美国公司法对自我交易的规制

发布时间：2018-05-11 08:44

本文选题：自我交易 + 规制原则　；参考：《对外经济贸易大学》2005年硕士论文

【摘要】：自我交易（在我国也称关联交易）是指董事、公司高级职员或公司控股股东（以下简称利害关系方）与公司进行的交易，属于利益冲突交易中的一种。如何对待自我交易是忠实义务规制的重要内容。各国都采取了适当的规制原则来调整和规范自我交易，确保自我交易的公平性。其中，美国规制自我交易的制度较为发达。美国公司法对于自我交易，经历了从完全禁止到规制原则下有条件的许可的立法过程。美国现行的自我交易规制原则为程序公平原则和实体公平原则。程序公平原则是在利害关系方完全、及时、准确地披露利益冲突的存在和性质后，，排除利益冲突的利害关系方参与投票，在非利害关系方中投票表决达到多数人支持即可通过，无须接受法院关于交易公平性的司法审查。而实体公平原则允许利害关系方参加自我交易投票表决，在对交易持异议的股东或公司向法院提起诉讼后，由法院在诉讼中对于交易的实体公平性进行客观评估。值得注意的是，实体公正原则只有在股东或公司对于交易存在异议，向法院提起诉讼的情况下才会适用。包括特拉华州在内的美国大多数州均采用了实体公平原则。笔者从商法的两大价值目标----公平和效率的角度分析这两种不同的自我交易规制原则。就公平性而言，程序公平原则与实体公平原则难分伯仲。从效率的角度出发，笔者着重分析了影响自我交易规制原则效率的各种因素，包括信息成本、谈判成本、司法干涉成本和市场机制等。在特定的环境中，谈判成本、司法干预成本和市场机制是影响自我交易规制原则效率的主要因素。如果脱离了具体特定的司法、经济、市场环境来分析两种规制原则在效率上孰优孰劣是不科学的。在此基础上，笔者结合我国的司法、经济、市场环境，从中选择适合我国国情的自我交易规制原则----程序公平原则，同时对于完善我国现行法律法规关于自我交易规制原则的规定提出相应的建议。
[Abstract]:Self-dealing (also referred to as affiliated transaction) refers to the transaction between directors, company officers or controlling shareholders (hereinafter referred to as interested parties) and the company, which belongs to the transaction of conflict of interest. How to deal with self-transaction is an important content of loyalty obligation regulation. All countries adopt appropriate regulation principles to regulate and regulate self-dealing to ensure the fairness of self-dealing. Among them, the system of self-dealing in the United States is more developed. For self-dealing, American company law has gone through the legislative process from complete prohibition to conditional permission under the principle of regulation. The principles of self-dealing in the United States are procedural fairness and substantive equity. The principle of procedural fairness is that after the full, timely and accurate disclosure of the existence and nature of the conflict of interest by the stakeholders, the participation of the stakeholders excluded from the conflict of interest can be achieved by voting with the support of a majority of non-stakeholders, There is no need to accept judicial review of the fairness of transactions by the court. The principle of substantive equity allows interested parties to vote on self-trading. After the shareholders or companies that disagree with the transaction bring a lawsuit to the court, the court will objectively evaluate the entity fairness of the transaction in the litigation. It is worth noting that the principle of substantive justice applies only if the shareholder or company challenges the transaction and brings a lawsuit in court. Most states, including Delaware, have adopted the principle of substantive equity. From the perspective of fairness and efficiency, the author analyzes the two different principles of self-dealing regulation. As far as fairness is concerned, the principle of procedural fairness and the principle of substantive equity are indistinguishable. From the point of view of efficiency, the author emphatically analyzes the factors that affect the efficiency of self-transaction regulation principle, including information cost, negotiation cost, judicial intervention cost and market mechanism. In a specific environment, the cost of negotiation, the cost of judicial intervention and the market mechanism are the main factors that affect the efficiency of the principle of self-dealing regulation. It is not scientific to analyze the efficiency of the two principles without the specific judicial, economic and market environment. On this basis, the author combines the judicial, economic and market environment of our country, and chooses the principle of self-dealing regulation which is suitable for our country's national conditions-the principle of procedural fairness. At the same time, some suggestions are put forward to perfect the regulation of self-dealing in the current laws and regulations of our country.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2005
【分类号】：D971.2

【引证文献】