股东派生诉讼的发展态势

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저널정보: 한중법학회 중국법연구 중국법연구 제24권

발행연도: 2015.1

수록면: 253 - 280 (28page)

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传统理论认为, 英美法系国家对股东派生诉讼持友好态度, 鼓励股东提起派生诉讼以保障自身及公司权益, 即便无此宽松制度, 至少也不限制股东享有行使派生诉讼的权利. 相反, 在大陆法系国家, 它们则倾向于限制派生诉讼的适用, 即便无此限制程度, 至少也不鼓励股东提起诉讼捍卫合法权益. 这种差异的背后, 可能源于以下几个原因：第一, 诉讼文化的不同. 英美法系强调一种法律的秩序, 认为社会秩序须通过法律的施加及适用才能得以维持. 而在大陆法系国家, 它们更注重于一种无需法律的秩序, 认为其他“非法”机制在纠纷解决中具有举足轻重的作用. 第二, 理念的不同. 英美法系国家在构造公司法具体制度时, 注重事后的补偿与惩治. 而大陆法系国家则恰恰相反, 它们往往认为规则首先应具有完备性, 侧重事先保障的规则理念. 第三, 股权结构的不同. 英美法系股权结构具有分散性特点, 董事相对较易操纵公司, 因此股东相对更为需要派生诉讼以震慑和惩治董事. 而大陆法系国家的股权结构则呈现出集中性特点, 董事相对较难为所欲为. 因此, 大陆法系国家的股东对派生诉讼的需求并不强烈. 然而, 通过对英美法系与大陆法系的几个代表性国家的派生诉讼制度的梳理, 发现上述理由并不足以成立. 派生诉讼在英美法系与大陆法系之间不仅不存在上述的传统假设, 即便是在同一个法系当中, 也存在截然不同的制度表征. 除此之外, 上述的梳理也可得出另一个结论：派生诉讼呈现出“松久必紧、紧久必松”的发展态势, 即原先大力鼓励派生诉讼的国家, 现在则释放出收紧的信号. 而以往对派生诉讼施加种种限制的国家, 现在则呈现出放宽的迹象. 这种发展态势, 与派生诉讼本身内在的属性有关, 也与股东其他保障机制和一国经济发展状况等因素息息相关. 有理由相信, 派生诉讼的这种发展态势仍会延续下去. 中国的派生诉讼也符合上述的发展态势, 从1993年公司法立法之初, 一概禁止派生诉讼. 后来, 司法实践中对派生诉讼有所放宽, 允许在极端情形下股东可提起派生诉讼. 2005年对公司法进行重大修改时, 全面放开派生诉讼. 这种立法进程无疑体现出“紧久必松”的发展态势. 当然, 中国对派生诉讼的松绑并非全然放开, 而是谨慎为之, 采取一种渐进式的变革路径, 试图在公司利益与股东保护之间取得微妙的平衡.

It is widely recognized that the common law jurisdiction is friendly to derivative actions and shareholders are encouraged to bring such litigation in order to protect their interests. On the contrary, the civil law jurisdiction is hostile to derivative lawsuits as they are regarded as the final resort for shareholders and thus many restrictions are set up to prevent shareholders from exercising this right. Many factors might justify this argument: first, these two systems have different litigation culture. The common law system emphasizes culture of the order with law. It believes that the social order could be maintained by the application of law. However, the civil law system believes that the social order could be maintained without law. It inclines to highlight the importance of the non-legal mechanisms. Second, they have different ideas of rules. The common law system emphasizes the subsequent punishment. In contrast, the civil law system considers the importance of the beforehand preventing. This means that derivative action, as a subsequent punishment mechanism, will be highly regarded in common law jurisdictions while its position would be lowered down in civil law countries. Third, they have different ownership structure. The ownership structure is very dispersed in common law jurisdictions and thus directors are easy to use their power to benefit themselves at the cost of the company. In contrast, the ownership structure is concentrated in civil law countries and thus directors or managers are not easy to exploit the interests of the company. As such, derivative actions would be highly used in the dispersed ownership structure areas. However, this paper aims to challenge the above argument by examining the detailed rules of derivative actions among the representative countries in common law jurisdiction and civil law jurisdiction respectively. It finds out that the attitude towards derivative actions is vastly different even in the same jurisdiction. Furthermore, this paper demonstrates that derivative action system presents the tendency of interchange of hostile and friendly. If a derivative action institution is friendly used by shareholders for a long time in one country, then it will be altered and moved towards an unfriendly position, and vice versa. The rationales behind this tendency might be related to many factors, including but not limited to the derivative action system itself, the balance of interests mechanism in corporate law, the alternative protective methods for individual shareholders and the economic development. This means that the traditional theory of the differences of derivative actions in both legal systems is misunderstood. In regards of the derivative action system in China, it also reflects the above tendency. When the first Chinese Company Law was enacted in 1993, derivative action was not adopted. Legislators thought that derivative action might bring damage to the interests of the companies and thus it was prohibited. However, it was not totally prohibited in practice after the legislation was implemented for several years. Derivative Action cases were brought from time to time and some of the judges recognized this right. 1n 2005, derivative actions was formally adopted. It is regarded as one of the substantial progress for Chinese Company Law and it is believed that this remedy for minority shareholders would be actively exercised. However, the use of this right is not as much as expected in practice. The standing requirement and the procedure might deter this right from being used by shareholders. However, it is worthwhile noting that this does not necessarily mean China is hostile to derivative actions. On the contrary, the adoption of derivative action system in Chinese Company Law 2005 implies that this system is accepted by Chinese legislators. The restrictive procedure for this institution solely means that it should be used cautiously. As such, the evolution of derivative action in China also reflects and reinforces its tendency across the world.

#파생소송 #발전추세 #영미법계 #대륙법계 #지분구조 #중국 #derivative action #tendency #common law #civil law #ownership structure #China

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참고문헌 신청

?金? / 2007 / 股?代位??制度?究 / 박사 / 中?政法大?校

Arad Reisberg / 2009 / Derivative Actions and Corporate Governance / OUP

Arndt Stengel / 1998 / Directors Powers and Shareholders: A Comparison of Systems / International Company and Commercial Law Review 9 (2)

Fang Ma / 2010 / The Deficiencies of Derivative Actions in China / Company Lawyer 31 : 150 ~ 159

Franck Chantayan / 2002 / An Examination of American and German Corporate Law Norms / STJJLC 16 : 431 ~

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