论经营判断原则
摘要
经营判断原则是美国判例法确立的一项公司法制度。根据经营判断原则，董事不会仅因其经营决策给公司造成损失而承担损害赔偿责任，而且其经营决策也不会仅因存有失误而归于无效或被撤销。经营判断原则因其正视商事活动的正常风险，旨在保护董事经营决策权与维护公司利益之间寻求衡平，力图建立董事为公司利益而大胆决策的法律机制，故而其在美国公司法中占有极其重要的位置，且对我国董事乃至公司制度的构建，亦不无参考价值。然而，迄今为止，我国尚未有学者对其进行系统研究。鉴于此，笔者将“论经营判断原则”作为硕士学位论文选题，试图通过本文，对经营判断原则进行较深入系统的研究，以期能揭示出其应有之义，并对我国董事制度之完善提供启示。
本文除前言外，共分为四个部分。
第一部分：经营判断原则的基本理论。由于我国理论界对经营判断原则的含义还没有一个统一、确定的认识，笔者在结合判例和学者观点的基础上，对经营判断原则的含义作了总结。接着，笔者介绍了经营判断原则的沿革，对经营判断原则的功能进行了归纳。笔者认为：经营判断原则不只是一个抽象的法律原则，它同时也是一项具体的制度。最后，笔者对经营判断原则的理论基础进行了分析，以此揭示出经营判断原则产生的必然性以及这一制度的重大意义。
第二部分：经营判断原则的适用条件。厘清经营判断原则的适用范围是一个极其重要的问题，笔者从正反两个方面对经营判断原则的适用范围进行了分析。首先，笔者从经典案例中提炼出经营判断原则的先决条件，包括：一项经营判断事项、无利害关系、合理的注意以及善意。其次，从反面对美国判例所确立的可推翻经营判断原则的因素，作了归纳。由此，从另一个角度明确了经营判断原则适用中应注意的问题。
第三部分：经营判断原则与相关法律机制的关系。经营判断原则与美国公司法中的许多重要法律机制都存在紧密联系。这部分集中讨论了经营判断原则与公司高阶主管、信义义务以及公平标准的关系，籍此讨论，进一步明确了经营判断原则适用中应予注意的问题。
第四部分：经营判断原则与我国《公司法》的完善。研究外国法律制
度的目的，在于为完善我国相关法律栅经验。因此，在本部分从我国的
实际情况出发，蛐了我国引入经营判断原则的现实意义，并对我国经营
判断原则的引入方式、立法原则和具体制度构额出了一些跳性意见。
The Business Judgment Rule is a corporate legal system set up in the American case law. In accordance with the Business Judgment Principle, board directors will not assume the responsibilities for the compensation of losses caused against the company due to the business policy-making decisions and the business decisions will not be considered to be invalid or dismissed due to the existing negligence as well. The Business Judgment Rule is aimed at its pursuit of balance between the protection of the business decision-making rights enjoyed by the board directors and the maintenance of the rights and interests of the company since it draws its attention to the normal risks in commercial activities while attempting to establish a legal -mechanism where directors boldly make decisions for the interests of the company. Therefore, this Principle plays a crucial role in the American corporate law and serves as a valuable reference for the establishment China's board director' or even
company's system. However, up to
date, no scholars have made systematic studies thereon. In view of the above context, the author selects the "Business Judgment Principle" as the topic of this LL.M dissertation in order to make a relatively deep and systematic study on the Business Judgment Rule through this article in hope of exposing its real meaning and providing suggestions for the improvement of China's board director's system.
In addition to the Preface, this article is divided into four parts: Part I: The Basic Theory of the Business Judgment Principle. Since there is no unified or definite understanding of the meaning of Business Judgment Rule in the theoretical profession of China, the author makes a summary of the meaning of Business Judgment Rule on the basis of both related cases and viewpoints of scholars, followed by an introduction of the history of the Business Judgment Rule development and a summary of the functions of the Principle. It is the author's opinion that the Business Judgment Rule is not only an abstract legal principle but also a concrete system. The author finally makes an analysis of the theoretical foundation of the Business Judgment Rule to the end of exposing the
unavoidable result of the establishment and major significance of the Principle.
Part II: Main Factors of the Business Judgment Principle. It is a very important issue to streamline the application scope of the Business Judgment Principle, therefore, the author makes an analysis of the application scope of the Principle from both positive and negative sides. First, the author refines the prerequisites of the Business Judgment Rule from the typical cases, including one business judgment matter, lack of conflict of interests, reasonable attention and goodwill. Second, the author makes a summary of the factors of the revocable Business Judgment Rule set up in the American case laws from the negative perspective and makes clear of the issues to be noted in the application of the Principle from a different angle.
Part III: The Relationship Between the Business Judgment Rule and Related Legal Mechanisms. The Business Judgment Rule is closely related to quite a few important legal mechanisms in the American corporate law. This part focuses on the relations between the Principle and the senior officials, fiduciary duties or fair standards in order to further determine the issues for attention in the application of the Business Judgment Principle.
Part IV: The Business Judgment Rule and the Improvement of the Company Law of China. The purpose of studying foreign legal systems is to provide experience for the improvement of China's related laws. Hence, based on the practical circumstances of China, this part analyzes the practical significance for China to absorb the Business Judgment Rule and makes some constiuctive proposals for the introduction means, legislation principles and the building of concrete system of the Business Judgment Rule in China.
本文除前言外，共分为四个部分。
第一部分：经营判断原则的基本理论。由于我国理论界对经营判断原则的含义还没有一个统一、确定的认识，笔者在结合判例和学者观点的基础上，对经营判断原则的含义作了总结。接着，笔者介绍了经营判断原则的沿革，对经营判断原则的功能进行了归纳。笔者认为：经营判断原则不只是一个抽象的法律原则，它同时也是一项具体的制度。最后，笔者对经营判断原则的理论基础进行了分析，以此揭示出经营判断原则产生的必然性以及这一制度的重大意义。
第二部分：经营判断原则的适用条件。厘清经营判断原则的适用范围是一个极其重要的问题，笔者从正反两个方面对经营判断原则的适用范围进行了分析。首先，笔者从经典案例中提炼出经营判断原则的先决条件，包括：一项经营判断事项、无利害关系、合理的注意以及善意。其次，从反面对美国判例所确立的可推翻经营判断原则的因素，作了归纳。由此，从另一个角度明确了经营判断原则适用中应注意的问题。
第三部分：经营判断原则与相关法律机制的关系。经营判断原则与美国公司法中的许多重要法律机制都存在紧密联系。这部分集中讨论了经营判断原则与公司高阶主管、信义义务以及公平标准的关系，籍此讨论，进一步明确了经营判断原则适用中应予注意的问题。
第四部分：经营判断原则与我国《公司法》的完善。研究外国法律制
度的目的，在于为完善我国相关法律栅经验。因此，在本部分从我国的
实际情况出发，蛐了我国引入经营判断原则的现实意义，并对我国经营
判断原则的引入方式、立法原则和具体制度构额出了一些跳性意见。
The Business Judgment Rule is a corporate legal system set up in the American case law. In accordance with the Business Judgment Principle, board directors will not assume the responsibilities for the compensation of losses caused against the company due to the business policy-making decisions and the business decisions will not be considered to be invalid or dismissed due to the existing negligence as well. The Business Judgment Rule is aimed at its pursuit of balance between the protection of the business decision-making rights enjoyed by the board directors and the maintenance of the rights and interests of the company since it draws its attention to the normal risks in commercial activities while attempting to establish a legal -mechanism where directors boldly make decisions for the interests of the company. Therefore, this Principle plays a crucial role in the American corporate law and serves as a valuable reference for the establishment China's board director' or even
company's system. However, up to
date, no scholars have made systematic studies thereon. In view of the above context, the author selects the "Business Judgment Principle" as the topic of this LL.M dissertation in order to make a relatively deep and systematic study on the Business Judgment Rule through this article in hope of exposing its real meaning and providing suggestions for the improvement of China's board director's system.
In addition to the Preface, this article is divided into four parts: Part I: The Basic Theory of the Business Judgment Principle. Since there is no unified or definite understanding of the meaning of Business Judgment Rule in the theoretical profession of China, the author makes a summary of the meaning of Business Judgment Rule on the basis of both related cases and viewpoints of scholars, followed by an introduction of the history of the Business Judgment Rule development and a summary of the functions of the Principle. It is the author's opinion that the Business Judgment Rule is not only an abstract legal principle but also a concrete system. The author finally makes an analysis of the theoretical foundation of the Business Judgment Rule to the end of exposing the
unavoidable result of the establishment and major significance of the Principle.
Part II: Main Factors of the Business Judgment Principle. It is a very important issue to streamline the application scope of the Business Judgment Principle, therefore, the author makes an analysis of the application scope of the Principle from both positive and negative sides. First, the author refines the prerequisites of the Business Judgment Rule from the typical cases, including one business judgment matter, lack of conflict of interests, reasonable attention and goodwill. Second, the author makes a summary of the factors of the revocable Business Judgment Rule set up in the American case laws from the negative perspective and makes clear of the issues to be noted in the application of the Principle from a different angle.
Part III: The Relationship Between the Business Judgment Rule and Related Legal Mechanisms. The Business Judgment Rule is closely related to quite a few important legal mechanisms in the American corporate law. This part focuses on the relations between the Principle and the senior officials, fiduciary duties or fair standards in order to further determine the issues for attention in the application of the Business Judgment Principle.
Part IV: The Business Judgment Rule and the Improvement of the Company Law of China. The purpose of studying foreign legal systems is to provide experience for the improvement of China's related laws. Hence, based on the practical circumstances of China, this part analyzes the practical significance for China to absorb the Business Judgment Rule and makes some constiuctive proposals for the introduction means, legislation principles and the building of concrete system of the Business Judgment Rule in China.
引文
1．中文书目
〖1〗 张开平：《英美公司董事法律制度研究》，北京：法律出版社1998年版。
〖2〗 张民安：《现代英美董事法律制度研究》，北京：中国政法大学出版社1996年版。
〖3〗 梅慎实：《现代公司机关权力构造论》，北京：法律出版社2000年版。
〖4〗 刘俊海：《股份有限公司股东权的保护》，北京：法律出版社1997年版。
〖5〗 刘俊海：《股东权法律保护概论》，北京：人民法院出版社1995年版。
〖6〗 (美)罗伯特·C·克拉克：《公司法则》，胡平等译，北京：工商出版社1999年版。
〖7〗 (美)罗伯特·W·汉密尔顿：《公司法概要》，李存捧等译，北京：中国社会科学出版社1999年版。
〖8〗 (美)马克·J·洛：《美国公司财务的政治根源——强管理者 弱所有者》，上海：上海远东出版社1999年版。
〖9〗 张航：《公司收购法律制度研究》，北京：法律出版社1998年版。
〖10〗刘俊海：《公司的社会责任》，北京：法律出版社1999年版。
〖11〗(香港)何美欢：《公众公司及其股权证券(上册)》，北京：北京大学出版社1999年版。
〖12〗汤欣：《公司治理与上市公司收购》，北京：中国人民大学出版社2001年版。
〖13〗沈四宝主编：《国际商法论丛》第二卷，北京：法律出版社2000年版。
〖14〗王保树、崔勤之：《中国公司法原理》，北京：社会科学文献出版社1998年版。
〖15〗卞耀武主编：《当代外国公司法》，北京：法律出版社1995年版。
〖16〗卞耀武主编：《特拉华州普通公司法》，北京：法律出版社2001年版。
〖17〗朱伟一：《美国公司法判例解析》，北京：中国法制出版社2000年版。
〖18〗(加拿大)布莱思·R·柴芬斯：《公司法：理论、结构和运作》，林华伟等译，北京：法律出版社2001年版。
〖19〗徐燕：《公司法原理》，北京：法律出版社1997年版。
2．英文书目
〖20〗Robert W. Hamilton, The Law of Corporation, Forth Edition, West Publishing Co., 1996
〖21〗Brian Cheffins, Company Law: Theory, Structure, and Operation. First Edition, Oxford University Press, 1997
〖22〗Lewis D. Solomon & Donald E. Schwartz & Jeffrey D. Bauman: Corporations Law And Policy(Materials And Problems), Second Edition, West Publishing Co., 1988
〖23〗L.C.B.Gower, Principles Of Modem Company Law, Fifth Edition, Sweet & Maxwell, 1992
〖24〗R.C.Clark, Corporation Law, Little Brown And Company, 1986
〖25〗Harry G.Henn, Corporations(Parterships—Acency Teaching Materials), Second Edition, West Publishing Co., 1986
〖1〗 张开平：《英美公司董事法律制度研究》，北京：法律出版社1998年版。
〖2〗 张民安：《现代英美董事法律制度研究》，北京：中国政法大学出版社1996年版。
〖3〗 梅慎实：《现代公司机关权力构造论》，北京：法律出版社2000年版。
〖4〗 刘俊海：《股份有限公司股东权的保护》，北京：法律出版社1997年版。
〖5〗 刘俊海：《股东权法律保护概论》，北京：人民法院出版社1995年版。
〖6〗 (美)罗伯特·C·克拉克：《公司法则》，胡平等译，北京：工商出版社1999年版。
〖7〗 (美)罗伯特·W·汉密尔顿：《公司法概要》，李存捧等译，北京：中国社会科学出版社1999年版。
〖8〗 (美)马克·J·洛：《美国公司财务的政治根源——强管理者 弱所有者》，上海：上海远东出版社1999年版。
〖9〗 张航：《公司收购法律制度研究》，北京：法律出版社1998年版。
〖10〗刘俊海：《公司的社会责任》，北京：法律出版社1999年版。
〖11〗(香港)何美欢：《公众公司及其股权证券(上册)》，北京：北京大学出版社1999年版。
〖12〗汤欣：《公司治理与上市公司收购》，北京：中国人民大学出版社2001年版。
〖13〗沈四宝主编：《国际商法论丛》第二卷，北京：法律出版社2000年版。
〖14〗王保树、崔勤之：《中国公司法原理》，北京：社会科学文献出版社1998年版。
〖15〗卞耀武主编：《当代外国公司法》，北京：法律出版社1995年版。
〖16〗卞耀武主编：《特拉华州普通公司法》，北京：法律出版社2001年版。
〖17〗朱伟一：《美国公司法判例解析》，北京：中国法制出版社2000年版。
〖18〗(加拿大)布莱思·R·柴芬斯：《公司法：理论、结构和运作》，林华伟等译，北京：法律出版社2001年版。
〖19〗徐燕：《公司法原理》，北京：法律出版社1997年版。
2．英文书目
〖20〗Robert W. Hamilton, The Law of Corporation, Forth Edition, West Publishing Co., 1996
〖21〗Brian Cheffins, Company Law: Theory, Structure, and Operation. First Edition, Oxford University Press, 1997
〖22〗Lewis D. Solomon & Donald E. Schwartz & Jeffrey D. Bauman: Corporations Law And Policy(Materials And Problems), Second Edition, West Publishing Co., 1988
〖23〗L.C.B.Gower, Principles Of Modem Company Law, Fifth Edition, Sweet & Maxwell, 1992
〖24〗R.C.Clark, Corporation Law, Little Brown And Company, 1986
〖25〗Harry G.Henn, Corporations(Parterships—Acency Teaching Materials), Second Edition, West Publishing Co., 1986