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董事关联交易需要一系列的事前和事后调整机制,批准制度是最重要的事前调整机制。批准制度可以分为董事批准模式和股东批准模式。董事批准模式可以降低交易成本,但需要辅以利害关系董事回避制度和独立董事制度以确保交易之公平;股东批准模式会增加交易成本,因此只有适用于重大关联交易时才符合经济效益之原则。
The connected transactions of the directors require a series of ex ante and ex post adjustment mechanisms. The approval system is the most important pre-adjustment mechanism. The approval system can be divided into a board approval model and shareholder approval model. The board approval model can reduce the transaction costs, but need to be supplemented by the board of directors’ interest avoidance system and the independent director system to ensure the fairness of the transaction. The shareholder approval model will increase the transaction costs, so it is only in the principle of economic benefit when applied to major connected transactions.