缺省性公司法规则的构造——基于减少交易成本和代理成本的分析
伍坚缺省性公司法规则的构造——基于减少交易成本和代理成本的分析
Construction of Supplementary Rules ofthe Company Law
期刊名称：《法学研究》
期刊年份：
作者：伍坚
单位：
中文关键词：强制性规则;缺省性规则;默认规则;公司章程;日落条款
英文关键词：mandatory rule; supplementary rule; default rule; articles of association; sunset clauses
中文摘要：
缺省性公司法规则一般由默认规则和排除路径组合而成。在默认规则的选择上，将多数公司偏好的规则设为默认可以减少交易成本，如有限责任公司股权对外转让规则应当简化为其他股东优先购买权的单一规则。如果多数默认有利于大股东或者管理层，应适用惩罚或可逆缺省标准，将不利于大股东或者管理层的规则设为默认，以减少代理成本，如股份有限公司选举董监事时的累积投票制应为默认规则。在排除路径的设置上，降低排除难度可节省交易成本，但为抑制有损部分主体利益的机会主义式偏离，需要收紧排除路径直至所有股东同意。默认规则因很难被排除而更接近于强制性规则，比起强制/缺省的简单二分法，公司法规则的刚性序列显然存在更多变化。在此二元构造之外，以赋权性规则的形式提供可以替代默认规则的备选方案，或者以时间型和事件型日落条款对偏离默认规则进行事后规制，可减少排除默认规则时的交易成本和代理成本，但法律修订型日落条款应有限适用。
英文摘要：
Supplementary company law rules are generally a combination of default rules and exclusion paths. In the selection of default rules, setting the rules preferred by most companies as the default can reduce transaction costs. For example, the rules for external transfer of equity in the limited liability companies should be simplified to a single rule of preemptive rights for other shareholders. If the majority default is in favor of major shareholders or the management, penalty or reversible default standards should be applied, and rules that are unfavorable to major shareholders or the management should be set as default to reduce agency costs. For example, the cumulative voting system in the election of directors and supervisors in a joint-stock company should be the default rule. In terms of setting exclusion paths, reducing the difficulty of exclusion can save transaction costs, but in order to suppress opportunistic deviations that may harm the interests of some entities, it is necessary to tighten the exclusion paths until all shareholders agree. Default rules which are difficult to be excluded are closer to mandatory rules, thus there are clearly more changes in the rigid sequence of company law rules compared to the simple dichotomy of mandatory/supplementary. Beyond this binary construction, providing alternative solutions in the form of enabling rules that can replace default rules, or regulating deviations from default rules with time-based and event-based sunset clauses after the event, can both reduce the transaction or agency costs when excluding default rules, but the law-revision-based sunset clauses should be limited in its application.
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