公司控制权市场的经济学与法学分析

公司控制权市场是借助市场机制,通过转移公司控制权以达到制约公司经营者,从而有效保障股东利益的一系列制度安排。在公司控制权市场机制运用最为成熟的西方发达国家,无论是主流理论抑或是立法、司法层面的制度实践,都无不围绕着一个基本的前提,即实现股东利益最大化。然而,伴随着公司法反主流的理论变革与制度实施,这一蕴含在公司控制权市场机制中的基本前提正受到质疑乃至巨大的冲击,公司控制权市场主流理论及其制度局限亟待作出重新梳理并进行相关法律制度的重新构建。

ECONOMIC AND LEGAL ANALYSIS ON THE MARKET FOR CORPORATE CONTROL

The market for corporate control means such mechanisms as transforming the corporate control from the management to the guarantee of the interests of stockholders.In Western countries where the market for corporate control plays an important role,either the prevailing theory or the implementation of this market enjoys the same position as realizing the interests just owned by the stockholders.However,the prevailing theory and law systems should be revised since this basic position has been challenged by some entirely different observations and legislations.