【作者】 潘彬婷；

【导师】 刘智慧；

【作者基本信息】 中国政法大学 ， 经济法学， 2008， 硕士

【摘要】 传统的公司法理论认为,股东是公司的所有者,作为公司法定机构的董事会对股东负有信赖义务,股东的利益可以得到公司法的保护。但债权人的权利在很大程度上是一个合同问题,债权人与公司之间是债权债务关系,属于公司的外部关系。同时,由于公司的经营风险要由股东来承担,因而股东对公司最关切,最有责任感。因此,公司的债权人不享有公司经营管理的参与权、决策权和监督权,这些权利应由股东独占。所以公司内部治理结构中没有保护债权人的机制,公司债权人的利益主要由合同法保护。在这一传统理论影响下,我国公司立法进行了旨在保护股东尤其是中小股东利益的九大改革,进入到2008年随着股市的风起云涌,证监会和两大证券交易所对上市公司的股权又出台了一系列规范和行为指引以保护中小股东的利益,而对债权人利益保护的改革相对而言明显不够。目前,我国公司债权融资主要是银行贷款,在现有法律框架下银行对债务人监督力度很小,对整个银行体系甚至整个金融市场的稳定是一大隐患。将来公司的债权融资必将会日益增加债券融资,增强债券持有人的控制机制变革公司治理结构也将成为必然的选择。现代公司治理理论认为,公司本质上是多边契约关系的总和,是一张有股东、债权人、经营者、生产者、消费者及其它有关利益主体共同组成的“契约网”,各利益主体之间应是平等和独立的关系。在公司决策中要反映其他利益相关者的愿望,实施共同治理。因此,债权人利益的保护应属于公司治理的范畴。采用利益相关者治理模式才能更有效保护债权人利益。本文除引言和结论外,共分为四个部分:第一部分介绍了利益相关者治理模式与债权人利益保护之关系。从利益相关者治理本身的含义和社会历史变迁的融合,指出它是对传统公司治理在新客观历史条件下的反思和更新。利益相关者治理模式肯定了债权人作为利益相关者之一对公司应享有的权利,从而为债权人参与公司治理提供了理论依据和可能途径。第二部分从五个方面确定了利益相关者治理模式的理论基础。不同的五个方面理论殊途同归的得出利益相关者治理模式有利于公司内部的合作、有利于公司的长远发展。论证了债权人参与公司治理的应然性和合理性。第三部分从现实法律制度在债权人保护方面的既存问题,加强债权人利益保护的必然性和世界各国或者地区的实践,以及我国学者的研究建议着重从三个方面阐述了建立利益相关者治理模式以加强债权人利益保护的实务基础。第四部分阐述了加强利益相关者之债权人参与公司治理的具体制度。对借贷融资债权人而言最有力的就是进入公司董事会、监事会;对债券投资者而言可根据我国债券市场发展的规模和稳定性以及公司的情况选择;对经常出现的关联交易损害债权人利益的情况则应在实行“公司法人人格否认”的同时,强制适用四大规则;建立债权人派生诉讼制度,完善破产中的公司重整制度。从而为保护债权人利益,保护债权从产生、发展变化到终结提出了全方位加强保护的建议。更多还原

【Abstract】 The traditional Company Law deems that the stockholders are the owners of the company. The board, as a legal organization of the company, have the reliance obligations to the company. The stockholders’ rights can be protected by the company. But the creditor’s right is mostly a contract issue. The relationship between the creditor and the company is a contract issue. It belongs to the external relationship of the company. Meanwhile, because the management risks should be born by the stockholders, they mostly concern and have sense of responsibility to the company. So the creditor has not the right of taking part in, decision making and supervision. These rights should be owned by the stockholders. The company’s internal administration organization has not have the creditor protection system and their rights are protected by the Contract Law. Affected by the traditional theory, the legislation in our country carried through 9 magnificent renovation in order to protect creditors especially the medium and small creditors. In 2008, China securities regulatory commission and two stock exchanges came on series of specifications and behavior guides to shares in order to protect the benefits of medium and small creditors. But the renovation of protection to the creditors was not enough obviously. Currently financing creditor’s rights are mainly loan from the bank. Under the current law system, there is not enough monitoring to the debtors from the bank. This is a hidden risk to the bank system or even to the stabilization of the money market. In future there will be more and more bond financing in creditor’s right financing of the company. To enhance the control system of the bondholder, renovate the company management system will be the certain choice. Modern company management theory thinks that the company is the overall contract relationships in nature, is a contract net consists of stockholders, creditors, operators, producers, customers and other benefit parts. The stakeholders are equal and independent among each other. When making decision they should reflect the desires of benefit parts. So the protection of the creditors’ benefits belongs to the scope of company management. To adopt a stakeholders management mode will more effectively protect the benefits of the creditors.Besides the introduction and conclusion, the essay includes four parts as following,Part 1 introduces the relationship between the stakeholders management mode and creditors benefit protection. From the meaning of stakeholders management and the introject with the society history. Pointing out that it is consideration and renovation in the new history condition of the traditional company management. The stakeholders management mode affirms the right that the creditor, as one of the stakeholders should have. It provides theory gist and possible way for creditor to join in the company management.Part 2 confirms reach the goal by different routes that the theory base for stakeholders management mode makes for inner cooperation and long term development of the company from 5 aspects. It demonstrates the suit and rationality of the creditors join in the company management.Part 3 sets forth the fact foundation of setting the stakeholders management mode to enhance the benefits protection of the creditors from 3 aspects based on the existing problems in creditors protection of the current law system, the inevitability of enhancing the creditors protection and the practice of all over the world.Part 4 sets forth the detail system of creditors of stakeholders management joining the company management. To the loan financing creditors, it is strongest to get into the directorate and Supervision Committee; to the bond investor we can make choice according to the loan market development scale and stability or the situation of the company in our country. To the regularly happened relating business damaging the creditors’ benefits when applying Doctrine of Disregard of Corporate Personality, we need to apply forcing 4 regulations which are derivative action for the creditors; consummating the company reforming system in the bankruptcy so as to protect the benefits of the creditors and creditors’ rights. It sets forth the advice of all orientation enhancing protection from coming into being, development, changing to termination.更多还原