| 摘要: |
| 以公司融资的不完全合同属性为分析框架，通过对公司融资活动诸要素的考察，以及对融资交易类型与合同条款的梳理，用以厘清融资中所存在的交易不确定性、资产专用性、信息不对称、投机主义等因素，以及与融资协议中常见的条件条款、声明与担保条款、互锁等条款之间形成的匹配性关系。同时，以此为分析范式，探求该匹配性关系中蕴含的“无形法律的秩序”，即商业理性，并明确裁判者应尊重市场主体对特定事项的商事安排。尤其在司法处理争议的具体法律适用之前，应强调经济逻辑在融资合同解释中的运用来探求真意。审判实践要从“融资不完全要素—治理对策—具体条款”的分析路径，拼接出商业安排的对策全景，以遵循融资安排之真意。以公司融资协议的性质归属、名股实债两个实务问题为例，重点从商业理性与合同解释衔接的视角进行研判。 |
| 关键词: 公司融资 合同解释 交易成本 经济逻辑 名股实债 |
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| Corporate Financing in the Context of Incomplete Contracts |
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Chen Ke
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| Abstract: |
| This paper takes the incomplete contractual nature of corporate financing as the analysis framework, through the investigation of various elements of corporate financing activities, as well as the sorting out of the types of financing transactions and contract terms, in order to clarify the transaction's uncertainty, the asset's specificity, information asymmetry, opportunism and other factors in financing, as well as common conditions, statements, guarantee terms, etc. in financing agreements. At the same time, taking this as the analysis paradigm, this paper explores the “invisible legal order” contained in the matching relationship, that is, commercial rationality, and makes it clear that the referee should respect the commercial arrangement of the market subject on specific matters. In particular, before the application of specific laws in the judicial settlement of disputes, we should emphasize the application of economic logic in the interpretation of financing contracts to explore the true meaning. In order to follow the true meaning of financing arrangement, we should combine the analysis path of “financing incompleteness factor — governance countermeasure — specific terms” to form the panorama of countermeasure business arrangement. Finally, this paper takes two practical issues of the nature of corporate financing agreement, namely, the ownership of famous shares and real debts as examples, focusing on the study and judgment from the perspective of the convergence between commercial rationality and contract interpretation. |
| Key words: Company Financing, Contract Interpretation, Transaction Costs, Economic Logic, the Creditor's Right in the Name of the Equity |
