资产分割理论下的企业财产独立性 经济功能与法律限制  

The Economic Functions and Legal Constraint of the Separation of the Enterprise’s Assets from Its Owners Perspective of the Theroy of Asset Partitioning

作　　者：曾思 

机构地区：[1]香港中文大学

出　　处：《中外法学》2019年第5期1357-1376,共20页Peking University Law Journal

摘　　要：资产分割理论与科斯定理一脉相承,从交易成本的角度解释了企业财产独立制度的经济功能.这一理论已为我国学界所关注,但其中蕴含的规范性意义尚未被充分意识到.资产分割理论表明企业财产独立制度同时产生社会成本与收益,法律有必要因时因地作相应的调整.同时,作为一项法经济学理论,资产分割理论主要关注企业财产独立制度的效率后果,而对其在公平维度上的效果探讨不足.本文总结归纳了不同情况下资产分割的效率与公平效果的主要影响因素,并建立了一个理论框架,可以对是否以及如何限制企业财产独立性提供指导.这一理论框架可以被运用于分析刺破与反向刺破公司面纱、关联企业实质合并破产、“债随物走规则”等法律问题.The theory of asset partitioning,like the Coase theorem,focuses on the question of wheth-er law matters in the allocation of property rights.By analyzing the transaction costs associated with property rights arrangements of enterprises,the theory of asset partitioning offers an explanation for the economic functions of enterprises law.Current studies have not fully recognized the normative implications of this theory:it suggests that respecting the separate property arrangements of the enterprise generates both social costs and benefits which need to be taken into account in the design of enterprise law.Meanwhile,as a law and economics theory,the theory of asset partitioning focuses almost entirely on efficiency but not equality.This article develops the current theory into a framework and identifies certain factors that may affect the costs and benefits of different property rights arrangements in enterprise law,which can be employed to analyze several issues in Chinese law,including the piercing and reverse piercing of corporate veil,substantive consolidation,and the rule of debt-follow-asset.

关 键 词：资产分割 刺破公司面纱 反向刺破公司面纱 实质合并破产 债随物走 

分 类 号：F27[经济管理—企业管理]