摘要
为因应去中心化自治组织(DAO)这一融合商业、科技与法律的产物,在事实认定层面,应区分作为技术问题的事实和作为法律问题的事实,后者还须进一步排除能够通过理论迁移达到解释目的之事实。在理论解释层面,公司契约论不能指引DAO作出不同利益群体的保护序位和差异化保护选择,无法制约DAO对契约结构的不断切割,推高司法救济成本,因而需要对该理论进行结构化改造。应以产权、组织和合同三维利益平衡为标尺,以功能为导向对DAO内部契约的自由程度进行差异化限制。股权交易为契约结构的内核,去中心化机制下股东对公司的“支配性”和“排他性”显著增强,股权因无限趋近产权而不可契约化。股权处分交易为契约结构的中间层,契约化程度受产权和组织利益的限制。DAO边界不再依托于层级结构理论,而是DAO标准化程度以及外包业务范围。DAO边界阻断了产权利益和组织利益的涵摄,DAO内部非股权交易、股权私人处分以及公司外部交易应实现契约自由化。
To address the decentralized autonomous organization(DAO),a convergence of business,technology,and law,it is essential to differentiate between factual issues related to technology and those related to law.The latter must also exclude facts that can be explained through theoretical migration.At the level of theoretical interpretation,the traditional corporate contract theory cannot guide DAO to prioritize and make differentiated protection choices for different interest groups.It fails to restrict DAO from continuously slicing the contractual structure,resulting in higher costs for judicial remedies.Therefore,a structured transformation of the corporate contract theory is necessary.A balanced approach should be taken,considering property rights,organization,and contracts to regulate the degree of freedom in DAO's internal contracts based on their functions.Equity transactions form the core of the contractual structure,where under decentralized mechanisms,shareholders'"dominance"and"exclusivity"over the company are significantly strengthened,rendering equity non-contractual as it approaches ownership without limit.The secondary layer of the contractual structure is equity disposition transactions,which are subject to limitations from property and organizational interests.DAO boundaries no longer depend on hierarchical structures but are determined by standardization and the scope of outsourced business.These boundaries block the incorporation of property and organizational interests.Non-equity transactions within DAO,private equity dispositions,and external company transactions should be subject to contractual freedom.
出处
《法学评论》
CSSCI
北大核心
2023年第6期97-108,共12页
Law Review
基金
国家社科基金项目“公司法制度竞争视野下股权结构变革研究”(项目编号:21BFX095)的阶段性成果。
关键词
去中心化自治组织
支配性
排他性
不可契约化
受限制契约化
Decentralized Autonomous Organizations
Dominant
Exclusivity
Not Contractable
Restricted Contract
