商业判断的会计约束与法律约束——以上市公司股份回购为切入

The Legal and Accountant Constrain During Business Judgment:In Perspective of Share Redemption

如果说商业判断规则是从积极角度确认董事免责的条件,那么勤勉义务则是从消极角度对董事履职设定的行为负担,两者都指向董事履职行为,是一体两面的关系。在缺乏信义理念滋养和普通法传统的社会背景下,贸然引入商业判断规则容易滋生司法恣意。作为替代性方案,依循上市公司团体意思的常态形成机制,以会计和法律约束来夯实公司决议与董事判断的正当程序,同样能回应股东对董事勤勉履职的基本期待。在华锐风电为代表的上市公司股份回购决议过程中,法律与会计对"持续经营能力"形成各自的理解图像,由此导致会计约束的"失灵"与法律程序的"空转"。面向未来,将更多的会计要素有机渗透于公司决议的法律程序,实现两种约束的规范协同,将共促董事商业判断时的归位、尽责。

The business judgment rule exempt directors from compensation in shareholder litigation while duty of care rule provides the directors’general responsibility.Both rules aim to regulate directors’behaviors.In China,there is no tradition culture of fiduciary duty and common law,the introduction and application of business judgment rule may cause judicial corruption in reality.Alternatively,during the due process of corporate resolution,combining the accountant constrain and legal constrain may take the effect of shareholder rights protection.In Huarui’s case,the directors decide that the ability to continue as a going concern is not affected by the proposed share redemption,the irony rationality of board decision on share redemption demonstrate the different implication of the expression of ability to continue as a going concern in law and accountancy.In essence,the disciplinary difference causes the constrain from law and accountancy both being invalid.Facing future,keep the legal and accountant constrain together during corporate resolution process,the director will be trained to be observing the duty of care.