现代公司控制权分配中“智识多数决”现象探究  

An Analysis of the Phenomenon of "Majority Rule of Wisdom" in the Distribution of Control Rights of Modern Companies

作　　者：吴飞飞 Wu Feifei

机构地区：[1]西南政法大学经济法学院

出　　处：《证券市场导报》2019年第8期4-12,22,共10页Securities Market Herald

基　　金：2018年国家社科基金青年项目“《民法总则》与公司决议制度适用对接问题研究”(项目编号：18CFX045)的阶段性成果

摘　　要：厌恶风险及注重存量的保守主义价值倾向、“物本主义”的平等观与理性主义的控制权计量观,是以“资本多数决”为核心的公司控制权分配法则之潜在观念逻辑。然而,现代公司治理中,以董事会为代表的“代议机关”权力分享及中心化倾向、“加权表决制”的流行以及来自有限合伙制的竞争压力,均不同程度地导致公司控制权分配日渐疏离“资本多数决”规则。公司治理的“智识话语权”甚至“智识多数决”现象已然出现,且更为契合现代公司的创新性基因以及知识经济时代公司治理对“智识资本”的要素依赖特性,这对公司治理规则带来了具有“现象级意义”的冲击与挑战,亟待公司法理论实务界的关注与回应。Capital majority rule is the basic rule of corporate control distribution.It assumes that there is no difference between people's wisdom and knowledge,which reflects the risk-averse conservative values and the concept of equality with material as the core.However,some obvious changes have taken place in modern corporate governance,such as the increasingly important status of the board of directors,the rise of multi-voting rights rules.Even the limited partnership model has become a competitor to the corporate model.As a result,control of the company is not allocated according to the capital contribution.Compared with the majority rule of capital,the method of allocating control rights according to the wisdom of operation and decision-making is more scientific,more consistent with the innovative characteristics of the company,and more capable of meeting the requirements of corporate governance in the era of knowledge economy.Therefore,it seems safe to assume that in the future,control of the company will gradually be distributed according to the wisdom and knowledge of its members.

关 键 词：公司控制权 资本多数决 董事会中心主义 委托代理理论 智识多数决 

分 类 号：D922.291.91[政治法律—经济法学]