反垄断法视阈下的公司“黑箱”及其破解  

The“Black Box”of the Corporation and its Cracking in the Field of Anti-Monopoly Law

作　　者：张嘉彦 徐晓松[1] 

机构地区：[1]中国政法大学

出　　处：《清华法律评论》2023年第2期201-228,共28页Tsinghua Law Review

基　　金：中国法学会2021年度部级法学研究课题“以授权经营推进充分竞争领域国有资本优化配置法律机制研究”[课题编号:CLS(2021)C18]的研究成果。

摘　　要：在“市场—组织”二分的思维定式下,公司被反垄断法视为“黑箱”。“黑箱”思维的形成有部门法发展路径依赖的原因,也有一定的经济理性考量,但这些不足以为“黑箱”提供有力的辩护。通过撇清历史成见、辨析交易逻辑与管制逻辑的差异,不难发现反垄断法具有破解公司“黑箱”的正当性和可能性。随着公司实践的日益发展,复杂的公司关系日益成为反垄断法实施的阻碍,不宜再将其作为“黑箱”对待。主流法域已对连锁董事、少数股权收购等现象作出了必要的回应,在行为认定层面不同程度地动摇了公司“黑箱”。而要进一步破解“黑箱”,可以通过在责任层面设定个人责任以提高反垄断法实施效能、降低公司代理成本。我国《反垄断法》(2022年修正)已经迈出了反垄断法个人责任的第一步,但在适用范围和处罚力度上有待进一步调整。With a market⁃organization dichotomy mindset,corporations are seen as a“black box”by anti⁃monopoly law.The emergence of the“black box”idea is attributable not only to the path reliance amid the development of the branch of laws but also to rational economic considerations.However,these are insufficient to provide a strong defense for the“black box”.By rejecting historical stereotypes and analyzing transactional and regulatory logics,it is not difficult to find the justifiability and possibility for anti⁃monopoly law to tackle the corporate“black box”.With the development of corporate practices,complicated corporate relations have increasingly become an obstacle to the implementation of anti⁃monopoly law and thus the corporation should no longer be treated as a“black box”.Necessary responses have been made to phenomenon like interlocking directors and minority equity acquisition in mainstream legal regions,shaking the ground of corporate“black box”from the perspective of recognition of actions.To further crack the“black box”,it is feasible to set individual responsibilities to improve the implementation effectiveness of anti⁃monopoly law and reduce the agency cost of corporate governance.Anti⁃Monopoly Law of China(2022 Amendment)has made the first step in terms of individuals’liabilities but further adjustments to its scope of application and degree of penalty are needed.

关 键 词：反垄断法 黑箱 个人责任 代理成本 

分 类 号：D92[政治法律—法学]