区块链技术与公司治理的融合——价值、路径和法律因应

Integration of Blockchain Technology and Corporate Governance:Value,Path and Legal Response

公司治理领域的代理成本问题根源于信息不对称。传统解决方案遵循“制度理性”但效果有限。借助技术赋能,以区块链技术为代表的“技术理性”路径,从法律执行和实效角度切入问题,通过提升公司透明度,降低代理成本,最终提升公司治理水平。信任要素稀缺的公司治理领域是区块链技术这一信任制造机器的天然适用对象。在区块链技术融入公司治理的具体路径构建上,应当以私有链为基础链型,以市场为供链主体,以公司利益相关者为参链节点,以股权交易数据、公司资产交易数据和公司表决数据为记账对象。区块链技术融入公司治理也会引致源自区块链信息产品提供者、参链节点、私有链中心机构和黑客四方面的风险。对于这四类风险,法律体系可以从私法救济和监管应对两个角度进行回应。

The problem of agency cost in the field of corporate governance stems from information asymmetry.The traditional solutions follow“institutional rationality”but the effect is limited.With the help of technology empowerment,blockchain technology as the representative of the“technical rationality”path solves the agency problem from the perspective of law enforcement and effectiveness.It can improve the company’s transparency,reduce agency costs,and ultimately improve the level of corporate governance.It can be said that the corporate governance area where trust is scarce is the natural application of the blockchain technology which can generate trust.On the specific path of the integration of blockchain technology into corporate governance,we should take the private chain as the basic chain type,the market as the supplier,the company’s stakeholders as the chain nodes,and the equity transaction data,the company’s asset transaction data and the company’s voting data as the recorded objects.The integration of blockchain technology and corporate governance will also lead to risks from blockchain information product providers,participating nodes,central institutions of the private chain and hackers.For these four types of risks,the legal system can respond from the perspectives of private law and regulation.