目标公司董事与公司之间的利益分歧研究

Research on Diversification of Interests between Directors and Target Company

公司收购中控制权的更替,引发了目标公司董事与公司及各方利益主体之间的天然利益分歧,公司收购中目标公司董事的决定性地位,使董事义务深刻影响着公司收购正当价值的实现。目标公司董事的控制权愈强,其与公司的利益分歧以及由此引发的代理成本问题也就更加突出。利益分歧行为可以分为积极的利益冲突和消极的利益背离,并建议将忠实义务与注意义务结合起来综合进行判断,通过对目标公司董事的权力限制,以实现对利益分歧的救济。

Replacement of control right in corporate takeover causes the diversification of natural interests between target directors,and the target company and its shareholders and stakeholders.Because of the decisive status of target directors in corporate takeover,directors' duties have a profound impact on the realization of the legitimate value in corporate takeover. This article starts with the reasons of the diversification of interests,and considers that corporate control is a matter of fact;as the consequence the stronger of control of the directors of the target company,the resulting agency cost problem also is more prominent.Through the analysis on the theory of diversification of interests in corporate takeover,this article divides the acts of the diversification of interests into positive interest conflicts and negative interest divergence,and proposes to combine the duty of loyalty and duty of care to judge and restrict the power of the directors of the target company.