经营判断法则新议——公司自治与法院自制的妥协解

Restudy of Business Judgment Rule:Compromise of Corporate Autonomy and Court Restriction

经营判断法则的起源肇因于19世纪美国社会中的自由放任主义与开放主义的发达。经营判断法则一方面要求公司管理层必须为股东利益行事,同时又承认管理层在经营判断法则的庇护下可以逃脱股东的苛责。这看似有点自相矛盾的法律创造,恰恰昭示着经营判断法则的本质乃是法院自制的一项声明,也是对董事会主导的现代公司自治模式的默许,其功能是尊重董事会的权力,防止法院对公司经营活动的不当管制。

Business Judgment Rule started from prosperity of theory of freedom and laissez-faire in the American society in the 19th century. Business Judgment Rule emphasizes corporate management should do everything good for shareholders. But meanwhile, it also admits the management of corporate could escape the scold from shareholders under this rule. It looks contradictory. As a matter of fact, the nature of Business Judgment Rule is an expression of court restriction, which respects the board and prevents the unreasonable interference of court.