【作者】 陈琳；

【导师】 梁上上；

【作者基本信息】 浙江大学 ， 民商法， 2014， 博士

【副题名】以美国法为借鉴

【摘要】 自弗兰克·奈特的开创性研究以来,公司治理中的风险问题日益成为理论界和实务界关注的焦点。肇始于2008年的金融危机更被认为是对美国公司风险治理情况的一场“实践检验”。针对危机暴露出来的问题,美国出台了以Dodd-Frank法案为中心的救市计划,通过调整公司组织结构和薪酬制度,完善了公司风险管理中的董事责任。本文以金融危机与风险管理体系漏洞的关系为切入点,把美国对董事在风险管理中的角色定位作为研究对象,研究了公司董事的风险管理责任。本文的分析包括三个大部分。第一大部分梳理了公司风险管理理论的价值目标和体系特点,通过阐释公司风险管理的主要准则和法律框架,指出风险管理的核心目的在于保持风险管理的目标与公司整体战略的内在一致性；同时通过对董事在风险管理中“既是风险的管理者又是风险的制造者”这一特殊角色定位的详细论证,提出研究董事风险管理法律责任的价值意义。第二大部分着重从决策风险和薪酬风险两个角度讨论了美国法对董事风险管理责任的新规定。借助对经典判例的分析,文章考察了董事风险管理责任的判断标准和性质流变,在此基础上提出董事管理和监督公司建立风险管理体制的责任内涵。其中,一方面,通过对董事机构的细化和股东权利行使的解读,评价了美国现阶段构建董事履行风险监管职责的约束机制的积极意义以及存在的问题；另一方面,以董事、薪酬制度与风险的关系为对象,立足金融危机以后美国对薪酬制度的完善,分析了减少薪酬制度成为董事制造风险工具、从而提高董事风险管理责任的可能性。第三大部分结合中国语境和本土资源,归纳了我国董事风险管理责任的立法现状,认为法律结构的完整性、法律责任的明确性欠缺是我国目前存在的主要不足。结合前文对美国立法、制度变迁和改革的分析,探讨了其在我国实践中借鉴的可能性,提出构建以公司法为核心的董事风险管理法律责任,并根据行业、公司类型、规模等特点,采取针对性规范的建议。本文认为,对国外相对成熟和成功做法的借鉴和本土化改造是我国公司治理制度创新的可能路径,特别是在公司治理全球化背景下,形式差异但功能趋同将可能是董事风险管理法律责任的发展趋势,这是实现公司全面风险管理理论的价值追求。更多还原

【Abstract】 Study on Corporate Risk Management has become a cutting edge area in corporate governance research since Frank Knight proposed the innovative relationship among risk, uncertainty and entrepreneur ship. The financial crisis in 2008 reflected the deficiencies of corporate governance in US. By enacting the Dodd-Frank Act and related regulations, the US government reconstructed the corporate governance structures and executive compensation, aiming at improving the directors’ liability for risk management. This dissertation begins with the connection between the financial crisis erupts and the disadvantages in US enterprise risk management system, centers on the functions of directors in the risk oversight, and analyses the legal reform on the directors’duties in risk control.This article is divided into three parts. The first one concludes the main targets and characteristics in enterprise risk management theory. With the explanation of the typical principles and legal frameworks, it raises that the core value of the risk management is to keep its goal consist with the strategic development of corporations. Regarding directors as both the risk controllers and the risk producers, it puts forward the significance of regulating directors’liability for risk management from the legal perspective.Then, it discusses the legal reform on directors’duties in risk management from risk of decision-making and executive compensation. By reviewing the classic cases and the history of risk management judgment rules, it argues that the directors should be responsible for managing and monitor the establishment and operation of risk management. It evaluates the positive and negative aspects in US after optimizing the constitution of the board and broadening the path of shareholders exercising rights. From the angel of executive compensation, this article considers the role of directors in the procedure of risk identification and assessment, precaution, manage and feedback, and then appraises the incentive plans in risk management system.Last but not the least, this article investigates the legal regulation on directors’ liabilities for risk management in China, insists that we lack comprehensive legal framework and specific legal obligations, and presents the possibilities of localizing US legal reform. It suggests that China should constitute a legal system for director’s liabilities on risk management, centered on the corporate law, on the basis of the specialties of different industries, nature and sizes. In the end, this dissertation proposes that the globalization of the corporate governance leads to types of director risk management legal regulations with functional convergence and different in forms to realize pursuing Enterprise-wide Risk Management.更多还原