股东会中心主义抑或董事会中心主义?——公司治理模式的界定、评判与选择

Shareholders’ Meeting Centrism or Board Centrism?

采股东会中心主义还是董事会中心主义是公司治理研究与公司法制度设计必须作出的理论回应和立法选择。中外公司法学理对于股东会中心主义和董事会中心主义的界定有终极目标论、代理关系论、"最终决定权"和"权力独立"标准、剩余权力归属标准等多种理解和主张。公司治理中心的界定应以公司主要的经营者事项和经营者权力、而非以所有者事项和所有者权力的分配为根据。世界各国的公司治理模式经历了从股东会中心到董事会中心、甚至再到经理层中心的交错发展,中国的公司治理模式呈现为法定董事会中心主义与某些公司事实上的经理层中心主义或控股股东中心主义的特殊状态。不同公司治理模式各有所长,各有其短,没有尽善尽美的最佳治理模式。《公司法》修订改革和公司治理模式优化选择的使命不是对其进行"二选一"或"多选一"的排他性选择,而应在肯定和设计多种治理模式的基础上,赋予治理模式规范以法律的任意性,允许公司当事人根据自身需求和不同情况自主选择。

Whether to adopt shareholder primacy or board primacy is a theoretical answer and legislative choice that must be made in corporate governance research and corporate law system design.The Chinese and foreign companies law scholarship has various understandings and opinions on the definition of shareholder primacy and directorprimacy,such as ultimate goal theory,agency relationship theory,"final decision power"and"power independence"standards,and residual power ownership standards.The definition of the corporate governance center should be based on the company’s main operator matters and operator power,rather than the distribution of owner matters and owner power.The corporate governance models of various countries in the world have experienced cross-over development from the shareholder primacy to the director primacy,and even to the manager primacy.China’s corporate governance model presents a special state of statutory director primacy and de facto manager primacy or controlling shareholder primacy in some companies.Different corporate governance models have their own strengths and weaknesses,and there is no perfect governance model.The mission of the revision and reform of the company law and the optimization of the corporate governance model is not to make an exclusive choice of"one out of two"or"one out of many".It should confirm and design a variety of governance models,with a nature of arbitrary norms,to allow company parties to make their own choices according to their own needs and different situations.