美国董事会中心主义历史溯源及其对我国《公司法》修改的启示  

The Rise of American Director Primacy and Its Enlightenment to the Modification of Chinese Company Law

作　　者：刘晶 LIU Jing

机构地区：[1]北京大学法学院

出　　处：《经贸法律评论》2021年第3期123-141,共19页Business and Economic Law Review

摘　　要：以所有权与控制权分离为核心特质的董事会中心主义作为美国公众公司范式的公司治理形态,是美国经济发展和特殊政治国情下的产物,是美国各州公司法对经济政治发展的立法回应。19世纪末期,美国工业化和规模经济的高涨、深度流通证券市场的出现是董事会中心主义诞生的经济根源;在权利平等、权力分散的政治思想主导下,美国联邦政府通过弱化和分割机构股东,为董事会中心主义扫清了发展障碍;至此,董事会中心主义成为美国公众公司治理的商业现实。最后,美国各州公司法逐步进行了以“董事会中心主义”为内容的法律变革,其为商业实践的成果提供了合法化及正当化依据。与美国相比,我国正式的公司化治理开始于经济体制转轨的特殊时期,公司法的早期发展是自上而下推进的,国有企业治理体系的改革、国家与国有资产关系的重新建构催生了我国首部《公司法》,并且形塑了股东会中心主义的公司权力分配格局。随着我国市场经济与证券市场的蓬勃发展,我国的上市公司迎来了所有权与控制权分离的外部环境,并且经历着董事会中心主义的实践变革,公司法所确立的公司治理结构必然需要回应公司组织与商事关系的发展变化,并遵循商事法律自下而上的变革规律。Director primacy,defined by the separation of ownership and control is a paradigm of corporate governance in American public corporates.It was shaped by the economic development and specific political system and it also was the legislative response of the economic and political product from American corporation laws.At the end of 19th century,the explosion of industrialization and economies of scale combined with the emergence of deeply liquidity security market became the economic root of director primacy.Dominated by the political ideology of equal rights and decentralized power,the US federal government had paved the way for director primacy by weakening and fragmenting the institutional shareholders.Consequently,director primacy became a business practice in many public corporations.Finally,most American states gradually changed their corporate laws and legalized the director primacy corporate governance practice.Compared to American counterparts,our country’s formal corporate governance began in a special period of economic system transformation and the early development of company law was promoted from top to bottom.The reform of the governance system of state-owned enterprises and the reconstruction of the relationship between the state and state-owned assets gave birth to our country’s first Company Law and shaped the power distribution pattern.After decades of development,the listed corporates have encountered a different external environment and were actually undergoing the director primacy corporate governance reform.This will inevitably require our corporate law to make adjustments in the future to respond to the needs of commercial world.

关 键 词：董事会中心主义 股东会中心主义 《公司法》修改 经济根源 政治土壤 

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