摘要
股权集中的公司,控股股东基于表决权对公司进行控制,更容易获取控制权私利。获取控制权私利能够激励控制股东参与公司经营或者监督,降低代理成本,但也可能损害公司或者小股东利益。股权集中是我国公司治理的现状,对于控股股东的规范,要立足于我国所有权与控制权不分的传统和现状,实现激励与规范平衡。控股股东受信义务来源于美国判例法对信托关系的类比适用,其内涵不确定,与股权自利行使属性不符,难以作为控股股东行使权利边界的指导原则。公司法规定实际执行公司事务的控制股东对公司负有忠实义务和勤勉义务,指示董事、高级管理人员的控制股东承担连带责任,将作为经营者和滥用控制权的控制股东纳入组织法的义务和责任体系规范,可以避免受信义务规则不明确可能产生的过度威慑或威慑不足。股东不得滥用股东权利的规定并非要求股东对公司或者其他股东负有受信义务,而是要求股东不得超越权利边界行使股东权利,行使权利不得损害公司或者其他股东的利益。
In a company with concentrated equity,it is easier for the controlling shareholders to control the company based on their voting rights.Gaining private benefits of control can motivate the controlling shareholders to participate in the operation or supervision of the company,reducing agency costs,which may also harm the interests of the company or minority shareholders.Equity concentration is the status quo of corporate governance in China.Regulation of controlling shareholders should base on the tradition and status quo that the ownership and control combined in China,achieving a balance between incentives and norms.The fiduciary duty of controlling shareholders originates from the analogous application of trust relationships in US case law,whose connotation is uncertain,inconsistent with the nature of self-interested exercise of equity.It is difficult to serve as a guiding principle for the boundary of the exercise of rights by controlling shareholders.The company law includes the controlling shareholders who actually carry out the company's affairs into the category of directors,requiring them to have a duty of loyalty and diligence to the company,and requesting the controlling shareholders instructing directors and senior managers to bear joint and several liability,which bright controlling shareholders who act as operators and abuse control rights into the system of obligations and responsibilities of organic law.It can avoid the excessive or inadequate deterrence resulting from the unclear fiduciary duties rule.The provision that shareholders shall not abuse their rights does not require shareholders to have fiduciary duties to the company or other shareholders,but requires shareholders not to exercise their shareholder rights beyond the boundaries of their rights,and not to harm the interests of the company or other shareholders.
出处
《法律科学（西北政法大学学报）》
CSSCI
北大核心
2024年第5期83-94,共12页
Science of Law：Journal of Northwest University of Political Science and Law
关键词
受信义务
实际董事
滥用股东权利
fiduciary duties
de facto directors
abuse of shareholder rights
