公司控制權的規制變革與平衡進路

Regulatory Changes and Balancing Approaches for Corporate Control

現代公司法高度重視股權保護，但股權保護之立法目的需要通過規制控制權的規則設計來達成。公司控制關係的普遍存在表明“控制性利益”可以構成一種隱性激勵，控制關係對公司治理具有雙面影響。傳統立法對“控制性利益”謀取行為採取“強制禁止+事後追責”的規制策略是低效的，特別是欠缺積極的引導性規則，呈現出明顯的制度失衡。新《公司法》展現出對公司控制進行平衡規制的取向，以立法目的之擴展調適公司法的制度功能，以股權配置多元化滿足控制人的控制需求，以靈活的組織機構提升公司治理的實效性，以周延的問責機制保障控制行為的妥當性。未來應當進一步將控制從事實轉變為權利，完善其識別規則與權能體系，明晰司法介入商業的限度以實現審慎科責，並注重運用程序性引導的規制策略。

Modern company law regards shareholder’s right protection as its core legislative goal, but equity protection needs to be achieved through control regulations. The widespread existence of corporate control indicates that“control interests”constitute an implicit incentive, and control relationships have a dual impact on corporate governance. The traditional legislation that adopts a regulatory strategy of“mandatory prohibition and post accountability”for the pursuit of“control and personal gain”is inefficient. Especially due to the lack of positive guidance, there is a clear institutional imbalance. The new Company Law demonstrates the orientation of balancing and regulating corporate control, expanding and adjusting the institutional functions of the Company Law for legislative purposes, meeting the control needs of controllers through diversified equity allocation, enhancing the effectiveness of corporate governance through flexible organizational structures, and ensuring the appropriateness of control behavior through a comprehensive accountability mechanism. In the future, control should be further transformed from facts to rights, its identification rules and power system should be improved, the limits of judicial intervention in commerce should be clarified to achieve prudent accountability, and attention should be paid to the use of procedural regulatory strategies.