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May 13, 2010

証券取引所の説明責任

 2009年に東証マザーズに上場した半導体メーカー「エフオーアイ(FOI)」が上場前に提出した有価証券届出書で,売上高を水増ししていた疑いがあり,証券取引等監視委員会は上場してから半年しか経っていない今月12日,金商法の虚偽記載の疑いで強制捜査に入った。決算の粉飾額は100億円という。同社の公表売上高は,08年3月期,94億円。09年3月期,118億円。10年3月期の売り上げ高は130億円の予想だった。同社は新規上場時には,ベンチャーキャピタルなどの大株主に対し,株式売却を180日間制限する「ロックアップ条項」を設定していた。大株主の大口の売りを制限すれば,上場後の株価を安定させられる。またこの期間を過ぎると,売り注文が出やすい。
その期限切れが,今月19日に迫っていた。珍しくタイミングよく,監視委員会が捜査を開始した。同社の粉飾決算は,売上を過大計上して,上場審査を通り易くすることに狙いがある。上場審査でなぜ,その過大計上が見抜けなかったのか。
新興市場の上場審査は甘い,という欠点がこれまでも指摘されていた。名古屋証券取引所の市場「セントレックス」では,上場時の計画に比べて業績が大幅に下振れる企業がでていたため,金融庁は業務改善命令を出していた。
会社が届出書に添付する有価証券報告書を作成し,監査人が適正意見をつけていただろう。
証券取引所は,どの点を審査していたのか。上場審査基準は次の通りである。
  ①株式の分布状況 ②時価総額 ③売上高 ④財務諸表等
①のなかに,監査意見と虚偽記載の項目がある。監査報告書に公認会計士又は監査法人の「適正」又は「有用な情報を表示している」旨の総合意見が表明されていることが必要であり,監査に係る財務諸表に虚偽記載がなされていないことが必要である。エフオーアイはこのハードルをクリアしていたかのように仮装したことになる。
 13日,東証は開示注意銘柄に指定した。その理由は、「有価証券上場規程施行規則第502条第2号a(上場会社に関し、上場株券等の上場廃止の原因となるおそれがあると認められる情報又はこれに準ずると認められる情報が生じている場合)に該当するというもの。
 売掛金は普通,優良な会社なら30日から50日の支払が一般的であり,これが90日を超えてくると,きちんとした理由の説明をすべきである。エフオーアイの目論見書には「初号機の売掛金回収は概ね1年6ヶ月から2年6ヶ月」というから,一般的ではない。識者は,こういう目論見書でIPOを売って歩く主幹事証券の神経はどうなっているのか,という。
 証券取引所の審査は,有価証券届出書と監査報告書を,調べもせずにそのまま信用することではあるまい。FOIの上場審査はどのようになされたのか,ぜひ説明を聞きたい。
取引所の機能は「上場審査」のほかに「上場管理」にもある。平成10年から12年にかけて,大証で大蔵省OBの副理事長が,株券オプション取引で子会社を用いて,仮装取引や馴れ合い取引を行っていたことがあった。この違法行為の背景には,東証との関係で,取引を活発に見せる偽装の意図があったと言われている。企業だけでなく,取引所までが仮装・偽装することが現にある。(大証には東証のマザーズに相当する「ナスダックジャパン」があったが,ITバブルの崩壊により,新規公開株が急落するなどして,事業の採算性が悪化し,大証との提携関係が解消されている。今は「ヘラクレス」に改組。)新規企業の獲得競争が審査基準を甘くしているのである。リキッド・オーデイオ・ジャパン,メデイアリンクスは企業経営者が逮捕され,クレイフィッシュは経営の内紛があり,アソシエイト・テクノロジーは粉飾決算があった。
東証自身の上場も議論されているが,株主の証券会社は2万株ずつ割り当てられており,上場されれば莫大な利益を得ることになる。株式を取得した東証役員にモラルに欠けているという批判もなされた。(結局,社員総会に売却されて譲渡益を得た)
取引所は利益追求の組織ではないことは明白である。.欧州の取引所は株式会社化を経て,M&A争いが激化した。取引所の自主規制機能が注目を浴びている。利益追求の余り,上場審査に手を抜くと言うことがもしあれば,日本の証券取引所の信用はがた落ちである。
 監視委員会の捜査があった翌日の注意銘柄の指定であるから,取引所は後手を引いた。
 2005年末,みずほ証券株式社による誤発注事件があった。ジェイコム株1株61万円の売り注文を,「61万株1円」と誤発注したのである。みずほ証券には巨額の損失が生じ,東証に415億円の損害賠償請求を求めた。東京地裁は昨年12月4日,東証に対し,107億円の賠償を命じた。4分の1に減らした理由は,みずほ証券にも「株数と株価を間違えるという初歩的ミスを犯した上,画面の警告表示を無視するという著しく不注意な発注操作が行われた」として,重い過失を認めたからである。
誤発注後,10分間分だけ東証の責任を認めた。みずほは不服で控訴した。東証は控訴しなかった。控訴審判決はまだ聞かない。
 東証は19年7月に約定取消ルールの制定に伴う業務規定の改正を行った。誤発注により大量の売買が成立し,長期にわたり売買に係る決済が行われなくなると,証券市場の機能が麻痺し,市場が混乱するという理由からである。改正のポイントは,過誤による注文で,売買が成立した場合に,その決済が極めて困難であり,,取引所の市場が混乱するおそれがあると認められるときは,取引所が定める売買を取り消すことができる。取引参加者と顧客は,取消により損害を受けることがあっても,過誤のある注文を発注した取引参加者に対して損害の賠償を請求できないものとする。ただし,取引参加者に故意,,過失が認められるときは別とする.。また取引参加者等は取引所に損害賠償を請求できないものとする。ただし,取引所に故意,過失がある場合は別とする。
改訂は責任負担の範囲を限定する趣旨であり,システム対応の是正を唱うものではない。
みずほは発注システムの改善を,東証はプログラムの修正を行った。人的要因については,運用手続き・役割分担,チェック仕組みの見直し,外部識者によるシステム諮問委員会の設置,システム運用手順の再検証だそうである。全体としてみると,誤発注は根絶できないことを前提に,損失負担の最小化のみ期待しているように読めて仕方ない。これで市場への説明責任が果たされているといえるのであろうか。

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