比较法视野下我国企业集团立法模式选择

Enterprise Group Legislation Mode Selection in China From the Perspective of Comparative Law

由政府主导组建的企业集团与民营经济扩张过程中形成的企业集团是目前我国企业集团的两种主要类型。企业集团中股权分散型公司的治理焦点已由"所有与控制分离下公司管理层道德风险的防治"转变为"大股东与公司、中小股东以及债权人之间利益冲突的防治"。传统的公司治理结构已很难适应企业集团这一组织形式的需要。在当前股权高度集中的公司股权结构下,亟须摸索出适应我国国情的企业集团立法模式。在对各国立法例进行全面梳理和深入比较后可以认为,德国《股份法》(AktG)框架下的康采恩法已对现代企业结构变迁做出积极应对,并依据不同指导原则对合同型康采恩与适格的事实型康采恩进行有区别地规范,与我国大力发展企业集团的现实追求相契合,可为我国相关立法提供有益借鉴。

Enterprise groups incorporated under the leadership of the government and those formed in the process of private economy expansion are two major types of enterprise groups currently existing in China.The focus of corporate governance of diffused shareholding companies has shifted from＂prevention of ethical risks in senior management in the scheme of separation of ownership and management＂to＂prevention of conflicts of interests between majority shareholders and the company,medium and minority shareholders and creditors.＂Under this background,it has been difficult for the traditional corporate governance structure to meet the needs of the organizational structure of enterprise groups.Currently,with the shareholding structure highly concentrated in China,it is urgent to explore the legislation mode of enterprise groups that can satisfy the specific needs in our country.After combing and comparing the legislation of various countries thoroughly,the author finds that the Konzern law in the frame of German Stock Corporation Act（AktG）has positively tackled the changes in the contemporary enterprise structure,and has differentiated and regulated contractual Konzern and qualified factual Konzern pursuant according to different guiding principles;therefore,it is compatible with the actual pursuit of our enterprise groups,and can serve as reference for our legislation.