作者：罗培新
作者介绍：华东政法大学国际金融法律学院教授，法学博士
出版日期：2014年10月9日
内容提要 公司法将“遵守商业道德”明确规定为公司义务，但“公司缺德”现象却层 出不穷。其深层次原因在于对公司的悖德行为，裁判者向来缺乏“以德入法”的意识及法 理准备。公司悖德行为与违法行为固有殊多差异，但在一定条件下将悖德行为纳入法律评 价，很有必要。在构建公司悖德行为的法律评价机制时必须注意，相对于自然人而言，公司 作为拟制的人感受不到悖德行为带来的精神压力，而分散组合投资的盛行钝化了股东对公 司悖德行为的感知力，有限责任制进一步放大了风险外化的道德风险，极大地推高了公司 行为的代理成本。对于某些代理成本极其高昂的公司悖德行为，裁判者可以本着维护公序 良俗和公共利益的考量而“以德入法”，进而内化公司悖德行为的代理成本。
关键词 悖德行为 代理成本 公序良俗 以德入法
Abstract: company law take “observing commercial moral”as company’s obligation， but the phenomenon of“company lacking morals”emerging in endlessly． The deep reason for company’s immoral behaviors，judges lack the awareness of“absorbing morals into law”and legal principle preparation． Though there is many differences between immoral behaviors and illegal behaviors，under some circumstances，it is necessary to absorb immoral behaviors into legal evaluation． In the process of constructing legal evaluation mechanism of company’s immoral behaviors，we should notice that，comparing with natural person，company as artificial person cannot feel the spirit stress brought by immoral behaviors，and the prevailing of diversifying investment portfolio passivates shareholders ’ perceptivity for company ’s immoral behaviors． Limited liability mechanism further magnifies the moral risk of risk externalization，and this extremely improves the agency cost of company ’s behaviors． Therefore，for some company’s immoral behaviors with extremely high agency cost，judges can think about “absorbing moral into law”based on maintaining public order and good custom and the public interests，so as to internalize the agency cost of company’s immoral behaviors．