公司关联交易的安全港程序与公司集团立法研究

Safe Harbor Procedure for Related Party Transactions and Legislation for Corporate Groups

《公司法》第16条引发越权担保合同效力之争,本质是关联交易的效力判断之争。《公司法修订草案》完善上市公司关联交易的安全港程序规定,应置于《公司法》总则之中或独立成章;违背安全港程序的关联交易可以经法院撤销而归于无效,但最终应以交易公平性作为终极裁判标准。公司集团利用内部关联交易可以节约交易成本,提升交易效率,但另一方面可能损害从属公司少数股东及债权人合法权益。《公司法》修订应遵循堵疏结合的立法思路,对关联交易和公司集团进行系统化规范:“堵”即是建立防火墙,防止关联交易损害少数股东及债权人合法权益;“疏”即是承认公司集团行使统一管理权的合法性,鼓励公司集团做大做强,并建立公司集团内部的公平补偿机制。

The disputes of validity of related party guarantees relating to Article 16 of Chinese Company Law reflects the disputes of validity of corporate related party transactions in general.The Revision of Chinese Company Law should establish safe harbor procedure for related party transactions.Judgment on whether a related party transaction which has not abided by safe harbor procedures is voidable should based on fairness of the transaction.Moreover,Chinese Company Law should also regulate corporate groups to legitimate the unified management right of corporate groups as well as to protect the rights of minority shareholders and debtors via fair compensation inside corporate groups.