商事受信人归入责任的法理逻辑与统一规范  

Rationales for a Uniform Disgorgement Remedy for Commercial Fiduciaries

作　　者：邹星光 Zou Xingguang

机构地区：[1]北京大学法学院

出　　处：《财经法学》2023年第4期165-180,共16页Law and Economy

摘　　要：商事受信人的归入责任在我国民商事立法、司法与监管层面均存在缺漏,暴露了其基础法理逻辑的不清晰。其一,由于未能厘清归入责任这一特殊救济的经济功能,同属信义关系的不同商事法律关系在民事救济方面受到了区别对待,即只对部分法律关系在传统的损害赔偿以外设置了归入责任。代理成本理论无法充分论证归入责任的合理性,因为还须回应事后资源配置效率方面的批评。在受信人风险中立或偏好的情形下,损失填平原则通常也无法起到激励效率违约的效果,故其相对于归入责任不具有效率优势;在受信人风险厌恶的情形下,归入责任通常可以通过激励事后协商来实现资源的优化配置,且自愿协商不存在损失填平原则下的赔偿不足问题。其二,司法实践中未能考虑对归入责任的限制,即未对善意受信人为所获利润所作贡献进行适当补偿,从而可能导致威慑过度。其三,在证券监管层面,未能正确认识到没收违法所得的法律属性是通过公共执法实施的归入责任及其相较于私人归入权的效率优势,且现有的民事赔偿责任优先原则无法有效补偿投资者的损失。There exist deficiencies in Chinese laws,judgements and regulations pertaining to the disgorgement remedy for commercial fiduciaries,which reveals the lack of clarity about legal rationales behind it.First,legal structures that constitute a fiduciary relationship are treated disparately in terms of remedies,which stems from the failure to clearly understand the function of disgorgement of profits.The agency cost theory is inadequate for justifying this remedy,since it is necessary to respond to efficient breach supporters'criticisms.Assuming that fiduciaries are risk-neutral or risk-seeking,expectation damages are also unable to encourage efficient breach,which means no comparative advantages in this regard;assuming that fiduciaries are risk-averse,account of profits could improve allocative efficiency by inducing Coasian bargains,which is efficiently superior than expectation damages due to no concern about under-compensation.Second,courts have failed to pay attention to reasonable allowance for contributions made by fiduciaries in good faith,which could result in overdeterrence.Third,the securities regulator failed to recognize the repayment of ill-gotten gains as the public enforcement of the disgorgement remedy and its efficiency superiority compared to disgorgement claims by individuals,and the existing principle of the priority of damages cannot effectively compensate investors.

关 键 词：信义关系 忠实义务 归入责任 效率违约 没收违法所得 

分 类 号：D922.291.91[政治法律—经济法学]