股东权行使规则的经济逻辑——一个契约理论的分析框架

The Economic Logic of Rules for Exercising a Shareholder's Rights——A Framework of Contract Theory Analysis

以公司契约理论为理论工具,对股东权行使规则进行契约解释,揭示出公司法规则背后的法律经济学含义。股东权行使规则的经济逻辑在于通过效率安排,节省公司参与者的交易成本。这从法律经济学上证明了公司法规定的股东权行使规则的正当性。为了使公司法成为一部富有效率、促进股东价值的法律,我国立法应该正确地反映股东权行使规则的经济逻辑。

Company contract theory is used as academic implement to interpret the rules for exercising of a shareholder＇s rights, and the meaning of the law and economics behind the rules of company law is revealed. The economic logic of rules for exercising a shareholder＇s rights aims to reduce the company participators＇ dealing cost through choosing the most efficient way, which justifies the rules for exercising a shareholder＇s rights prescribed in company law from the view or the law and economics. In order to get an efficient company law to promote shareholder value law, the company law legislation should reflect accurately the economic logic of the rules for exercising a shareholder＇s rights.