Institutional Response to Promoting Entrepreneurial Spirit in the New Company Law
The legislative purpose of adding"promoting entrepreneurial spirit"to the new Company Law indicates that the Company Law needs to better play its important institutional functions of encouraging investment and entrepreneurship,protecting the rights and interests of entrepreneurs,and promoting innovation spirit.In the context of company law,entrepreneurs are closest to controlling shareholders or actual controllers.The entrepreneurial spirit in the context of company law can be understood and grasped from three levels:individual,organizational,and social.The new Company Law embodies important innovations in promoting entrepreneurial spirit in terms of legislative purposes,access systems,governance mechanisms,and accountability mechanisms.The proper regulation of control rights in the Company Law is a key system for promoting the entrepreneurial spirit.The new Company Law has established rules for identifying control rights,exercising control rights,and establishing control responsibility rules.The next step is to enhance the operability of the rules for identifying control rights,improve the regulations on the methods and content of control rights acquisition,and create a"safe harbor"for entrepreneurs through compliance systems and fault tolerance mechanisms.
promoting entrepreneurial spiritcontrolling shareholderactual controllercontrol right