論股東會中心主義治理模式的勃興：評《公司法（修訂草案）》中股東會的權力機構地位

On the Prosperity of the Shareholder - Centric Corporate Governance Model: Comments on the Supreme Authority of the Shareholders' Meeting in the ''Company Law (Revised Draft)''

股東中心主義價值觀是公司法的核心原則，是公司治理體系設計的邏輯起點。股東會中心主義治理模式具有正當性與可行性。新《公司法》應繼續確認並務實股東會的最高權威與終極控制權，擴充股東會法定職權，激活股東會運行機制。《外商技資法》廢止了外企三法確立的董事會中心主義模式，實現了內外資公司股東會中心主義的統一併軌。公司合規治理的關鍵是降低代理成本，而董事會中心主義、總經理中心主義與團隊生產理論有悖代理法邏輯。美國上市公司治理歷經銀行債權人中心主義、經理人中心主義的失敗教訓，最終回歸股東中心主義模式絕非偶然。股權與控制權脫節的“兩權分離”是公司治理頑症，而非公司善治的靈丹妙藥。董事會是執行機構，而非權力機構。章程與股東會決議有權收回或限制董事會職權。股東會法定職權條款為效力性規範。股東會中心主義模式的普通版、增強版與簡易版各有千秋。股東會決議對不妥董事會決策具有例外糾偏與補救功能。

Shareholder - centered values are the core principles of the company law and the logical starting point of the institutional arrangements of corporate governance. The governance model of shareholders' meeting centralism has legitimacy and feasibility. The new Company Law should continue to confirm and consolidate the supreme authority and ultimate control power of the shareholders' meeting, expand its statutory powers, and activate its operation mechanism. The Foreign Investment Law abolishes the model of board of directors centralism established by the three laws of foreign enterprises, and realizes the unification of shareholders' meeting centralism of domestic and foreign companies. The key to corporate compliance governance is to reduce agency costs, while board centralism, general manager centralism and team production theory are contrary to the logic of agency law. It is no coincidence that the corporate governance of listed companies in the U. S. experienced the failures of bank creditor - centrism and manager - centrism, and finally has returned to the shareholder centralism model. The separation of ownership and control is a persistent problem of corporate governance, not a panacea for good corporate governance. The board of directors is an executive body, not an authority. The Articles of Association and the resolution of the shareholders' meeting shall have the right to withdraw or restrict the powers of the board of directors. The statutory authority clauses of the shareholders' meeting are effective norms. The ordinary version, the enhanced version and the simplified version of the shareholders' meeting centralism model have their own merits. The resolution of the board of shareholders has the functions of exceptional correction and remedy for the improper decision making of the board of directors.