本文主要介绍美国公司董事的商业决策权及其制约与保护机制。从美国的情况看,其在“董事会中心主义”的公司治理模式下,董事会拥有很大的商业决策权,辅之以较完善的董事商业决策的制约与保护机制,对于保障和促进公司经济的发展与繁荣发挥了重要作用。本文共分五个部分。第一部分介绍美国法关于董事商业决策权的概念和法律来源;结合美国公司法的规定以及法学家、法律协会的相关阐述,概括董事商业决策权的内容及范围。第二部分讨论董事商业决策时须考虑的主要因素,即公司利益、股东利益及利害关系人利益。商业决策要考虑公司的发展计划,尊重公司长远利益。同时,商业决策也要维护股东的最大利益,要尊重股东权益。董事决策可以考虑利害关系人的利益,但是要服从和服务于公司的最大利益。此外,董事会组成特别是其独立性,对于商业决策的法律效力具有重要意义。第三部分讨论对董事商业决策权的制约机制。一是忠诚义务对董事商业决策权的制约,即董事决策涉及自我交易、侵占公司机会、自身报酬问题时应遵循的行为标准。二是谨慎义务对董事商业决策权的制约,即董事商业决策的程序性要求及在重大决策时的严格标准。三是股东会及单个股东对董事商业决策权的制约,即股东通过行使审批权、任免权及股东诉讼对董事决策权的制约。四是对董事商业决策权的外部监管,包括涉及商业决策的强制性信息披露以及单行立法对董事商业决策的约束。第四部分讨论对董事商业决策权的保护机制。一是商业判断规则的保护。介绍商业判断规则的适用前提与所要求的条件,分析该董事保护规则的政策考虑。二是减轻董事的决策责任。包括限制董事承担决策责任的范围、提供诉讼补偿及责任保险。三是讨论当前美国法院对董事商业决策权过分保护,从中体察美国立法及司法部门对待董事商业决策权的政策考虑。第五部分提出美国经验对我国的借鉴。即明确董事的法律地位及商业决策权限,充实董事义务及责任的规定,确立董事商业决策制约与保护机制。 This article mainly introduces the commercial decision-making power of the directors of American companies and their restriction and protection mechanism. From the perspective of the United States, under the corporate governance model of “board-centering,” the board of directors has a great deal of commercial decision-making power supplemented by a more complete mechanism for the control and protection of directors’ commercial decisions, Economic development and prosperity have played an important role. This article is divided into five parts. The first part introduces the concept and legal origin of the American commercial law on directors ’commercial decision-making power. In the light of the provisions of American company law and the relevant explanations of legal scholars and legal associations, the author summarizes the contents and scope of directors’ commercial decision-making power. The second part discusses the major factors to be considered by the directors in their business decisions, namely the interests of the company, the shareholders and the interests of the interested parties. Business decisions to consider the company’s development plan, respect the long-term interests of the company. At the same time, commercial decisions must also safeguard the best interests of shareholders and respect the rights and interests of shareholders. Directors’ decisions may take into account the interests of the interested parties, but they should obey and serve the best interests of the company. In addition, the board composition, especially its independence, is of great importance to the legal effectiveness of business decisions. The third part discusses the restriction mechanism of directors’ commercial decision-making power. First, the obligation of loyalty to directors of commercial decision-making constraints, that is, director decisions involving self-dealing, encroachment on the company’s opportunities, their own remuneration issues should be followed behavior standards. Second, it is prudent and obligatory to restrict the directors’ commercial decision-making power, that is, the procedural requirements of the directors in business decisions and the strict standards in the major decisions. Third, the restrictions on the directors’ decision-making power of the directors by shareholders’ meeting and individual shareholders, that is, the restriction of shareholders’ decision-making power on directors by exercising the power of examination and approval, appointment and dismissal and shareholder litigation. Fourth, the external supervision of directors ’commercial decision-making power, including the mandatory information disclosure involving commercial decision-making, and the restriction of single-line legislation on directors’ business decisions. The fourth part discusses the protection mechanism of directors’ commercial decision-making power. First, the protection of commercial judgment rules. This article introduces the applicable prerequisites and required conditions of business judgment rules and analyzes the policy considerations of the directors’ protection rules. The second is to reduce the directors’ decision-making responsibilities. Including limiting the extent to which directors assume responsibility for making decisions and providing litigation compensation and liability insurance. Thirdly, it discusses the current U.S. court’s over-protection of directors ’commercial decision-making power and the policy considerations of the U.S. legislation and the judiciary’s handling of directors’ commercial decision-making power. The fifth part puts forward the reference of the American experience to our country. That is to clarify the legal status of directors and business decision-making authority, to enrich the obligations of directors and the provisions of the responsibility to establish directors, business decision-making constraints and protection mechanisms.