我国股东会中心主义的历史成因——以国有企业改制为线索  

The Historical Cause of Chinese Shareholder Primacy——Taking the Reform of State-Owned Enterprises as A Clue

作　　者：刘凯湘[1] 刘晶 LIU Kaixiang;LIU Jing(School of Law,Peking University,Beijing 100871,China)

机构地区：[1]北京大学法学院,北京100871

出　　处：《法学论坛》2021年第6期51-60,共10页Legal Forum

摘　　要：我国首部《公司法》诞生于我国经济体制转轨的特殊时期,是一部服务于我国国有企业公司制改造以及经济体制改革大局的时代产物。转轨时期复杂的行政关系、国家独特的财产利益、社会主义意识形态的保守认知都深深的嵌入在《公司法》之中,并且促成了"极致的股东会中心主义"成为范式的公司权力配置模式。同时,国家股一股独大的证券市场结构以及长期的行政干预禁锢了我国资本市场的自然生长,使得上市公司同样继续维系着所有权高度集中的股东会中心主义治理格局。回顾历史可以发现,股东会中心主义有其存在的合理性和必然性,其减少了转轨时期的公司治理成本,并确保国家行使国有企业控制权。国家通过股东会中心主义的公司治理参与到微观的企业决策,从而保障改革大局的平稳发展。就未来的发展趋势而言,股东会中心主义显然不宜一刀切的适用于所有公司。封闭公司宜继续保留股东会中心主义的治理结构。国有上市公司可以部分借鉴董事会中心主义的管理技术来优化国有企业的公司治理,非国有上市公司则应当建立契合现代化大型企业管理需求的"董事会中心主义"公司治理模式。Our first company law was born in a special period that the economic system was experiencing reform, so it was a creature of an era that served the whole situation of economic system reform, especially the reform to turn state-owned enterprises into corporations. Therefore, these complex administrative relations, the country’s unique property interests and conservative cognition of socialist ideology are deeply embedded in the company law and made the extreme shareholder primacy the paradigm of company’s power allocation model in china. At the same time, the special stock market structure which was mainly composed of state share and the long-term administrative intervention impeded the natural development of the capital market. So, the listed companies also continue to maintain the shareholder primacy governance structure with a highly concentrated ownership. Looking back at the history, we could find that the shareholder primacy has its rationality and inevitability. It reduces the cost of corporate governance during the transition period and ensures that the state exercises control of state-owned enterprise. Finally, the state participates in micro companies decision-making through the shareholder primacy governance structure, so as to ensure the stable development of the overall reform. However, in terms of the future development trends, it is obvious that the shareholder primacy will not suitable for every enterprise. Closed companies should continue to retain the governance structure of shareholder primacy. State-owned listed companies can partially learn from the management techniques of director primacy, while non-state-owned listed companies should establish director primacy corporate governance model that meets the management needs of modern large-scale companies.

关 键 词：股东会中心主义 国有企业改革 经济体制改革 国家本位 

分 类 号：D923.991[政治法律—民商法学]