数字平台特殊管理股制度的功能定位与边界约束

Functional Positioning and Boundary Constraints of the Special Management Shares for Digital Platform

创新是数字平台的核心竞争力,对平台的监管不应以扼杀其优势为代价。新《反垄断法》将“鼓励创新”写入立法宗旨,彰显出立法者对平台反垄断“阻断式执法”减损数字经济创新价值的隐忧。反垄断只能作为权宜性个案审查工具,而平台需走向自治。然而,单一内部监督机制存在效用边界,平台自治亦不应完全排斥公权的合理参与。诞生于公私合作的特殊管理股制度,经过改良后能够弥补反垄断执法规制不足或规制过度的缺陷,契合平台自治要求。需从三个层面约束其权利边界:其一,权利行使主体约束。应由投服中心等金融公益组织作为特殊管理股的权利行使主体,而非国有企业、国家机关。其二,本体构造约束。从特殊管理股的建立、运行与退出三层面构造股权制度,实现有效管理与有限管理、主体培育与适时退出。其三,公司治理约束。体现为股东权的约束、决策权的限制和监督权的强化,并藉由公司法修改契机,通过一元制下的监督型董事会赋予特殊管理股董事强式监督权。

Innovation is the core competitiveness of digital platforms,and regulation of plat-forms cannot be at the expense of stifling their advantages.Antitrust can only be used as an ex-pedient case review tool,and the platform will eventually need to become autonomous.Howev-er,in the era of digital economy,the single internal supervision mechanism has utility bounda-ry,and the platform autonomy should not completely exclude the reasonable participation of public rights.The system of special management shares born from public-private cooperation can meet the autonomy requirements of the digital platform:Firstly,Constraints at the level of the exercising entity.The modified version of special management units shall be exercised by professional organizations,rather than state-owned enterprises or state organs;Secondly,Con-tent-level constraints.From the three aspects of the establishment,operation and withdrawal of the special management unit,the system of effective management and limited management,subject cultivation and timely withdrawal of the special management unit is constructed;Third-ly,Corporate governance-level constraints.It is mainly reflected in the restriction of sharehold-ers'rights,the restriction of decision-making rights and the strengthening of supervision rights.By taking the opportunity of the amendment of the Company law,the directors of special man-agement shares are endowed with strong supervision rights through the supervisory board of di-rectors under the unitary system.