上市公司董事會徵集股東權利的法理證成

The Jurisprudential Justification of Proxy Solicitation by the Board of Directors of Listed Companies

修訂後的《證券法》賦予上市公司董事會徵集人資格。董事會發起的徵集，難用委託代理或合同關係解釋，使其面臨行為失效與責任虛設的理論闡釋與規範適用的困境。基於董事會符合徵集人設定的基本標準、民事主體制度的開放性可容納賦予董事會徵集人資格的制度設計、賦予董事會徵集人資格的道德風險總體可控等原因，可證賦予董事會徵集人資格具有正當性。董事會的徵集行為可定性為一種公司治理行為，其徵集責任可通過異議董事免責、獨立董事決議資格排除等設計銜接《公司法》與《證券法》的有關規定。

The revised Securities Law grants the qualification of solicitor to the board of directors of listed companies. The solicitation initiated by the board of directors is difficult to be explained in terms of the principal-agent or contractual relationship, and this leads to the dilemma of theoretical interpretation and normative application of civil act invalidation and responsibility nullification. Considering that the board of directors meets the basic qualification of solicitor set by the law, the openness of the civil subject system can accommodate the granting of the solicitor of the board, and the overall control of the moral hazard, it is justified to grant the qualification of the solicitor of the board of directors. The solicitation behavior of the board of directors can be characterized as a kind of corporate governance behavior, and its liability of proxy solicitation can be assigned to the directors, by codes of the Company Law and the Securities Law, such as the exemption of dissenting directors and the exclusion of independent directors􀆶resolution qualification.