股东为追逐利润而采取冒险行为获取可能的投资收益,但却并不承担可能出现的巨大成本,商业冒险行为的一部分风险为债权人所承担。股东行为所引发的风险成本转嫁为债权人的投资成本,无疑对股东形成了一种潜在的冒险投资激励,而对债权人则形成了其不可回避的投资成本。揭穿公司面纱规则这一保护债权人利益的极端策略,面对债权人利益受损的严重态势以及伴随道德风险而出现的多种债权人受损样态,已经无法独自承担保护债权人利益的重任,亟须新的配套机制加以完善。 The shareholders take the risk-taking behavior of pursuing profits to obtain the possible investment income, but they do not bear the huge costs that may arise. Part of the risk of commercial risk-taking is borne by the creditors. The transfer of the risk cost caused by the behavior of the shareholder into the investment cost of the creditor will undoubtedly create a potential venture capital investment incentive for the shareholders and form an unavoidable investment cost to the creditors. Debunked the company’s veil rules as an extreme strategy for protecting the interests of creditors. Faced with the serious situation in which creditors’ interests have been damaged and the various types of creditor losses accompanying moral hazard, they have been unable to shoulder the sole task of protecting the interests of creditors and are in urgent need of new Supporting mechanisms to be improved.