契约式股权结构的公司法调整:回应型法的一个解释框架

Corporate Law Adjustment of Contractual Equity Structure:an Interpretive Framework of Responsive Law

契约式股权是当今经济转型背景下由商事实践推动产生的以合同之名解构股权的制度安排。面对在全球蓬勃四起的契约式股权类型,我国公司法面临着束手无策的调整困境,形成了行政与司法侵蚀立法的尴尬局面。作为契约法侵入组织法的产物,契约式股权颠覆了“一股一权”理念,引发了公司法与合同法适用顺位之争,并加剧了公司法与金融监管法的法益冲突。从理论根源上看,公司法对契约式股权结构调整的失败与其自身偏安自治型法范式、恪守部门法学思维、依赖法律移植路径密不可分。在当前公司法修改之际,应以功能主义、整体主义、本土化理念打造具有回应型品格的公司法,以包容和开放的态度回应契约式股权的法治化需求。

Contractual equity is an institutional arrangement of deconstructing equity in the name of con⁃tract,which is driven by commercial practice in the context of today’s economic transformation.In the face of the flourishing type of contractual equity in the world,China's company law is faced with the dilemma of being un⁃able to do anything to adjust it,resulting in the embarrassing situation of administrative and judicial encroach⁃ment on legislation.As a product of the intrusion of contract law into the organic law,contractual equity subverts the concept of“one share,one right”,triggers the dispute between the company law and contract law,and intensi⁃fies the conflict of legal interests between the company law and the financial regulatory law.From the theoretical root,the failure of the company law to adjust the contractual shareholding structure is inseparable from its own preference for the autonomous legal paradigm,adherence to departmental thinking and reliance on the legal trans⁃plantation path.At the time of the current revision of the company law,a company law with a responsive charac⁃ter should be created with functionalism,holism,and localization concepts,and respond to the demand for the rule of law of contractual equity with an inclusive and open attitude.