Name: 特斯拉離開了。下一個是 Meta 嗎？特拉華州公司法危機解讀 | 華爾街日報 (Tesla Left. Is Meta Next? Delaware’s Corporate Law Crisis, Explained | WSJ)
Uploaded: 2025-04-21T09:21:37.000Z
Duration: 6 min 20 s

Most of the country's biggest companies have one thing in common.

美國大多數大公司都有一個共同點。

They're incorporated here in Delaware, a state famous for being business friendly.

他們在特拉華州註冊成立，特拉華州以商業友好而聞名。

But now high profile businesses from Dropbox to Roblox to Meta have left or are considering it.

但現在，從 Dropbox、Roblox 到 Meta 等知名企業都已離開或正在考慮離開。

So the state recently passed a law to stop the exodus.

是以，該州最近通過了一項法律，以阻止人口外流。

When we go a little bit off course, we're going to course correct.

當我們稍稍偏離航向時，我們就要進行航向修正。

But the course correction itself could risk Delaware's position as the king of U.S. corporate law.

但改弦更張本身可能會危及特拉華州作為美國公司法之王的地位。

And its impact could reach beyond boardrooms and into your wallets.

它的影響可能會超越會議室，進入您的錢包。

A lot of the recent attention on Delaware started when the world's richest man wrote this on X, never incorporate your company in Delaware.

世界首富在 X 上寫道："永遠不要在特拉華州註冊成立公司。"這句話引發了人們對特拉華州的廣泛關注。

That was his reaction to a Delaware court striking down his 46 billion dollar Tesla pay package after a minority shareholder's lawsuit.

這是他對特拉華州法院在小股東訴訟後駁回其 460 億美元特斯拉薪酬方案的反應。

That's a classic example of how an individual shareholder that doesn't have a controlling stake could bring a suit saying something's being done to harm the company.

這就是一個典型的例子，說明沒有控股權的個人股東可以提起訴訟，指控某些行為對公司造成損害。」

Really, the fundamental goal of corporate law is to make investors feel comfortable putting their hard earned retirement dollars in companies.

實際上，公司法的根本目的是讓投資者放心地把辛苦賺來的養老錢投入公司。

If somebody's coming to me, a controlled company comes to me and they say, you should invest.

如果有人來找我，一家受控公司來找我，說你應該投資。

I might be a little nervous about that, right?

I might say, I have no idea if you, controlling shareholder, are going to use your influence to make me rich alongside you or whether or not you're going to be taking that investment and using it to fly in the private jet or extract money in other ways.

我可能會說，我不知道你這個控股股東是否會利用你的影響力讓我和你一起致富，或者你是否會把這筆投資用來乘坐私人飛機或以其他方式榨取錢財。

The question at the heart of the controversy is how closely controlling shareholders should be scrutinized by the courts.

爭議的核心問題是，法院應如何嚴格審查控股股東。

It's boiling up now because this world of the visionary founder, the superstar CEO who can exert all sorts of leverage is, it's much more common than it was historically.

現在這種情況已經沸沸揚揚，因為這個世界上有遠見的創始人、超級明星首席執行官可以發揮各種槓桿作用，這比歷史上要普遍得多。

Now, other companies, many of them run by major shareholders, have cited Delaware's recent court rulings as reasons for wanting to leave.

現在，其他公司（其中許多由大股東經營）也以特拉華州法院最近的裁決為由，希望離開特拉華州。

Dropbox announced in January that it had received written consent from its shareholders to reincorporate in Nevada.

Dropbox 於今年 1 月宣佈，已收到股東的書面同意，將在內華達州重新註冊成立公司。

In a note to shareholders, the company wrote that it considered the increasingly litigious environment in Delaware.

公司在給股東的說明中寫道，公司考慮到特拉華州的訴訟環境日益嚴峻。

Roblox is asking its shareholders to approve a move to the West, too.

Roblox 也在請求股東準許向西方國家遷移。

CEO and controlling shareholder David Bozuki wrote that Nevada's corporate law framework and statutory regime aligns with Roblox's culture of innovation and that it provides a supportive, predictable environment.

首席執行官兼控股股東大衛-博祖基（David Bozuki）寫道，內華達州的公司法框架和法定製度符合 Roblox 的創新文化，並提供了一個支持性的、可預測的環境。

Meta is considering moving to Texas, according to people familiar with the matter.

據熟悉內情的人士透露，Meta 正在考慮搬到得克薩斯州。

And news site Semaphore reported that Walmart was thinking about leaving, too.

新聞網站 Semaphore 報道稱，沃爾瑪也在考慮離開。

Even with those potential defections, almost 300,000 businesses incorporated in Delaware in 2023.

即使有這些潛在的叛逃者，2023 年仍有近 30 萬家企業在特拉華州註冊成立。

對特拉華州來說，這是一個巨大的產業。

So the bigger the company leaves and if that creates a wave, more companies leaving, that could be an existential crisis for them.

是以，越大的公司離開，如果形成一股浪潮，更多的公司離開，這對它們來說可能是一場生存危機。

Delaware Governor Matt Meyer was tasked with keeping that crisis at bay his first months on the job.

特拉華州州長馬特-邁耶（Matt Meyer）在上任後的頭幾個月就肩負著遏制危機的重任。

The issue really moving forward is a lack of predictability.

前進道路上的真正問題是缺乏可預見性。

That predictability is a key part of what's helped Delaware dominate the business incorporation market.

這種可預測性是特拉華州主導企業註冊市場的關鍵因素。

You've got a body of law that's relatively well developed.

你有一套相對完善的法律體系。

You've got expert courts that can hear cases without juries.

你們有專家法庭，可以在沒有陪審團的情況下審理案件。

You've got a legislature that's very responsive.

你們有一個反應迅速的立法機構。

And you've also got a speedy administrative environment.

同時，你還擁有一個快速的管理環境。

But what sets Delaware apart is the state's business court system.

但特拉華州與眾不同之處在於該州的商業法院系統。

They are a bedrock of business operations in the country that people know when writing a contract that it's governed by Delaware law.

它們是美國商業運作的基石，人們在撰寫合同時都知道合同受特拉華州法律管轄。

And we know, based on over a century of jurisprudence and lawmaking, what that means.

根據一個多世紀的判例和立法，我們知道這意味著什麼。

But Delaware didn't always have a wealth of cases to build a legal framework.

但是，特拉華州並不總是擁有豐富的案例來構建法律框架。

A hundred years ago, its neighbor, New Jersey, held the crown for business incorporations.

一百年前，它的鄰居新澤西州曾是企業註冊的王者。

And the reason they lost it is they didn't stick to those bedrocks of clarity, consistency, predictability and fairness.

而他們失敗的原因就是沒有堅持清晰、一致、可預測性和公平性這些基石。

Losing too many businesses could mean peril for Delaware.

失去太多企業可能意味著特拉華州的危險。

The state makes so much money from incorporating businesses that it was nearly 30 percent of its revenue in 2024.

在 2024 年，州政府從註冊企業中獲得的收入將近佔其財政收入的 30%。

At a time when costs are rising so much across our country, Delaware has among the lowest property taxes in the region.

在全國各地成本大幅上漲的時候，特拉華州的房產稅卻是該地區最低的。

And there are other ways that we're able to make Delaware affordable, in part because we have we have this amazing court system and this amazing corporate franchise that would have to be looked at if we lost some of that revenue.

還有其他方式可以讓特拉華州保持經濟實惠，部分原因是我們擁有出色的法院系統和卓越的企業特許經營。如果我們失去這部分收入，這些因素就需要重新審視。

So many companies and attorneys were asking us to create what they call safe harbors.

許多公司和律師都要求我們建立所謂的安全港。

That was the genesis of what's now Senate Bill 21, this piece of legislation to address concerns about the lack of predictability that were the result of these court decisions.

這就是現在的《參議院第 21 號法案》的起源，該法案旨在解決人們對這些法院判決缺乏可預見性的擔憂。

The governor signed that bill into law in late March, just months after taking office.

州長在 3 月底簽署了該法案，使其成為法律，這距離他上任僅僅幾個月。

The state law changes the corporate code that would basically limit the ability for shareholders to bring lawsuits in various ways.

該州法律修改了公司法，從根本上限制了股東以各種方式提起訴訟的能力。

The irony is that the courts, the expertise of judges, that's why Delaware was an attractive place.

具有諷刺意味的是，法院、法官的專業知識正是特拉華州吸引人的地方。

So I think the critics say if you can just overturn it with a legislation, is there even that stability and predictability and why aren't we relying on the expertise of judges and our corporate code?

是以，我想批評者會說，如果你可以通過立法來推翻它，那還有什麼穩定性和可預見性可言，為什麼我們不依靠法官的專業知識和我們的公司法呢？

The law also explicitly lays out specific guidelines.

法律還明確規定了具體的指導方針。

For example, it says that a controlling shareholder has to hold at least a third of the shares.

例如，它規定控股股東必須至少持有三分之一的股份。

You've made it a lot easier for competitors to do what you do, right?

你讓競爭對手更容易做你的工作，對嗎？

If all you have is a code that gives rules of the road and you check the box and you've complied, anybody can become Delaware.

如果你所擁有的只是一部規定了道路規則的法典，你在方框裡打勾，你就遵守了，那麼任何人都可以成為特拉華人。

But Meyer argues that leaving Delaware for states like Nevada or Texas is risky for companies looking for predictability.

但邁耶認為，離開特拉華州前往內華達州或得克薩斯州等州，對於尋求可預見性的公司來說是有風險的。

If you want to go to Vegas and roll the dice, you go to Vegas and roll the dice.

如果你想去拉斯維加斯擲骰子，那就去拉斯維加斯擲骰子。

Most corporate leaders I know aren't really interested in doing that with their life savings or the business.

我認識的大多數企業上司都不太願意用畢生積蓄或企業來做這件事。

But whether Delaware laws continue to shift or companies move to states that are more favorable to controlling shareholders.

但無論是特拉華州的法律繼續發生變化，還是公司轉移到對控股股東更有利的州。

They're going to affect you because you have your retirement savings, you know, invested in an S&P 500 tracker fund that's composed of mostly Delaware corporations.

它們會影響到你，因為你的退休儲蓄，你知道，投資於標準普爾 500 指數跟蹤基金，該基金主要由特拉華州的公司組成。