上市公司董事、高管个人事务的法律规制--团体法、行为法及信息法的三维进路  

Regulating the Personal Affairs of Directors and Executives of Listed Companies:Three Dimensional Approach of Corporate Organization Law,Conduct Law and Information Law

作　　者：薛前强 Xue Qianqiang

机构地区：[1]中央民族大学法学院,北京100081

出　　处：《复印报刊资料（民商法学）》2022年第2期123-136,共14页Civil and Commercial Law

基　　金：国家社会科学基金重大项目“社会主义市场经济中的公共商行为及其规制”(14ZDC019);国家社会科学基金一般项目“公司资本制度改革实效评估与再改革研究”(16BFX113):中央民族大学校级青年教师科研能力提升计划项目“少数民族企业应对社会突发紧急公共事件法律机制研究”(2021QNPY60)。

摘　　要：上市公司董事、高管尤其是明星CEO的个人事务可对公司治理、公司利益、股东权益产生实质性影响已不再是法外空间,而是逐渐演化为具有涉他性的私人场域中的“涉公司性”和公司场域中的“准商业性”两类事务,从而应被纳入规制范畴。鉴于主体身份和发生场域的双重特殊性,对两类个人事务的规制将是横跨公司团体法上的行为拘束契约、公司行为法上的信义义务以及公司信息法上信息披露规则的三元领域之问题。为此,需根据私事种类的不同,秉持类型化的逻辑,在公司团体法层面强化内部“道德法典”的拘束性和可执行性;在公司行为法层面,对忠实义务进行目的解释并扩充董事、高管信义义务的监督内涵;在公司信息法层面,构建上市公司董事、高管个人事务的信息披露机制。这既彰显投资者保护的价值追求,在深层次上,更表征着这样一个事实--一对上市公司董事、高管个人事务的规制是一个复杂的事情,需多重手段配套使用并进行能动性变革。The personal affairs of directors and executives of listed companies attract the attention of investors,and affect the company's stock price and future development.This shows that the personal affairs of directors and executives of listed companies,especially star CEOs will have a substantial impact on corporate governance,corporation interests and shareholders'rights,which is no longer an extra-legal space,and gradually evolved into two types of affairs:the"corporate nature"in the private field and the"quasi-commercial nature"in the corporate field,which should be included in the scope of regulation.In view of the dual particularity of subject identity and occurrence field,the regulation of the two types of personal affairs will be a tripartite problem spanning the binding contract under corporate organization law,the fiduciary duty under corporate conduct law and the information disclosure rules under corporate informationlaw.Therefore,it is necessary to uphold the logic of typing according to the different types of private affairs.At the level of corporate organization law,the company attempts to restrict and regulate the personal behavior of directors and executives through the ethics code with positive incentives and the Weinstein Clause with negative binding.However,organization law usually only applies to personal affairs in the workplace,and the restraint and enforceability of the internal ethics code should be strengthened.At the level of corporate conduct law,the fiduciary duty is the main countermeasure to solve this problem.The current derivative litigation on personal affairs and the literary interpretation of fiduciary duty make it difficult to incorporate personal affairs into their regulatory scope.Therefore,it is necessary to explain the duty of loyalty with the purpose to protect corporate interest and expand the supervision connotation of the fiduciary duty of directors and executives.At the level of corporate information law,since the specific personal affairs of directors and executives will

关 键 词：个人事务 上市公司 道德法典 信义义务 信息披露 

分 类 号：D922.291.91[政治法律—经济法学]