.
The rest necessary expenses shall be borne by the subrogation right suit
is administrated by the People’s Court where the defendant is located.
3.代位权行使的法律效果
债权人的债权就代位权行使的结果有优先受偿权利。
Legal effectiveness of executing subrogation right
The creditor has the right of preferred payment for its creditor’s right as a result
of subrogation.
(三)撤销权
债权人可以行使撤销权的情形有:
(1)放弃债权(到 期、未到期均可)、放弃债权担保或者恶意延长到期债权的履行期,对债权
人造成损害;
(2)无偿转让财产,对债权人造成损害;
(3)以明显不合理的低价转让财产或者以明显不合理 的高价收购他人财产,对债权人造成损害,
并且受让人知道该情形。
Right of rescission A creditor may exercise the right of rescission in the following
circumstances:
(1)Waiving creditor’s rights (due and undue rights are all included), creditor’
s right security or postpone the term of creditor’s right, which results in damage to the
creditor;
(2)Transferring the property free of charge, which results in damage to the creditor;
(3)Transferring the property at an obviously unreasonable low price or purchasing
the property of others at an obviously reasonable high price, which results in damage to
the creditor and the transferee knows the situation.
三、合同的担保之保证
1.保证合同
保证合同为要式合同,但在实践中要注意下列 问题:(1)保证人在债权人与被保证人签订的订
有保证条款的主合同上,以保证人身份签字或者盖章的 ,保证合同成立。(2)第三人单方以书面形


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式向债权人出具担保书,债权人接受且未提出异议的,保证合同成立。(3 )主合同中虽然没有保证
条款,但是,保证人在主合同上以保证人的身份签字或者盖章的,保证合同成立 。
Contract Warranty—Guarantee
Guarantee contract
Guarantee contract is formal contract, the following problems should be paid attention:
(1)guarantee contract is established when the warrantor signs or stamps on the principle
contract between the creditor and the warrantee where there are warranty provisions.
(2)Where a creditor accepts, without objection, a written guarantee that is
unilaterally provided by a third party, the guarantee contract shall be regarded as valid.
(3)A guarantee contract is also established even if there are no warranty provisions in
the principal contract, provided that the warrantor signs or stamps on the principal
contract.
2.保证方式
因为保证人承担 责任方式的不同,可以将保证分为一般保证和连带责任保证。如果当事人在保
证合同中对保证方式没有约 定或者约定不明确的,按照连带责任保证承担保证责任。一般保证的保
证人享有先诉抗辩权,连带责任保 证的保证人则不享有。
Methods of guarantee
Guarantee can be classified into ordinary guaranty and joint liability guarantee
according to the methods of assuming liabilities by warrantor.
Where there is no arrangement or no clear arrangement on the methods of guarantee, the
debtor and the warrantor shall assume joint guarantee warrantor involved
in an ordinary guarantee has the pre-litigation demur right against the creditor while the
warrantor involved in a joint liability guarantee does not have the pre-litigation demur
right.
但有下 列情形之一的,保证人不得行使先诉抗辩权:(1)债务人住所变更,致使债权人要求其
履行债务发生重 大困难的;(2)人民法院受理债务人破产案件,中止执行程序的;(3)保证人以
书面形式放弃先诉抗 辩权的。
The warrantor may not exercise the pre- litigation demur right in any of the following
circumstances: (1)The debtor changes its domicile, resulting in major difficulty for the
creditor to request debt repayment; (2)The bankruptcy procedures are suspended after the
People’s Court accepts the debtor’s bankruptcy application; (3)The warrantor gives up
the pre-litigation demur right in written form.
3.保证责任
(1)保证责任的范围
保证担保的责任范围包括主债权及利息、违约 金、损害赔偿金和实现债权的费用。保证合同对
责任范围另有约定的,按照约定执行。当事人对保证担保 的范围没有约定或者约定不明确的,保证
人应当对全部债务承担责任。
Guarantee liabilities
(1)The scope of guarantee liabilities
The scope of guarantee includes the principal debts and interest, default fine, damage
compensation and expenses for the realization of the creditor’s guarantee
contract regulates the contract liability additionally, it should be performed according
to the agreement.
If parties involved do not agree on or do not clearly agree on the scope of guarantee
liabilities, the warrantor should assume the liability as to whole debt.
(2)主合同变更与保证责任承担
保证期间,债权人依法将主债权转让给第三人,保证债权同时转 让,保证人在原保证担保的范
围内对受让人承担保证责任。


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(2)Alternation of principal contract and guarantee liabilities assumption
When the creditor transfers the principal creditor’s right to a third party according
to legal procedures during the guaranty period and the guarantee obligation is transferred
simultaneously, the guarantor shall continue to assume the guarantee liabilities within
the original scope.
保 证期间,债权人许可债务人转让债务的,应当取得保证人书面同意,保证人对未经其同意转
让的债务部分 ,不再承担保证责任。
保证期间,债权人与债务人协议变更主合同的,应当取得保证人书面同意。 未经保证人同意的
主合同变更,如果减轻债务人的债务的,保证人仍应当对变更后的合同承担保证责任; 如果加重债
务人的债务的,保证人对加重的部分不承担保证责任。
When the debtor, with the approval of the creditor, transfers the debt during the
guaranty period, it shall obtain a written approval from the warrantor, otherwise the
warrantor will assume no more guarantee liability over the debts transferred without its
approval.
When the creditor and the debtor change the principal contract during the guaranty
period, they shall obtain a written approval from the for the change without
the warrantor’s written approval, the warrantor shall continue to assume the guarantee
liabilities if the guaranteed debts are made lighter, and shall assume no guarantee
liabilities for the extra part if the guaranteed debts are made heavier.
(3)保证期间与保证的诉讼时效
保证期间为保证责任的存续期间,是债权人向保证人行使追索权 的期间。债权人没有在保证期
间主张权利的,保证人免除保证责任。
(3)Guaranty period and the limitation period for action
The guaranty period is the duration of guaranty liability, which is the period that
the creditor can exercise right of recourse to the the creditor does not claim
its right within the period, the warrantor will not assume guaranty liabilities.
当事人可以在合同中约定保证期间。如果没有约定 的,保证期间为6个月。在连带责任保证的
情况下,债权人有权自主债务履行期届满之日起6个月内要求 保证人承担保证责任;在一般保证场
合,债权人应自主债务履行期届满之日起6个月内对债务人提起诉讼 或者申请仲裁。保证合同约定
的保证期间早于或者等于主债务履行期限的,视为没有约定。保证合同约定 保证人承担保证责任,
直至主债务本息还清时为止等类似内容的,视为约定不明,保证期间为主债务履行 期届满之日起2
年。
The parties may make arrangement as to guaranty period in the it is not
arranged, the guaranty period is 6 joint liability guaranty, the creditor shall
be entitled to have the right within 6 months from the date of expiration of the principal
debt performance time limitation to demand the guarantor to bear the guaranty liability.
For general guaranty, the creditor shall be entitled to have the right within 6 months
from the date of expiration of the principal debt performance time limitation to file a
case against the debtor or apply for the the guaranty period arranged in
guaranty contract is earlier than or equal to the performance duration of principal debt,
it can be seen as no arrangement.
Any stipulation in guaranty contract that the warrantor shall be liable under the
guarantee until the principal debt and interest have been paid shall be deemed as an unclear
guaranty period shall be two years from the date on which the principal
debt becomes due and payable.
保证人对债务人的注册资金提供保证的,债 务人的实际投资与注册资金不符,或者抽逃转移注
册资金的,保证人在注册资金不足或者抽逃转移注册资 金的范围内承担连带保证责任。
Where a warrantor guarantees a debtor’s registered capital, and the debtor’s actual


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investment does not accord with the registered capital or the debtor withdraws or transfers
the registered capital, the guarantor shall be jointly liable to the extent of the capital
shortfall or the amount of capital transferred.
(4)保证人的抗辩权
由于保证人承担了对债务人的保 证责任,所以保证人享有债务人的抗辩权。如债务人放弃对债
务的抗辩权,保证人仍有权抗辩,因其保证 责任并未免除。
保证人对已经超过诉讼时效期间的债务承担保证责任或者提供保证的,不得又以超 过诉讼时效
为由提出抗辩。
(4)Warrantor’s right of defense
As warrantor assumes the guarantee liability to the debtor, the warrantor has the right
of defense, even if the debtor gives up such right, the warrantor still has right of defense
because the guarantee liability is not exempted.
Where a warrantor assumes liability under a guarantee or provides a guarantee for a
debt after the limitation period for action has expired, a defense based on the limitation
period will not be entertained by the People’s Court.
(5)共同担保下的保证责任
被 担保的债权既有物的担保又有人的担保的,债务人不履行到期债务或者发生当事人约定的实
现担保物权的 情形,债权人应当按照约定实现债权;没有约定或者约定不明确,债务人自己提供物
的担保的,债权人应 当先就该物的担保实现债权;第三人提供物的担保的,债权人可以就物的担保
实现债权,也可以要求保证 人承担保证责任。提供担保的第三人承担担保责任后,有权向债务人追
偿。
(5)Joint guarantee liabilities
Where the same debt is guaranteed by both a warrantor and a property, and in case of
the debtor failing to repay the due debts or any other pre-agreed circumstance for the
realization of the real right for security: the creditor shall realize the pre-agreed
creditor’s right;
when, without agreement or clear agreement, the debtor has provided a property guaranty
for itself, the creditor shall realize the creditor’s right on such property guaranty first;
where property guaranty is provided by a third party, the creditor may realize the creditor’
s right as to property guaranty or require the warrantor to fulfill its obligation; the
third party may seek recourse against the debtor after fulfilling his guarantee liabilities.
4.保证人的追偿权
保 证人承担保证责任后,有权向债务人追偿其代为清偿的部分。保证人对债务人行使追偿权的
诉讼时效,自 保证人向债权人承担责任之日起开始计算。保证人自行履行保证责任时,其实际清偿
额大于主债权范围的 ,保证人只能在主债权范围内对债务人行使追偿权。
tor’s right of recourse
After the warrantor has borne the guaranty liability, he shall be entitled to claim
repayment from the limitation period for the warrantor to take action to recover
from the debtor is calculated from the date on which the warrantor fulfills liabilities
to the creditor.
Where a warrantor performs its liability independently and the payment he makes exceeds
the amount of the principal obligation, he may exercise the right of recourse against the
debtor only to the extent of the principal obligation.








四、合同的担保之定金
1.定金的生效
定金合同从实际交付定金之日起生效。
Contract warranty deposit


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Effective date
Deposit contract goes into effect on the date when the deposit is actually delivered.
2.定金的效力
(1)定金一旦交付,定金所有权发生移转。
(2)给付定金的一方不履行约定的债务的,无权要 求返还定金;收受定金的一方不履行约定的
债务的,应当双倍返还定金。当事人一方不完全履行合同的, 应当按照未履行部分所占合同约定内
容的比例,适用定金罚则。
Effectiveness of deposit
(1)The ownership of deposit is transferred once the deposit is delivered.
(2)If the party paying the deposit fails to perform its contracted obligation, it
has no right to demand for the return of deposit;
if the party accepting the deposit fails to perform its contracted obligations, it shall
refund twice the value of the deposit; if either party performs part of its contracted
obligations, the deposit penalty rule shall apply to the proportion of that party’s
obligations that remain unperformed.
(3)当事人约定的定金数额不得超过主合同标的额的20%。如果超过20%的,超过部分无效。
(4)因不可抗力、意外事件致使主合同不能履行的,不适用定金罚则。因合同关系以外第三人的过错,致使主合同不能履行的,适用定金罚则。受定金处罚的一方当事人,可以依法向第三人追
偿 。
(5)当事人既约定违约金,又约定定金的,一方违约时,对方可以选择适用违约金或者定金条
款。
(3)The amount of a deposit shall not exceed 20% of the value of the subject matter
of the principal part which exceeds 20% of the value of the subject matter
is invalid.
(4)Where the principal agreement is not fulfilled due to force majeure or any accident,
the deposit penalty rule shall not apply.
Where the principal agreement is not fulfilled due to the conduct of a third party
outside the contractual relationship, the deposit penalty rule shall party taking
a deposit penalty may pursue recourse against the third party according to law.
(5)If the contracting parties agree on both breach penalty and deposit penalty, and
either party is in breach, the other may only choose to apply either the breach penalty
or the deposit penalty to the beaching party.
五、违约责任
(一)违约责任的承担方式
违约责任的承担方式主要有:继续履行、补救措施、损害赔偿三种方式。
1.继续履行
当事人一方未支付价款或者报酬的,对方可以要求其支付价款或者报酬。
当事人一方不履行非金钱 债务或者履行非金钱债务不符合约定的,对方可以要求履行,但有下列
情形之一的除外:(1)法律上或 者事实上不能履行;(2)债务的标的不适于强制履行或者履行费用
过高;(3)债权人在合理期限内未 要求履行。
Ⅴ.Liability for Breach of Contract
ⅰ.Methods to undertake the liabilities for breach of contract
Methods to undertake the liabilities for breach of contract mainly include: continuing
to perform, remedial measures and compensation.
ue to perform
If a party fails to pay the price or remuneration, the other party may request it to
make the payment.


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If a party fails to perform the full or part of its non-monetary obligations or the
non- monetary obligations performed do not comply with the agreement, the counterparty may
request it to perform its obligations, except in any of the following circumstances: (1)
It is unable to be performed in law or in fact; (2)The object of liability is unfit for
compulsory performance or the expenses are excessively high; (3)The creditor does not
require performance within reasonable period of time.
2.补救措施
当事人履 行合同义务,质量不符合约定的,应当按照当事人的约定承担违约责任。对违约责任没
有约定或者约定不 明确,受损害方根据标的的性质以及损失的大小,可以合理选择要求对方承担修
理、更换、重作、退货、 减少价款或者报酬等违约责任。
al measures
Where the parties perform contract obligation and the quality fails to satisfy the
agreement, the breach of contract damages shall be borne in the manner as agreed upon by
the there is no agreement in the contract on the liability for breach of
contract or such agreement is unclear, the damaged party may, in light of the nature of
the subject matter and the degree of loss, reasonably choose to request the other party
to bear the liabilities for the breach of contract such as repairing, substituting,
reworking, returning the goods, or reducing the price or remuneration.
3.损害赔偿
(1)赔偿损失
损失赔偿额应当相当于因违约所造成的损失,包括合同履行后可以获得的利益,但 不得超过违约
方订立合同时预见到或者应当预见到的因违反合同可能造成的损失。
sation
(1)Compensation for losses
The amount of compensation for losses shall be equal to the losses caused by the breach
of contract, including the interests receivable after the performance of the contract,
provided not exceeding the probable losses caused by the breach of contract which has been
foreseen or ought to before seen when the party in breach concludes the contract.
(2)支付违约金
约定的违约金低于造成的损失的, 当事人可以请求人民法院或者仲裁机构予以增加;约定的违约
金过分高于造成的损失的,当事人可以请求 人民法院或者仲裁机构予以适当减少。
(2)Breach penalty
If the agreed amount of penalty is lower than the losses incurred, the party concerned
may submit an application to the People’s Court or arbitration institution to request an
increase; if the agreed amount of penalty is higher than the losses incurred, the party
concerned may submit an application to the People’s Court or arbitration institution to
request a reduction.
(3)定金
(3)Penalty on deposit
(二)免责事由
法定的免责事由仅限于不可抗力。
因不可抗力不能履行合同的,根据不可抗力的影响,部分或者全 部免除责任。当事人迟延履行后
发生不可抗力的,不能免除责任。不可抗力事件发生后,主张不可抗力一 方要履行两个义务:一是及时
通报合同不能履行或者需要迟延履行、部分履行的事由;二是取得有关不可 抗力的证明。
ⅱ.Exemptions
The legal exemptions are only limited to force majeure.
A party who is unable to perform a contract due to force majeure is exempted from
liability in part or in whole in light of the impact of the event of force


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an event of force majeure occurs after the party’s delay in performance, it is not exempted
from such party claiming an event of force majeure shall: notify the other
party of the cause of non-performance, partial performance or delayed performance; provide
evidence of such event of force majeure.
六、买卖合同
(一)转移标的物的所有权
1.一般规定
(1)标的物的所有权自标的物交付时起转移,但法律另有规定的除外。
(2)出卖具有知识产权 的计算机软件等标的物的,除法律另有规定或者当事人另有约定的以外,
该标的物的知识产权不属于买受 人。在此类无需以有形载体交付的电子信息产品,当事人对交付方式
约定不明确,且依照合同法第61条 的规定仍不能确定的,买受人收到约定的电子信息产品或者权利
凭证即为交付。
and Purchase Contract
ⅰ.Transferring ownership of subject matter
l provision
(1)The ownership of subject matter will be transferred when delivered unless it is
otherwise prescribed by any law.
(2)For selling subject matters which are computer software with intellectual property
rights, unless it is otherwise prescribed by any law or promised from parties, the
intellectual property right of subject matter does not belong to the electronic
information products which need not to deliver via tangible carrier and there is no clear
rule stated by parties, moreover, cannot be confirmed even according to Article 61 in
Contract Law, delivering is finished when vendee receives promised electronic information
products or document of title.
2.订立多重买卖合同的规定
(1)出卖人就同一普通动产订立多重买卖合同,在买卖合同均有效 的情况下,买受人均要求实际
履行合同的,应当按照以下情形分别处理:①先行受领交付的买受人请求确 认所有权已经转移的,人
民法院应予支持;②均未受领交付,先行支付价款的买受人请求出卖人履行交付 标的物等合同义务的,
人民法院应予支持;③均未受领交付,也未支付价款,依法成立在先合同的买受人 请求出卖人履行交
付标的物等合同义务的,人民法院应予支持。
g rules of multiple sale and purchase contract
(1)Vender sets multiple sale and purchase contracts on the same general chattel, in
the case of the contracts are valid, vendee requires specific performance of contract, which
shall be dealt with separately according to the following situations: ① The Peoples Court
shall favor that vendee who takes delivery in advance requires that confirming the ownership
has been transferred;
② The Peoples Court shall support that vendee who pays price in advance requires
specific performance of the contract as to delivering the subject matter if both parties
do not take delivery; ③ The People’s Court shall support that vendee of contract requires
specific performance of the effective contract as to delivering the subject matter after
if both parties do not take delivery nor pay price.
(2)出卖人就同一船舶、航空器、机动车等 特殊动产订立多重买卖合同,在买卖合同均有效的
情况下,买受人均要求实际履行合同的,应当按照以下 情形分别处理:①先行受领交付的买受人请求
出卖人履行办理所有权转移登记手续等合同义务的,人民法 院应予支持;②均未受领交付,先行办理
所有权转移登记手续的买受人请求出卖人履行交付标的物等合同 义务的,人民法院应予支持;
③均未受领交付,也未办理所有权转移登记手续,依法成立在先合同 的买受人请求出卖人履行交
付标的物和办理所有权转移登记手续等合同义务的,人民法院应予支持;④出 卖人将标的物交付给买


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受人之一,又为其他买受人办理所有权转移登记,已受领交付的买受人请求将标的物所有权登记在 自
己名下的,人民法院应予支持。
(2)Vender sets multiple sale and purchase contracts on the same specific chattel which
are ships, aircraft, motor vehicle and so on, in the case of the contracts are valid, vendee
requires vender to actually perform contract, which shall be dealt with separately according
to the following situations:① The People’s Court shall support that vendee who takes
delivery in advance requires vender to perform contractual obligations of transferring and
registering ownership;
② The Peoples Court shall support that vendee who transfers and registers ownership
in advance requires vender to perform contractual obligations of delivering subject matter
and so on if both parties do not take delivery;
③ The Peoples Court shall support that vendee who sets contract in advance based on
laws requires vender to perform contractual obligations of taking delivery subject matter
and transferring and registering ownership if both parties do not take delivery and
transferring and registering ownership;
④The Peoples Court shall support that vender delivers subject matter to one of vendees
moreover transfers and re-registers ownership under the name of another vendee, the vendee
who has taken delivery and paid price requests that rendering ownership of subject matter
register under his own name.
(二)标的物的风险承担
(1)标的物毁损、灭失的风险,在标的物交付之前由出卖人承担,交付 之后由买受人承担,但法
律另有规定或者当事人另有约定的除外。
ⅱ.Risk taking of subject matter
(1)Risk of damage and loss of subject matter should be taken by vender before delivering
subject matter and taken by vendee after delivering subject matter, unless it is otherwise
prescribed by any law or promise from parties.
(2)因买受人的原因致使标的物不能按照 约定的期限交付的,买受人应当自违反约定之日起承
担标的物毁损、灭失的风险。
(2)Due to the reason of vendee that results in subject matter can not be delivered
as promised time limit, the risk of damage and loss of subject matter should be taken by
vendee since the date of breach.
(3)出卖人出卖交由承运人运输的在途 标的物,除当事人另有约定的以外,毁损、灭失的风险自
合同成立时起由买受人承担。但如果出卖人出卖 交由承运人运输的在途标的物,在合同成立时知道或
者应当知道标的物已经毁损、灭失却未告知买受人, 买受人可以主张由出卖人负担标的物毁损、灭失
的风险。
(3)For subject matter which is handed over from vender to carrier in transportation,
unless it is otherwise prescribed by any parties, vendee should take the risk of damage
and loss since the contract is if subject matter which is handed over from vender
to carrier in transportation, vender knew or should know that the subject had damaged or
lost since contract set then did not tell vendee, vendee could assert that the risk of damage
and loss should be taken by vender.
(4)当事人没有约定交付地点或者约定不明确,标的物需要运输的,出卖人将标的物交付给第一< br>承运人后,标的物毁损、灭失的风险由买受人承担。
(4)If parties do not prescribe delivery point or convention is not clear, and subject
matter need be transported, after subject matter is transferred by vender to first carrier,
vendee should take risk of damage and loss of subject matter.
(5)出卖人按照约 定或者依照规定将标的物置于交付地点,买受人违反约定没有收取的,标的物
毁损、灭失的风险自违反约 定之日起由买受人承担。


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(5)Vender puts subject matter in delivery place which is stated in convention or in
accordance with provisions, if vendee does not receive, in other words, he breaks promise,
vendee should take the risk of damage and loss of subject matter since the date of breach.
(6)标的物毁损、灭失的风险由买受人 承担的,不影响因出卖人履行债务不符合约定,买受人要
求其承担违约责任的权利。
(6)The risk of damage and loss taken by vendee will not affect the right which does
not comply with the provisions as vender performs debts and vendee requests him to bear
liability of breach.
(三)无权处分人订立的买卖合同的效力
当事人一方以出卖人在缔约时对标的物没有所有权或者处分权为由主张合同无效的,人民法院
不予支持。出卖人因未取得所有权或者处分权致使标的物所有权不能转移,买受人要求出卖人承担违
约 责任或者要求解除合同并主张损害赔偿的,人民法院应予支持。
ⅲ.The effectiveness of sales contract signed by the person who does not have right
to dispose
The People’s Court shall not support that one of parties asserts contract is invalid
because vender has no ownership and disposition right of subject matter when signing a
contract.
The People’s Court should support that the vendee requests the vendor to assume the
liability for breach of contract or to terminate the contract and assert the compensation
because the vendor does not obtain ownership or disposition right which results in the
ownership of the subject matter can not be transferred.
(四)试用买卖合同。
买卖合同存在下列约定内容之一的,不属于试用买卖:
(1)约定标的物经过试用或者检验符合一定要求时,买受人应当购买标的物;
(2)约定第三人经试验对标的物认可时,买受人应当购买标的物;
(3)约定买受人在一定期间内可以调换标的物;
(4)约定买受人在一定期间内可以退还标的物。
ⅳ.Trial business contract
It is not a trial business when meeting one of followings:
(1)Vendee should purchase subject matter if it is tried and examined moreover meets
certain requirements.
(2)Vendee should purchase subject matter when the third party approves.
(3)It is agreed vendee could exchange subject matter with in a certain period.
(4)It is agreed vendee could return subject matter within a certain period.
(2010年)2009年4月,甲公司因欠乙公司货款100万元不能按时偿还 ,向乙公司请求延期至
2010年4月1日还款,并愿意以本公司所有的3台大型设备进行抵押和1辆轿 车进行质押,为其履
行还款义务提供担保。乙公司同意了甲公司的请求,并与甲公司订立了书面抵押和质 押合同。甲公
司将用于质押的轿车的机动车登记证书交乙公司保管,但未就抵押和质押办理任何登记手续 ,也未
向乙公司交付用于抵押的设备和质押的轿车。2009年5月,甲公司将用于抵押的3台设备出租 给丙
公司,将用于质押的轿车出租给丁公司,租期均为1年。
2009年8月,甲公司隐 瞒有关事实,与戊公司订立合同出售其用于抵押的3台设备。随后,甲
公司通知丙公司:本公司已将出租 的3台设备卖给戊公司,要求解除租赁合同,丙公司可不再支付
剩余9个月的租金,并请其将这3台设备 交付给戊公司。丙公司表示同意,且立即向戊公司交付了
这3台设备。
2009年9月1 日。甲公司再次隐瞒了有关事实,与乙公司订立合同出售其用于质押的轿车。双
方办理了过户登记手续, 并约定9月15日之前交付。甲公司在通知丁公司向己公司交付出租的轿车
时,丁公司拒绝了甲公司的要 求,并向甲公司主张同等条件下的优先购买权。9月30日,丁公司工
作人员在驾驶该轿车时外出时,遭 遇罕见泥石流,车毁人亡。


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2 010年4月1日,甲公司仍无力向乙公司偿还货款。乙公司在调查了解甲公司资产状况得知:
甲公司出 资200万元设立的全资子公司庚经营状况良好,资金充裕;另外,庚公司欠甲公司到期货
款150万元 ,尚未偿还。2010年4月15日,乙公司发函给庚公司,要求其偿还甲公司所欠本公司
债务。
根据上述内容,分别回答下列问题:
(1)甲公司是否有权将用于抵押的3台设备出租给丙公司?并说明理由。
(2)乙公司是否有权就用于抵押的3台设备向戊公司行使抵押权?并说明理由。
(3)在用于质押的轿车灭失前,谁是其所有权人?乙公司是否对该轿车享有质权?并分别说明
理由。
(1)甲公司有权将用于抵押的3台设备出租给丙公司。根据规定,抵押权设定后,由于抵押物仍然归抵押人占有,因此抵押人有权将抵押物出租。
A company has right to three devices which will be used for mortgage rent to C
the hypothecation has been established on, because of the mortgaged property
is still belong to the mortgagor possession, so the mortgagor has the right to the mortgaged
property for rent.
(2)乙公司无权就用于抵押的3台设备向戊公 司行使抵押权。根据规定,当事人以生产设备设
定抵押的,抵押权自抵押合同生效时设立,未经登记,不 得对抗善意第三人。在本题中,乙公司以
设备设定抵押,但是未办理登记手续,其抵押权不得对抗善意的 戊公司。
B Company has no right to 3 device which is used for mortgage to E company to exercise
ing to the provisions, the parties concerned to production equipment
set mortgage, the mortgage shall be established when the mortgage contract comes into
the mortgage has not been registered, the parties concerned may not challenge
any bona fide third this subject,B company with equipment set mortgages, since
it has not been registered ,it concerned may not challenge E company.
(3)①用于质押的轿车灭失前, 甲是该轿车的所有权人。根据规定,动产物权的转让,自交付
时发生效力,但法律另有规定的除外。在本 题中,甲与己虽然已经办理了过户登记手续,但是轿车
尚未交付,所有权未发生转移。
Before car which is used for hypothecation loss, A is the car ing to the
provisions, the transfer of the movable property, it shall come into effect upon the delivery,
except otherwise provided by this subject, A has operated the transfer registration
formalities with F, but the car has not been delivered, the ownership has not been
transferred.
②乙公司对该轿车不享有质权。根据规定,质权自质物移交给 质权人占有时设立。在本题中甲
公司仅将用于质押的轿车的机动车登记证交给乙公司保管,并未实际交付 该轿车,质权尚未设立。
B company does not own pledge for the ing to provisions, when the pledged
property is transferred to the pledge the movable pledge is this subject, A
company transfer motor vehicle registration certificate to B company only, not actual
delivery of the car, the pledge has not been created yet.

专题五 票据法
专业词汇
1
2
3
4
5
6
negotiable instruments
promissory notes
bills of exchange
cheque check
promissory note
bank draft
票据
本票
汇票
支票
期票
银行汇票


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7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
47
48
49
50
commercial bill
bankers' acceptance bill
trader’s acceptance bill
banker’s note
rubber cheque
acts involving negotiable
instruments
relationship between the
creditor and the debtor
issuedraw
Endorsement
Acceptance
Guaranty
Payment
Recourse
Drawer
Drawee
Holder
Acceptor
Payee
Endorser
Endorsee
the prior party
the subsequent party
Agent
principalclient
civil rights
Signature
Particular
absolute records matters
relative records matters
any records matters
unauthorized agency
ultra vires agency
right of recourse
entrusted agency
loss report for suspending
payment
executive measure
Defense
defense against real
defense against people
商业汇票
银行承兑汇票
商业承兑汇票
银行本票
空头支票
票据行为
债权债务关系
出票
背书
承兑
保证
付款
追索
出票人
付款人
持票人
承兑人
收款人
背书人
被背书人
前手
后手
代理人
被代理人
民事权利
签章
记载事项,详细说明
绝对记载事项
相对记载事项
非法定记载事项
无权代理
越权代理
追索权
委托代理
挂失止付
执行措施
抗辩
对物抗辩
对人抗辩
the person subject to recourse 被追索人
the right of claim for payment 付款请求权


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51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
Negotiate
presentment for acceptance
Dishonour
the place of delivery
Discount
Consideration
Disappear
Forfeit
Forge
Alter
equal to
Capital
Unconditionally
be entitled to
make a refund
in succession
转让
提示承兑
拒绝付款
支付地
贴现
对价
消失
(因某种原因)丧失(权利等)
伪造
变造
等于
大写
无条件地
有权、有资格
返还
连续地
考点详解

一、票据权利的取得
1.票据行为的实质要件
除了形式要件外,票据行为还必须满足诸多的实质要件才能生效。
(1)票据行为能力。无民事行 为能力人或者限制民事行为能力人在票据上签章的,其签章无效,
但是不影响其他签章的效力。
Ⅰ Acquisition of Bill Right
ntial elements of bill behavior
Except for formal elements, bill behavior could be effective after meeting lots of
substantial elements.
(1)Bills behavior ability If a negotiable instrument bears the signature or seal of
a person who is incapable of civil acts or of a person whose civil acts have been restricted,
the signature or the seal is invalid, but that shall not affect the validity of other
signatures and seals on the same instrument.
(2)意思表示真实。以欺诈、偷盗或者胁迫等手段取得票据的,或者明知有前列情形,出于恶意取得票据的,不得享有票据权利。持票人因重大过失取得不符合法律规定的票据的,也不得享有
票 据权利。
(2)True declaration of the case of obtaining a negotiable instrument by
deception, theft or coercion, or obtaining a negotiable instrument which has been knowingly
obtained by deception, theft or coercion out of malicious motives, the holder shall not
enjoy the rights associated with the negotiable instruments.
A person who acquires a negotiable instrument by means of fraud, theft, or coercion,
or with knowledge of the aforementioned situations, acquires the instrument out of ill
intention shall have no right thereon.
(3)如果票据行为由代理人进行,则代理权的欠缺也会影响票据行为的效力。
(4)如果背书转 让票据的背书人并不享有处分权,则背书行为无效。但是,如果符合善意取得
的要件,则转让背书行为可 以有效。
(3)If bill behavior is performed by agent, the lack of power of attorney also has
affect effectiveness of bill behavior.


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(4)If the endorser who endorses the bill does not have the right of disposing, the
endorsement behavior is r the elements of good faith acquisition are met,
endorsement behavior may be effective.
(5)基础关系对票据行为效力的影响。票据的签发、取得和转让, 应当遵循诚实信用的原则,
具有真实的交易关系和债权债务关系。票据的取得,必须给付对价,即应当给 付票据双方当事人认
可的相对应的代价。
(5)The effects of basic relationship on the effectiveness of bill draft,
acquisition and transfer of a negotiable instrument shall follow the principle of
authenticity and creditability and be treated as a real act of trading or debt payment.
A negotiable instrument shall be acquired against a corresponding price, that is, the
price acknowledged by both parties to a negotiable instrument.
2.票据行为的代理
票据当事人 可以委托其代理人在票据上签章,并应当在票据上表明其代理关系。没有代理权而
以代理人名义在票据上 签章的,应当由签章人承担票据责任;代理人超越代理权限的,应当就其超
越权限的部分承担票据责任。
of bill behavior
Parties to a negotiable instrument may entrust their agents to put their signatures
or seals on the instruments and clearly indicate their agency relationship.
If a negotiable instrument bears the signature or seal in the name of an agent without
the power of attorney, the obligations associated with the negotiable instrument shall be
performed by the person or persons who have put the signatures or seals on the negotiable
instrument.
If an agent has gone beyond hisher attorneyship, heshe shall perform the obligations
associated with the negotiable instrument on the part that exceeds hisher term of
reference.
二、票据抗辩
(一)物的抗辩
票据上的物的抗辩,是指票据所记载的债务人可以对任何持票人所主张的抗辩。其 具体情形可
以包括以下三类:
1.票据所记载的全部票据权利均不存在
(1)出票行为因为法定形式要件的欠缺而无效。
(2)票据权利已经消灭。
Ⅱ Defense in Instruments
ⅰ Real defense
Real defense refers to defense claimed by obligor recorded on the bill to any holder
of the mainly includes the following 3 categories:
the bill rights recorded on the paper do not exist
(1)The issuance of the bill is invalid because of lack of legal form.
(2)The bill rights have been eliminated.
2.票据上记载的特定债务人的债务不存在
(1)签章人是无民事行为能力或者限制民事行为能力人的,票据行为无效,不承担票据责任。
(2)狭义无权代理情形下,本人不承担票据责任,或者仅对不超越代理权限的部分承担票据责
任。
certain obligor’s obligation recorded on the bill does not exist
(1)The signature is signed by person without capacity or with limited capacity for
civil conduct, thus the bill is invalid and the signer does not bear paper liability.
(2)Under the narrow definition of unauthorized agency, the agent does not bear bill


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liability or bear limited liability for the part that does not exceed authorized agent right
only.
(3)票据伪造的被伪造人,不承担票据责任。
(4)票据被变造时,变造前在票据上签章的债务人,可以拒绝依照变造后的记载事项承担票据
责任。
(3)The person forged in the bill does not bear the bill liability.
(4)When the bill is forged, the obligor who signed on the bill before the forgery
may refuse to bear the bill liability of the forged items recorded.
(5)对特定债务人的票据时效期间经过,其票据债务消灭。
(6)对特定票据债务人的追索权,因为持票人未进行票据权利的保全而丧失。
3.票据权利的行使不符合债的内容
(5)If statute of limitations has run for certain obligor, his bill obligation will
eliminate.
(6)Recourse right on the certain obligor will be lost because of the holder not
preserving the bill right.
execution of the bill right does not comply with the content of the obligation.
(二)人的抗辩
票据上的人的抗辩,是指票据债务人仅可以对特定的持票人主张的抗辩事由。其具体情形可以
包括以下几类:
ⅱ Personal defense
Personal defense refers to defense claimed by obligor recorded on the bill to the special
holder specific circumstance may include the following categories:
1.基于持票人方面的原因
(1)持票人不享有票据权利 。票据上仍有权利存在,只是现在占有并主张票据权利的持票人并
非真正的权利人。
(2)持票人不能够证明其权利。
(3)背书人记载了“不得转让”字样的情形下,记载人对于其直接后手的后手不承担票据责任。
’s reasons
(1)The holder is not entitled to the bill right of the bill still exists,
but the holder of the bill who claims the right is not the real obligee.
(2)The holder of the bill cannot prove his right.
(3)Endorser writes“non-negotiable” on the bill, the writer does not bear liability
for his direct subsequent party’s subsequent party.
2.在票据行为的直接当事人之间,票据债务人可以基于基础关系上的事由对票据权利人进行抗
辩。
obligor of the bill may raise defense against the holder of the bill who does
not perform the agreed obligation and who has direct debtorcreditor relationship with
the obligor among direct parties of bill behavior.
3.票据债务人以其对持票人的前手之间的抗辩事由对抗持票人的情形
(1)持票人未给付对价而 取得票据。因税收、继承、赠与可以依法无偿取得票据的,不受给付
对价的限制。但是,所享有的票据权 利不得优于其前手的权利。
ions where the obligor of the bill defenses against the holder of the bill using
the same defense reason against the prior holder of the bill
(1)The holder of the bill obtains the bill without the bill is freely
obtained according to the law because of tax, inheritance and donation, it is not limited
by the r the bill right entitled should not be superior to the right
of remote holder.


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(2)明知出票人对持票人的前手存在抗辩事由而取得票据。
持票人明知票据债务人与出票人或者 与持票人的前手之间存在抗辩事由,而仍然受让票据权利
的,票据债务人可以以该事由对抗持票人。
(2)The holder obviously knows that the drawer and the prior holder have defenses against
each other but still acquires the bill.
If the current holder acquires the instrument with knowledge of the defenses between
debtor and drawer or the remote holder and still transfers the bill right, the obligee of
the bill may use it to defense against the holder.
4.抗辩切断制度
票据债务人原则上不得以自己与出票人或者与持票人的前手之间的抗辩事由,对抗持票人。
e cutting system
The obligor of the bill may not defense against the holder of the bill using the same
defense reason against the bill drawer or the prior holder of the bill.
三、票据的伪造和变造
票据伪造是指假冒或者虚构他人的名义而为的票据行为。票据变造是指没有 变更权限的人变更
票据上签章以外的其他记载事项的行为。
Ⅲ Forging and Alternation of Instruments
Forging of instruments refers to instrument behaviors in other persons’ name or in
a fabricated ation of instruments refers to alteration of items on an instrument
(except the stamp)by persons untitled to do so.
票据上的记载事项应当真实,不得伪造、变造。伪造、变 造票据上的签章和其他记载事项的,
应当承担法律责任。票据上有伪造、变造的签章的,不影响票据上其 他真实签章的效力。票据上其
他记载事项被变造的,在变造之前签章的人,对原记载事项负责;在变造之 后签章的人,对变造之
后的记载事项负责;不能辨别是在票据被变造之前或者之后签章的,视同在变造之 前签章。
Matters recorded on the negotiable instruments shall be true to the g or
alteration is not who forge or alter the signatures or seals or other items
recorded on the negotiable instruments shall bear legal responsibilities
The forged or altered signatures or seals do not affect the validity of the true
signatures or seals on the same negotiable any item recorded on the
negotiable instruments has been altered, the person who signs the instrument before the
alteration shall be responsible for the matters originally recorded.
The person who signs the instruments after the alteration shall be responsible for the
matters recorded after the it is impossible to tell whether the signatures
or seals are made before or after the alteration, they are regarded as being made before
the alterations.
四、票据权利的消灭
票据权利在下列期限内不行使而消灭:
(1)持票人对票据的出票人和承兑人的权利,自票据到期 日起2年。见票即付的汇票、本票,
自出票日起2年;
(2)持票人对支票出票人的权利,自出票日起6个月;
Ⅳ Negotiable Instruments Right Expiration
The rights to the negotiable instruments shall expire if not exercised within the
following time limits:
(1)Within two years from the time of the maturity of the negotiable instruments for
the right of the holder to the drawer and acceptor, or, within two years from the date of
draft for bills and promissory notes payable at sight;
(2)Within six months from the date of draft for the right of the holder to the drawer;


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(3)持票人对前手的追索权,自被拒绝承兑或者被拒绝付款之日起6个月;
(4)持票人对前手的再追索权,自清偿日或者被提起诉讼之日起3个月。
持票人因超过票据权利 时效或者因票据记载事项欠缺而丧失票据权利的,仍享有民事权利,可
以请求出票人或者承兑人返还其与 未支付的票据金额相当的利益。
(3)Within six months from the date of non acceptance or dishonor for the right of
recourse of the holder to the prior holder;
(4)Within three months from the date of liquidation or the date of indictment for
the right of re-recourse.
Holders who have lost the right to the negotiable instruments due to the expiry of the
validity period for the exercise of the rights to the negotiable instruments or due to the
inadequacy of the recordings on the negotiable instruments still enjoy the civil rights
and may request the drawers or acceptors to return the interests in equal amount specified
in the negotiable instruments unpaid.
五、汇票
1.汇票背书
(1)背书不得附有条件。 背书时附有条件的,所附条件不具有汇票上的效力。将汇票金额的一
部分转让的背书或者将汇票金额分别 转让给二人以上的背书无效。
Ⅴ Bill of Exchange
of exchange endorsement
(1)An endorsement shall not have conditions attached, if an endorsement has conditions
attached, the conditions do not have the effect on the endorsement which transfers
part or the entire amount on the draft to two or more persons is invalid.
(2) 出票人在汇票上记载“不得转让”字样的,汇票不得转让。背书人在汇票上记载“不得转
让”字样,其后 手再背书转让的,原背书人对后手的被背书人不承担保证责任。
(2)Where a drawer writes
be an endorser writes the words
is transferred by the subsequent endorser, the original endorser shall not bear the
liability of guarantee to the subsequent endorsee.
(3) 背书记载“委托收款”字样的,被背书人有权代背书人行使被委托的汇票权利。但是,被
背书人不得再以 背书转让汇票权利。汇票可以设定质押;质押时应当以背书记载“质押”字样。被
背书人依法实现其质权 时,可以行使汇票权利。
(3)Where in an endorsement is entitled to
exercise the mandated rights on the bill of exchange on the endorser’s r,
the endorsee may not negotiate the rights on the bill by endorsement.
A bill of exchange may be laid in pledge, provided that
in the endorsement when the bill is laid in endorsee may exercise the rights
on the bill when exercising his right of pledge according to law.
(4)汇票被拒绝承兑、被拒绝付款或者超过付款提示期限的,不得背书转让;背书转让的,背书人应当承担汇票责任。
(4)A draft shall not be endorsed over to others when it has been refused to accept
or pay or the time of payment as indicated is such a draft is endorsed over to
others, the endorser shall bear the liability of the draft.
2.汇票承兑
定日付款或者出票后定期付款的汇票, 持票人应当在汇票到期日前向付款人提示承兑。见票后
定期付款的汇票,持票人应当自出票日起1个月内 向付款人提示承兑。汇票未按照规定期限提示承
兑的,持票人丧失对其前手的追索权。见票即付的汇票无 需提示承兑。
付款人承兑汇票,不得附有条件;承兑附有条件的,视为拒绝承兑。


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ance
For a draft payable on a fixed date or on a fixed date set after the date of draft,
the holder shall make presentation for acceptance to the payer before the due date of
a draft payable on a fixed date after sight, the holder shall present it for
acceptance to the payer within one month starting from the date of draft.
If a holder has failed to make presentation for acceptance according to the prescribed
time limit, that holder shall lose the right of recourse against the prior holder.
No presentation for acceptance is necessary for a draft payable at shall
be no conditions attached in accepting a there are conditions attached in
acceptance, it shall be regarded as refusal of acceptance.
3.汇票保证
保证人在汇 票或者粘单上未记载被保证人的,已承兑的汇票,承兑人为被保证人;未承兑的汇
票,出票人为被保证人 。保证人在汇票或者粘单上未记载保证日期的,出票日期为保证日期。
tee
If a guarantor has failed to record warrantee on the draft or allonge, the acceptor
shall be the guaranteed party of the accepted draft; and the drawer shall be the guaranteed
party for the draft not the guarantor has failed to record date of guaranty,
the date of draft shall be the date of guaranty.
保证不得附有条件;附有条件的,不影响对汇票的保证责任。
被保证的汇票,保证人应当与被保证 人对持票人承担连带责任。汇票到期后得不到付款的,持
票人有权向保证人请求付款,保证人应当足额付 款。
保证人为二人以上的,保证人之间承担连带责任。
保证人清偿汇票债务后,可以行使持票人对被保证人及其前手的追索权。
A guarantor shall guarantee that there are no conditions conditions have
been attached, they shall not affect the liability of guaranty for the bill of exchange.
Where a bill of exchange is guaranteed, the guarantor shall, together with the guarantee,
undertake joint and several liabilities to the holder payment is not made
at the maturity of such bill, the holder is entitled to demand payment from the guarantor
and the latter shall pay the bill in full.
Where there are two or more guarantors, they shall undertake joint and several
liabilities.
After the guarantor pays off the debt of the bill of exchange, the guarantor may exercise
the right of recourse as enjoyed by the holder against the guarantee and his prior parties.
4.汇票付款
持票人应当按照下列期限提示付款:
(1)见票即付的汇票,自出票日起1个月内向付款人提示付款;
t
A holder of a bill of exchange shall make presentation for payment according to the
following time limits:
(1)Presentation for payment shall be made to the payer within one month starting from
the date of draft for a bill of exchange payable at sight;
(2)定日付款、出 票后定期付款或者见票后定期付款的汇票,自到期日起10日内向承兑人提
示付款。持票人未按照前款规 定期限提示付款的,在作出说明后,承兑人或者付款人仍应当继续对
持票人承担付款责任。
对定日付款、出票后定期付款或者见票后定期付款的汇票,付款人在到期日前付款的,由付款
人自行承担 所产生的责任。
(2)Presentation for payment shall be made to the acceptor within 10 days starting
from the due date for a bill of exchange payable on a fixed date or on a fixed date after


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the date of draft or on a fixed date after sight.
When the holder has failed to make presentation for payment within the time limited
prescribed in the preceding paragraph and some explanations are made, the acceptor or payer
shall continue to undertake the liability of payment to the holder.
Where the drawee makes payment before the date of maturity for a bill of exchange payable
at a fixed date, at a fixed period after the date of issue, or at a fixed period after sight,
the drawee shall bear the liability by himself.
5.票据追索权
追索权的取得:( 1)汇票到期被拒绝付款;(2)汇票在到期日前被拒绝承兑;(3)在汇票到
期日前,承兑人或付款人 死亡、逃匿的;(4)在汇票到期日前,承兑人或付款人被依法宣告破产或
因违法被责令终止业务活动。
of Recourse
Right of recourse derives from: (1)Payment of a bill of exchange is refused at the
date of maturity;(2)The bill is dishonored by non-acceptance before the date of maturity;
(3)The acceptor or the drawee has died or escaped before the date of maturity;
(4)The acceptor or the drawee is declared bankrupt according to law or is ordered
to stop business activities for violation of law before the date of maturity.
汇票的出票人、背书人、承兑人和保证人对持票人 承担连带责任。持票人可以不按照汇票债务
人的先后顺序,对其中任何一人、数人或者全体行使追索权。 持票人对汇票债务人中的一人或者数
人已经进行追索的,对其他汇票债务人仍可以行使追索权。被追索人 清偿债务后,与持票人享有同
一权利。
持票人为出票人的,对其前手无追索权。持票人为背书人的,对其后手无追索权。
The drawer, endorser, acceptor and guarantor shall bear joint and several liabilities
with regard to the holder.A holder may exercise the right of recourse against one person
or several persons or all the draft debtors in disregard of the sequential order of the
debtors.
After a holder has exercised the right of recourse against one person or several persons
involving in the draft, the holder may also exercise the right of recourse over others
involved in the person against whom the right of recourse has been exercised will
enjoy the same right as the holder after the debt has been cleared.
In the case in which the holder is the drawer, the holder has no right of recourse to
the prior the case in which the holder is the endorser, the holder has no right
of recourse against the subsequent holders.

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