优先股与普通股的利益分配——基于信义义务的制度方法
潘林优先股与普通股的利益分配——基于信义义务的制度方法
Interest Distribution Between Preferred and Common Shareholders
期刊名称：《法学研究》
期刊年份：
作者：潘林
单位：山东大学法学院
中文关键词：优先股;信义义务;商业判断规则;整体公平;司法审查
英文关键词：preferred stock;fiduciary duty;business judgment rule;overall fairness;judicial review
中文摘要：
优先股跨越了股权与债权的边界。股债融合中股权与债权经济利益状态的趋同、组织法与合同法权利行使机制的交叉，带来了股东间复杂的利益竞争。优先股合同权利空间或是被组织挤压，或是在组织中膨胀，合同与组织陷入双重失序。优先股是股不是债，优先股合同权利的边界应在组织法的框架下划定。作为标准的信义义务制度匹配了金融工具创新以及公司法的授权性，其关键在于法官通过何种方法适用模糊的法律标准以及切入复杂的商事交易。通过董事决策程序引导、控制公司决策的公平性，是信义义务司法审查中首要与核心的方法论。结合证明责任的分配机制，优先股与普通股利益分配的公平性也可能通过计算分析和判断。由是，回应股债融合中的利益竞争，提升对信义义务制度的微观适应，一种可能的路径在于：程序层面，对公司治理中决策过程的认知从法律行为语境下的格式规范进化到商事交易语境下的程序公平；计算层面，在定量裁判思维下重新认识公司价值计算的意义。
英文摘要：
Preferred stock straddles the line between equity and debt. In the hybrid of equity and debt, the convergence in the economic interest of equity and debt as well as the overlapping of mechanisms for the exercise of preferred rights in organic law and contract law bring about complex interest competition among shareholders. And the scope of preferred stock contractual rights is either squeezed by or inflated in the organization, thus leading to dual disorder of contract and organization. Preferred stock is equity instead of debt, and the boundary of preferred stock contractual rights shall be defined in the framework of organic law. As a standard, fiduciary duty matches the innovation of financial instruments as well as the enabling character of corporate law, the key of which lies in the method used by judges to apply the vague legal standards and approach complex commercial transactions. The primary and core methodology of judicial review of fiduciary duty is to ensure the fairness of corporate decisions through the fair decision-making process of directors. What's more, combined with the distribution of the burden of proof, the fairness of interest distribution between preferred and common shareholders may also be analyzed and judged by valuation. Therefore, a possible approach to responding to the interest competition in the hybrid of debt and equity and improving the micro-fit of fiduciary duty in China is as the following:at the procedural level, to upgrade the understanding of decision-making process in corporate governance from that of normative format in the context of legal act to that of fair procedure in the context of commercial transaction; and at the valuation level, to re-recognize the significance of corporate valuation in the quantitative judicial thinking mode.
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