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包括公司收购规则在内的公司治理法律制度,能否像技术一样被移植?是否移植的法律一旦适得其位,经济将获得蓬勃发展?此种法律的禀赋观点,在近年经济全球化背景之下,一度备受青睐,然而却不无问题。本文将以分析日本一个典型的敌意收购案件为视角,对此展开探讨。在该案中,要约方活立门公司是一家代表着市场导向的“外部”公司,它挑战着日本既有的公司治理制度结构,引发了巨大争议,并且带来了重大的社会裂痕。与此同时,它还驱动着日本公司治理结构的一系列重大变迁,包括将正式的法律(以法官制定规则的形式)运用于公司资产的转让,也包括美国(特别是特拉华州)的《公司法》作为一套不具有拘束力的指引被移植进来。仔细分析这一制度变迁的过程,将会发现法律制度的移植拥有远远超出技术移植的经济与社会含义。
Can the legal system of corporate governance, including the takeover rules of companies, be transplanted like technology? Will the economy be thriving once the law of transplantation is in place? The endowment of such laws, in the context of economic globalization in recent years, Under, once popular, however, but not without problems. This article will be based on the analysis of a typical Japan hostile takeover case as a perspective, which explores. In this case, the offeror, Hitachi, is a market-oriented “external” company that challenged Japan’s existing corporate governance structure, sparked controversy and caused major social rifts . At the same time, it also drives a series of major changes in the corporate governance structure of Japan, including the application of formal laws (in the form of rules for the making of judges) to the transfer of corporate assets, including the United States (especially Delaware) The Corporations Act was transplanted as a set of non-binding guidelines. A careful analysis of the process of this institutional change will reveal the economic and social implications of transplanting legal systems far beyond the technical transplants.