公司瑕疵设立事前规制失效的经济分析与展开

公司瑕疵设立在公司法实践中经常出现,影响了利益相关者的权益,因此各国或地区往往采用事前或事后的方法对瑕疵设立进行规制.由于产权缺位与模糊导致的诚信缺失、实质审查制的低效运行和权力寻租、机会主义的泛化和深化、股东有限责任引致的逆向选择和道德风险、多方利益主体博弈的机制设计无法实现激励相容以及背离公司设立制度变迁路径六个方面的原因,事前规制无法有效抑制公司瑕疵设立的发生.要抑制公司瑕疵设立,不仅要放松对公司进入的管制,完善信息披露制度,更重要的是完善产权制度,塑造社会诚信的氛围.

Economic analysis and extension of ante-regulation ineffectiveness of the Defective Incorporation System

The defective incorporation is very common in the practice of company law and influences the rights of the benefits related,therefore,all countries or regions should use ante-method or post-method to make regulations about the defective incorporation.Because property right fault and vagueness result in credit shortage,low efficiency and power seeking rent of real examination system, and the spreading and deepening of opportunism,because limited responsibility of shareholders leads to reversal selection and moral risk and because the mechanism design of the game of multiple benefi- ting parties can not realize incentive compatibility and deviate from company system evolution path, ante-regulation can not effectively control the defective incorporation.In order to control the defec- tive incorporation,not only company access management should be loosened and information disclo- sing system should be perfected,but also property right system should be perfected and the atmos- phere of social credit should be molded.