论我国利益冲突交易的统一综合调整

On the Unified and Comprehensive Regulation of Conflict⁃of⁃Interest Transactions——Starting from the Reflection on the Differentiated Regulation of the Company Law

对于利益冲突交易,《公司法》给出了以第21条为指引的“公平审查”和以第148条第1款第4项为指引的“公司自治”两种调整方式。以两条规范分别调整两类利益冲突交易的做法,造成了关联交易是否须经自治程序、自我交易是否须满足交易公平的裁判分歧,引发了对两类交易应区分调整抑或统一调整的理论争议。两类交易不存在本质区别,控股股东、实际控制人与董事、监事、高管之差异也无法推导出二者应区分调整的结论。故而,应以利益冲突交易的概念统摄两类交易类型,并予以统一调整。在此前提下,综合运用“公平审查”与“公司自治”两种方式。即以“公司自治优先,公平审查兜底”为原则,以识别规则、报告规则、决议规则与效力规则为规范群,构建规范体系。具体而言,通过识别规则,利益冲突交易被限定为公司控制者、董监高为交易相对人或与相对人存在关联关系、利益关系的交易;报告规则要求利益冲突方应及时向公司报告;决议规则要求公司法应授权公司自行决定是否采用决议程序,及采用何种决议程序;效力规则要求增设交易不公平为交易效力的瑕疵事由。

There are two methods to regulate the conflict⁃of⁃interest transactions:“judicial review of fairness”and“corporate autonomy through procedures”.Article 21 and Article 148 paragraph 1(4)of the Company Law are the corresponding norms of the two regulations.The two Article of the Company Law respectively regulate two types of conflict⁃of⁃interest transactions,resulting in judicial disputes on whether related party transac⁃tions must go through autonomous procedures and whether self⁃dealing must satisfy transaction fairness,and causing theoretical disputes about whether the two kinds of transactions should be regulated separately or uni⁃fied.There is no essential difference between the two kinds of transactions,and the different transaction sub⁃jects of the two kinds of transactions cannot justify that they should be regulated differently.The conflict⁃of⁃interest transactions should be used to capture the two types of transactions and regulate them uniformly.Un⁃der this premise,the two regulatory methods of“judicial review of fairness”and“company autonomy through procedures”are comprehensively used.In other words,a normative system is constructed based on the princi⁃ple of“company autonomy is given priority,and judicial review is the bottom line”,and takes the identifica⁃tion rules,disclosure rules,approval rules and validity rules as the normative group.Specifically,under the identification rules,conflict⁃of⁃interest transactions include those in which the company's controller,director,supervisor and senior executive are the counterpart of the transaction or have related relationship or material interest with the counterparty,but it does not include transactions that simply benefit the company or that treat all shareholders fairly;under the disclosure rules,conflict⁃of⁃interest transactions should be reported to the company in a timely manner;under the approval rules,the Company Law shall empower the company to decide whether and what approval procedure to adopt;under the validity rules,the unfairness of the transac⁃tion is added as the cause of the validity defect of the transaction.