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过去三十年中,企业组织形态的发展结合了传统合伙上的契约自由和传统公司上的债权人权利模式。法学者对这类新的组织形态更像合伙还是更像公司各持己见。持更类似合伙观点的人认为契约自由的程度是传统公司和合伙形式的本质区别,而持相反见解的学者则认为债权人权利模式才是区别之关键。本文作者赞同后者。我们通过检视企业实体演变的过程来揭示:公司中传统刚性规则对债权人权利保护有重要作用,但是随着保护投资者的替代制度的发展,公司对刚性规则的需求日衰,而对契约自由的需求则日盛。本文中,作者首先讨论了企业实体演变的历史,侧重于讨论债权人保护在演变中的主要作用。随后,作者认为,尽管在讨论债权人保护以及公司与合伙的区别时,法学者总是将注意力放在有限责任上,但区别公司与合伙的主要特征在于“人格屏蔽”——指将公司财产分配给享有不同权利的不同类型债权人。在讨论强的人格屏蔽的重要性——公司而非合伙的特征——以及该制度如何完善有限责任之后,作者得出结论:新的企业组织形态是强的人格屏蔽扩展到受较少限制的企业实体的过程的产物,因此新的组织形态应视为公司的衍生而非合伙。
Over the past three decades, the development of organizational forms has combined the freedom of contract in traditional partnerships with the pattern of creditor rights in traditional firms. Law scholars are more of a partner in this new form of organization or more like a company. Those who hold a more similar view of partnership think that the degree of freedom of contract is the essential difference between traditional companies and partnership forms, while those who hold the opposite view think the creditor rights model is the key difference. The author agrees with the latter. By examining the evolution of business entities, we reveal that the traditional rigid rules in companies play an important role in the protection of creditor’s rights. However, with the development of alternative systems to protect investors, the company’s demand for rigid rules is declining, while the contractual freedom Demand is flourishing. In this article, the author first discusses the history of the evolution of business entities, focusing on the major role of creditor protection in evolution. Subsequently, the author argues that while scholars often focus on limited liability when discussing the protection of creditors and the difference between a company and a partnership, the main characteristic of the difference between a company and a partnership is that the “personality mask” Company property is allocated to different types of creditors with different rights. After discussing the importance of strong personality masking - the characteristics of a company rather than a partnership - and how the system perfects limited liability, the authors conclude that the new business organization is shaped by a strong personality mask that extends to less restrictive The result of the process of business entities, so the new organizational form should be seen as a derivative of the company rather than a partnership.