摘要
《九民纪要》针对既往司法实践中重债权人保护而轻投资方保护的状况,提出了兼顾债权人交易安全与投资方投资安全的理念。但也仍存在限制协议履行加剧企业融资困境,程序要求未能保护债权人利益的双重逻辑悖论,导致对债权人过度保护与保护不周延问题同时存在。在法经济学视角下,当前履行障碍模式对于私法自治的介入是过度而低效的,应采柔性父爱主义立场,以信息披露之“疏”替代履行障碍之“堵”。通过信息披露机制与会计处理规则强化债权人知情权,可以为债权人进行交易决策、行使异议权力提供有效保障。最后,应当明确不当信息披露法律后果,放宽对赌协议履行限制,以在保护债权人利益的同时,发挥对赌协议投资激励效果,缓解企业融资困境。
In response to past judicial practice that emphasized creditor protection over investor protection,the Minutes of the Ninth National Civil and Commercial Trial Work put forward the concept of balancing creditor transaction security with investor investment security.However,the method of restricting contract performance not only fails to protect creditors'interests but also exacerbates the financing difficulties of enterprises.In cases involving VAM,the dilemma of over-protection of creditors and under-protection of creditors still exists.From the perspective of legal economics,the current barrier to fulfillment model in intervening in private law autonomy is excessive and inefficient.Paternalism should be proposed and the“blockage”of the barrier to fulfillment should be replaced by the“dredging”of information disclosure.Strengthening the creditors'right to know through the information disclosure mechanism and accounting rules can provide an effective guarantee for creditors to make transaction decisions and exercise their dissenting power.Additionally,the legal consequences of improper information disclosure should be clearly defined.Finally,relaxing the performance restrictions of the VAM is conducive to protecting the interests of creditors while allowing the investment incentive effect of the VAM to be fully realized and alleviating the financing difficulties of growth-oriented enterprises.
作者
朱庆
童传宇
ZHU Qing;TONG Chuanyu(School of Law,Anhui University,Hefei 230601,China)
出处
《浙江工商大学学报》
CSSCI
北大核心
2024年第6期76-86,共11页
Journal of Zhejiang Gongshang University
基金
国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001)
安徽省学术与技术带头人及后备人选科研活动资助项目“我国股份回购证券监管理论重塑与制度再造”(2020H238)。
