董事信义义务转化的法律构造——以美国判例法为研究中心  

The Legal Structure on the Shift of Directors' Fiduciary Duty:Focusing on the Unites States' Case Law

作　　者：陈鸣[1,2] 

机构地区：[1]西南政法大学 [2]福建省厦门市中级人民法院

出　　处：《比较法研究》2017年第5期59-73,共15页Journal of Comparative Law

基　　金：2016年度国家社科基金重点项目"‘宽进严管’背景下市场主体信用监管制度研究"(项目编号:16AFX016)的研究成果

摘　　要：20世纪90年代以来,美国法院有关公司财务恶化将导致董事信义义务受益人由股东向债权人转化的一系列判例被认为是"公司法哲学的新变化"。董事信义义务转化的法理基础既有传统的信托基金理论,又有新近发展的风险负担理论。转化后的信义义务不仅包括传统的忠实义务和注意义务,还包括进入事实破产状态后股-债矛盾最尖锐时期的一些特殊义务。为了鼓励董事善意进行有价值的商业决策,经营判断规则和章程免责条款仍可作为其违反信义义务的抗辩理由。未来我国应当确立"事实破产"的概念,关注债权人作为信义义务间接受益主体之后的债权人派生诉讼理论。同时,公司法上的信义义务规则应当更加细化并体现其动态特征,以更有效地发挥信义义务控制代理成本的制度功能。Since 1990s, the consistently worsening situation of the company＇ s financial status leads to the shift of directors＇ fiduciary duty from shareholders to creditors as beneficiary in American case law. This phenomenon has been considered as ＂a philosophical revolution in the corporate law＂. The legal foundation of the shift above base not only on the traditional Trust Fund Theory, but also on the newly developed Risk Theory. The content of the shifted directors＇ fiduciary duties is not only targeting at the traditional duty of loyalty and duty of care, but also including some special obligations that are rooted from the toughest period relating to the equity - debt contradiction during the period of factual bankruptcy. However, if directors have the goodwill to make any valuable business decision, the business judgment rule and the exculpatory provisions in charter can still be the shield for the charge of breach of fiduciary duty. In our national system, the concept of ＂factual bankruptcy＂ should be estab- lished, and then we should adopt the theory of creditors＇ derivative suit if the creditor is deemed as an indirect beneficiary. At the same time, corporate law rules should be particularized and show the dynamic nature of fiduciary duties, so that to make the controlling function of the agency cost more effectively.

关 键 词：董事 债权人 信义义务 事实破产 债权人派生诉讼 

分 类 号：D971.2[政治法律—法学] DD912.29