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由金融创新产生的债权人空心化与未来债权人问题对既有的董事信义义务提出了新的挑战,传统二元信义义务模式未将债权人引入董事信义义务对象范围,有悖于融资架构影响下的公司治理应然范式,因此应当对信义义务进行重构。首先,应当引入诚信义务,使董事承担高于忠实义务的积极信息披露义务,同时为限制董事自身成为空心债权人提供弹性规则空间。其次,未来债权人亦应当成为信义义务对象,不过基于权利义务均衡的基本理念,董事对其仅应负担补充责任。
Hollow-out of creditors due to financial innovation and the issue of future creditors posed new challenges for the existing directors ’fiduciary duties. The traditional dual-fiduciary obligation model did not bring creditors into the scope of directors’ fiduciary obligations and ran counter to the companies under the financing structure Governance should be the paradigm, so the obligation of faith should be reconstructed. First of all, the obligation of honesty and trustworthiness should be introduced to enable directors to take on the obligation of active disclosure of information above their faithful obligations and at the same time provide flexible regulatory space for limiting the directors themselves as hollow creditors. Secondly, the future creditors should also become the object of the obligation of faith, but based on the basic concept of balance of rights and obligations, the directors should only be responsible for the additional responsibility.