摘要： 我国《公司法》对关联交易设定了信息披露、正当程序和对价公允的三重法定要求,但违反前述法定要求的关联交易之效力仍然存在巨大解释争议。关联交易本身系利益冲突交易,对关联交易的规制理念应当从禁止利益冲突转向管理利益冲突。鉴于关联交易的复杂性、公司治理的自治性和对价公允的主观性,应当充分尊重公司决策程序的安全港规则,并以交易公允性判断作为司法屏障。在违法关联交易的效力评价上,可分为程序判断和实体判断两个层面。违反程序规则的关联交易并不必然无效,损害公司利益的关联交易可基于公司的请求而确认不对公司发生效力,且该项权利单方面属于公司。具体而言,在程序判断层面,同时满足充分披露和无利益冲突的决策程序,即应当推定关联交易有效。所谓无利益冲突的决策程序,系指章程有规定从其规定,章程无规定则董事会或股东会均可予以批准。在缺乏正当决策程序的情况下,关联交易的效力则取决于完全公平性审查,并由相对人承担证明责任。

关键词: 关联交易, 程序规制, 效力评价, 双阶审查, 公允性

Abstract: China's Company Law imposes three requirements on related-party transactions: disclosure, proper approval procedures, and fairness of consideration.However, the validity of transactions that violate these requirements remains contested.Since such transactions inherently involve conflicts of interest, regulation should focus on managing rather than prohibiting conflicts.Given their complexity and the subjectivity of fairness, courts should respect procedural safe harbors and treat fairness as the ultimate safeguard.The validity of unlawful related-party transactions should be assessed on both procedural and substantive grounds.Procedural defects do not automatically render a transaction void.If a transaction harms the company, it may be deemed ineffective upon the company's request, and the company has the exclusive standing to seek such a determination.At the procedural level, a transaction should be presumed valid if there is full disclosure and approval by a conflict-free decision-making body.In the absence of proper procedures, validity depends on an entire fairness review, with the burden of proof on the counterparty.

Key words: Related-Party Transactions, Procedural Regulation, Validity Judgment, Two-Tier Review, Entire Fairness Standard