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联邦分权体制,加之公司历史传统,共同促进了美国以州为中心的公司立法体系——公司法“联邦主义”——的生成。更重要的是,这种竞争性体系对美国公司法产生了深远影响,使得以特拉华州公司法为代表的“赋权型”公司监管策略大行其道。但另一方面,联邦政府介入公司立法从一开始就受到强烈的合宪性质疑。不时发生的“公司问题”以及由此激起的民愤虽逐步消解了联邦公司立法的政治障碍,但“联邦化”论者与反对者之间旷日持久的论战不仅未消弭,反而有愈演愈烈之势,揭示了美国公司立法之“联邦主义”与“联邦化”的历史与现实纠葛。
The federal decentralization system, combined with the company’s history and tradition, has helped to promote the formation of a state-centered corporate legislative system in the United States - “corporate law” and “federalism.” More importantly, this competitive system has had a profound impact on the corporate law of the United States, making the “empowerment” regulatory strategy represented by Delaware State Company Law popular. On the other hand, the federal government’s involvement in corporate legislation has been strongly constitutionally challenged from the very beginning. From time to time, “company problems” and the anger provoked by it have gradually resolved the political obstacles to the legislation of the federal company. However, the protracted debate between the “federalists” and the opponents not only did not disappear, but instead The trend is intensifying, revealing the history and reality of the “federalism” and “federalization” of the American company legislation.