股份回购请求权制度中价格评估法律问题研究

发布时间：2018-06-17 14:43

本文选题：价格评估 + 异议股东　；参考：《华东政法大学》2012年硕士论文

【摘要】：随着市场经济发展进程的不断推进，公司为适应经济发展开始不断改善经营模式，频繁调整经营策略。股份回购请求权制度产生于美国，后各国为保障依“资本多数决”所做出决议后不赞成公司重大变更行为的少数股东的利益，纷纷规定了股份回购请求权制度。出于尊重多数股东所做出的决议，同时赋予少数股东选择退出公司的权利，并以公平合理的条件收回对公司投资的目的，我国公司法第75条、第143条中也规定了异议股东股权回购请求权制度。但我国股份回购请求权制度存在一些不足，对回购价格的评估标准以及司法估价程序等未做出明确规定，这使得该制度在实施和运用过程中无法实现其应有的目的和作用。股份回购价格的评估和确定是股份回购请求权制度的核心，也是保障小股东公平退出机制的关键环节。其中司法评估是回购价格评估中的重要组成部分，也是维护小股东行使股份回购请求权的最后渠道和保障。本文以股份回购请求权制度中价格评估法律问题研究为题，结合我国立法现状和不足，通过比较研究国外回购价格评估的立法和判例并予以借鉴，明确我国回购价格的评估原则、评估标准以及评估程序以加强对小股东利益的保护。正文主要分为四个部分：第一章是股份回购请求权制度中价格评估法律问题的概述，阐明回购价格的定义和性质，在此基础上论述回购价格评估规制的法律价值以及我国明确回购价格评估规制的必要性。第二章论述股份回购请求权的立法目的和价格评估的法律原则。股份回购请求权制度的最终目的是保护小股东的利益，而确立的价格评估的基本法律原则应当指导回购价格的评估和确立，并符合股份回购请求权制度的立法目的。第三章是回购价格的评估标准。首先对“合理价格”进行解释，并阐明“合理价格”确定的意义。其后通过国外对“合理价格”立法实践进行比较借鉴，，从四个角度论述回购价格的评估标准并对我国应采用的评估标准提出具体的立法建议。第四章论述了回购价格的司法评估。司法评估是回购价格评估的重要内容，需要独立成章来进行论述。这一部分通过比照国外的立法和判例，对司法估价的实体和程序立法进行梳理，并对我国完善司法评估程序提出建设性的立法建议。
[Abstract]:With the development of market economy, the company began to improve its business model and adjust its management strategy frequently in order to adapt to the economic development. The system of claim for share repurchase originated in the United States. In order to protect the interests of minority shareholders who do not approve of the major changes of the company after the decision made by the majority of capital, many countries have stipulated the system of claim for the right of share repurchase. In order to respect the resolution made by the majority shareholders, at the same time to give minority shareholders the right to choose to withdraw from the company, and to recover the investment in the company on fair and reasonable terms, Article 75 of the Company Law of our country, Article 143 also provides for a system of claims for equity repurchase by dissenting shareholders. However, there are some deficiencies in the system of claim right of share repurchase in our country. The evaluation standard of repurchase price and the procedure of judicial valuation are not clearly stipulated, which makes the system unable to achieve its due purpose and function in the process of implementation and application. The evaluation and determination of share repurchase price is the core of the system of claim for share repurchase, and also the key link to guarantee the fair exit mechanism of minority shareholders. Judicial evaluation is an important part of repurchase price evaluation, and it is also the last channel and guarantee for minority shareholders to exercise the right of share repurchase. This paper focuses on the study of the legal issues of price evaluation in the system of share repurchase claim, combining with the current situation and deficiency of legislation in China, and through comparative study of foreign legislation and cases of repurchase price evaluation, and draw lessons from it. The evaluation principles, criteria and procedures of repurchase price in China are defined to protect the interests of minority shareholders. The main body is divided into four parts: the first chapter is an overview of the legal issues of price evaluation in the system of claim for share repurchase, clarifying the definition and nature of the repurchase price. On this basis, the legal value of repurchase price evaluation regulation and the necessity of clear repurchase price evaluation regulation in China are discussed. The second chapter discusses the legislative purpose of the right of share repurchase and the legal principle of price evaluation. The ultimate purpose of the system of claim for share repurchase is to protect the interests of minority shareholders, and the basic legal principles of price evaluation should guide the evaluation and establishment of the repurchase price and conform to the legislative purpose of the system of claim for share repurchase. The third chapter is the evaluation standard of repo price. First of all, explain the reasonable price, and clarify the significance of the determination of the reasonable price. After that, through the comparison of the legislative practice of "reasonable price" abroad, the paper discusses the evaluation standard of repurchase price from four angles and puts forward concrete legislative suggestions on the evaluation standard that should be adopted in our country. Chapter four discusses the judicial evaluation of repurchase price. Judicial evaluation is an important content of repurchase price evaluation, which needs to be discussed independently. This part combs the substantive and procedural legislation of judicial valuation by comparing with foreign legislation and jurisprudence, and puts forward constructive legislative suggestions to perfect the judicial evaluation procedure in our country.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.291.91

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