控股股东信义义务的类型化及义务违反判断标准  

Categorization of the Fiduciary Duty of Controlling Shareholders and the Criterion for Judgement of Breach of Dut

作　　者：钱玉文 方钰雯 QIAN Yuwen;FANG Yuwen

机构地区：[1]江南大学法学院

出　　处：《常州大学学报(社会科学版)》2025年第1期1-11,共11页Journal of Changzhou University:Social Science Edition

基　　金：国家社会科学基金一般项目“金融消费者保护法的规范体系研究”(24BFX072);江苏省社会科学基金重点项目“金融监管规章的司法适用研究”(24FXA001)。

摘　　要：2024年的《中华人民共和国公司法》进一步强化了控股股东的义务,实际执行公司事务的控股股东应承担与董事相同的信义义务,但形成的规制面尚不足以完全覆盖以往司法实践中出现的控股股东滥权行为,且2024年的《中华人民共和国公司法》并未对控股股东滥用权利行为的构成要件做出明确规定,在司法实践中仍可能出现控股股东违反信义义务的判断标准混乱的问题。对控股股东的信义义务应进行类型化研究,其分为控股股东实际执行公司事务时负有的信义义务、行使表决权时负有的信义义务、转让控制权时负有的信义义务等三类,并借鉴域外经验,具体化控股股东违反信义义务的判断标准。“实际执行”的含义为董事习惯听从控股股东的指令行事,在对关联交易进行实质审查时,应当从交易动机、交易行为、交易价格和交易结果等方面综合判断关联交易是否公平,在篡夺公司机会的情形下,法院应先审查是否存在商业机会,再审查控股股东是否违信。对于控股股东是否滥用表决权,法院应当结合诸多要素谦抑地认定。在控股股东转让控制权时,控股股东在对受让方产生合理怀疑后应承担调查义务。Company Law of the Peoples Republic of China in 2024 further strengthens the obligations of controlling shareholders.Controlling shareholders who actually manage company affairs are required to fulfill the same fiduciary duties as directors.However,the regulatory framework formed is not enough to fully address the abuse of power by controlling shareholders in previous judicial practices,and Company Law of the Peoples Republic of China in 2024 does not clearly stipulate the constituent elements of such abuse.Consequently,confusion may still arise in judicial practices regarding the criterion for judgement of breach of duty by controlling shareholders.The fiduciary duty of controlling shareholders should be studied typologically and classified into three categories:fiduciary duty when controlling shareholders directly manage corporate affairs,fiduciary duty when exercising voting rights,and fiduciary duty when transferring control rights,and the criterion for judgement of breach of duty by controlling shareholders should be specified with reference to foreign experience.The meaning of“actual execution”is that the directors are accustomed to acting according to the instructions of controlling shareholders.When conducting substantive review of connected transactions,the fairness of connected transactions should be judged comprehensively from the aspects of transaction motive,transaction behavior,transaction price and transaction result,etc.In the case of usurping company opportunities,the court should first examine whether there is a business opportunity,and then examine whether the controlling shareholder has violated their fiduciary duty.In cases of controlling shareholders abuse of voting rights,the court should carefully consider various factors.When the controlling shareholder transfers the control right,the controlling shareholder shall undertake the investigation obligation after having reasonable doubts about the transferee.

关 键 词：控股股东 信义义务 类型化 判断标准 

分 类 号：D912.29[政治法律—民商法学]