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題名:州際競爭與美國公司法的發展
書刊名:比較法研究
作者:楊成良
出版日期:2017
卷期:2017(1)
頁次:183-200
主題關鍵詞:美國公司法州際競爭新澤西特拉華The United StatesCorporate lawInterstate competitionNew JerseyDelaware
原始連結:連回原系統網址new window
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美國經歷了兩輪分別由新澤西州和特拉華州挑起的以吸引公司注冊為目標的州際競爭。第一輪競爭發端于19世紀80年代,至20世紀30年代達到高潮。這輪競爭主要表現為公司法的自由化改革,結果是美國各州普通公司法基本完成了從"管制型"向"賦權型"的轉變。第二輪競爭肇始于20世紀60年代,一直延續到現在。此輪競爭一方面使董事和高管訴訟費用補償與責任保險范圍明顯擴大,并催生了直接免除或限制他們責任的條款,另一方面也推動反收購法不斷更新。這些變化使美國各州公司法呈現濃厚的親管理層色彩。很多人不滿競爭結果,他們針對競爭根源進行了爭取聯邦公司法、統一各州公司法和反對"內部事務原則"的努力,但這些措施作用都不大,沒能阻止競爭的發展。
The United States has experienced two rounds of interstate competition for corporate charters initiated by New Jersey and Delaware respectively. The first round started in the 1880 s,and reached its climax in the 1930 s. This round of competition was accompanied with reforms of liberalizing state corporate laws,and resulted in the transformation of the state corporation statute from a device to control into an enabling act. The second round commenced in the 1960 s and has lasted till now. In addition to anti- takeover laws,this round of competition has promoted large expansion of indemnification and liability insurance for directors and officers,and induced clauses eliminating or limiting their liabilities,which made a pro- management tilt of U. S. corporate law. Lots of people dislike the consequences of the competition,and they have tried several ways to remove the roots of competition,including proposing federal incorporation law,enforcing uniform state law and confining the internal affairs doctrine. But their efforts had little effect,leaving the competition going on.
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