股东中心主义的再认识  

Reconsideration of Shareholder Primacy

作　　者：刘俊海[1] Liu Junhai

机构地区：[1]中国人民大学法学院

出　　处：《政法论坛》2021年第5期83-95,共13页Tribune of Political Science and Law

摘　　要：公司的主要目的是追求股东价值最大化。股东中心主义的法理基础源于公司营利性、股权资本、剩余索取权和人民主权思想。重新认识并坚持发展股东中心主义有助于建设股东友好型社会,促进公司可持续发展。公司治理权源于股东,股东剩余索取权的实现离不开公司终极控制权。但是,除非法律另有特别规定且获全体债权人同意,股东角色不能由剩余索取权人转变为优于债权人受偿的特权债权人。建议《公司法》专章规定股权保护,坚持和完善股东会作为公司权力机构的制度设计。为预防公司自治失灵或异化,建议《公司法》导入闭锁型公司的司法强制分红制度及公众公司的法定强制分红和审计制度。既然股东选任董事、监事,董监高就应实现股东价值的最大化。公司社会责任与股东中心主义和而不同,相辅相成。要遏制董监高既不对股东利益负责,也不对利益相关者负责的双重道德风险。裁判者应确立股东中心主义裁判理念,健全股东友好型救济体系。The purpose of corporate is to maximize shareholder value. Shareholder primacy is justified by corporate profitability nature, equity capital, residual claim and people’s sovereignty. Reconsidering and persisting in developing shareholder primacy will help build shareholder-friendly society and promote the sustainable development of corporate. The power of corporate governance comes from shareholders. Shareholders’ residual claim relies on ultimate corporate control. However, unless otherwise specified by the law and all creditors have agreed, the role of shareholders cannot be changed from a residual claimant to a privileged creditor who has priority to the creditor’s repayment. It is recommended that a special chapter on shareholder protection should be designed in Company Law, insisting on and perfecting the system of the shareholders’ meeting as the company’s authority. To prevent corporate autonomy failure, the judicial compulsory dividend system of closely-held corporations and the statutory compulsory dividend system and audit system of publicly-held corporations should be introduced. Shareholders elect directors and supervisors, and directors, supervisors and senior executives should maximize shareholder value. Corporate social responsibility and shareholder primacy are compatible. The double moral hazard that directors, supervisors, and senior executives are neither responsible to the interests of shareholders nor to stakeholders should be curbed. Judges should establish the judgment concept of shareholder primancy and improve the shareholder-friendly relief system.

关 键 词：股东中心 剩余索取权 强制分红 公司治理 公司终极控制权 

分 类 号：D922.291.91[政治法律—经济法学]