州际竞争与美国公司法的发展

Interstate Competition and Development of U. S. Corporate Law

美国经历了两轮分别由新泽西州和特拉华州挑起的以吸引公司注册为目标的州际竞争。第一轮竞争发端于19世纪80年代,至20世纪30年代达到高潮。这轮竞争主要表现为公司法的自由化改革,结果是美国各州普通公司法基本完成了从"管制型"向"赋权型"的转变。第二轮竞争肇始于20世纪60年代,一直延续到现在。此轮竞争一方面使董事和高管诉讼费用补偿与责任保险范围明显扩大,并催生了直接免除或限制他们责任的条款,另一方面也推动反收购法不断更新。这些变化使美国各州公司法呈现浓厚的亲管理层色彩。很多人不满竞争结果,他们针对竞争根源进行了争取联邦公司法、统一各州公司法和反对"内部事务原则"的努力,但这些措施作用都不大,没能阻止竞争的发展。

The United States has experienced two rounds of interstate competition for corporate charters initiated by New Jersey and Delaware respectively. The first round started in the 1880 s,and reached its climax in the 1930 s. This round of competition was accompanied with reforms of liberalizing state corporate laws,and resulted in the transformation of the state corporation statute from a device to control into an enabling act. The second round commenced in the 1960 s and has lasted till now. In addition to anti- takeover laws,this round of competition has promoted large expansion of indemnification and liability insurance for directors and officers,and induced clauses eliminating or limiting their liabilities,which made a pro- management tilt of U. S. corporate law. Lots of people dislike the consequences of the competition,and they have tried several ways to remove the roots of competition,including proposing federal incorporation law,enforcing uniform state law and confining the internal affairs doctrine. But their efforts had little effect,leaving the competition going on.