股东优先认购权相关问题研究

发布时间：2018-07-31 11:55

【摘要】：股东优先认购权做为股东一项重要权利，其主要功能在于防止股权的稀释，，维护股东的自益权和共益权。股东优先认购权的主体是公司的原有股东，客体是公司发行的新股，在界定股东优先认购权的主体和客体时应充分考虑一般原则下的例外情况，以更好的平衡公司和股东的利益需求。任何法律制度的构建都可以追溯到立法者的价值判断，股东优先认购权其实涉及到的是公司融资需求和股东利益保护二者之间的矛盾与统一，对二者价值取向的不同，相应的立法模式也不相同。目前世界各国主要的立法模式有固有权模式、非固有权模式和相对固有权模式。鉴于我国中小股东利益得不到很好保护、资本市场尚不成熟、公司内部治理结构有待完善的具体国情，我国宜采取相对固有权模式，即在立法上确认股东享有优先认购权，非经严格的法定程序和实质性审查，不得排除优先认购权的适用。虽然我国实践中已有股东优先认购权的应用，但目前我国关于股东优先认购权的立法粗糙而不完善，仅在《公司法》34条、135条、《最高人民法院关于适用中华人民共和国公司法若干问题的规定（三）》第17条和《上市公司证券发行管理办法》第12条、第41条中有所涉及，无具体的制度设计，难以解决现实中存在的问题。目前在实践中存在的主要问题有：上市公司包装配股、配股成“圈钱”以及对股东优先认购权的不合理法律排除和事实排除等情况。对此，除了在立法上确认股东享有优先认购权，不得随意排除外，还应从完善上市公司配股的相关法律制度，严格股东优先认购权的排除等方面来保护股东优先认购权。无救济即无权利，因此还应为股东提供多样化的救济途径，以保证股东在权利受到侵害时，能有效保护自己的利益。
[Abstract]:As an important right of shareholders, the main function of the preemptive right of shareholders is to prevent the dilution of shares and to protect the self-beneficial and co-beneficial rights of shareholders. The main body of the shareholder's prior subscription right is the original shareholder of the company, and the object is the new stock issued by the company. When defining the subject and object of the shareholder's prior subscription right, the exceptions under the general principle should be fully considered. To better balance the interests of the company and shareholders. The construction of any legal system can be traced back to the value judgment of the legislator. In fact, the prior subscription right of shareholders involves the contradiction and unity between the financing needs of the company and the protection of the interests of the shareholders, and the difference of the value orientation between the two. The corresponding legislative model is also different. At present, there are three main legislative models in the world: the solid right mode, the non-solid right mode and the relative solid right mode. In view of the fact that the interests of minority shareholders in China are not well protected, the capital market is not yet mature, and the internal governance structure of the company needs to be improved, China should adopt the mode of relative consolidation of rights, that is, to confirm that shareholders enjoy the right of preferential subscription in legislation. Without strict statutory procedures and substantive examination, the application of preferential option shall not be excluded. Although there has been the application of the shareholder's prior subscription right in our country's practice, the legislation on the shareholder's prior subscription right in our country is rough and imperfect. Only in Article 135 of Article 34 of the Company Law, Article 17 of the provisions of the Supreme people's Court on the Application of the Company Law of the people's Republic of China and Article 12 of the measures for the Administration of Securities issuance of listed companies, Article 41, Without specific system design, it is difficult to solve the problems in reality. At present, the main problems in practice are as follows: packaging and rationing of listed companies, "circle money" of rights issue, unreasonable legal exclusion and factual exclusion of shareholders' preemption right and so on. Therefore, in addition to legislatively confirming that shareholders enjoy the right of preferential subscription, they should not be excluded at will, but also should protect the right of shareholders' preferential subscription from the aspects of perfecting the relevant legal system of the listed company's rights issue and strictly excluding the right of shareholders' preferential subscription. There is no right without relief, so it is necessary to provide a variety of relief channels for shareholders, so as to ensure that shareholders can effectively protect their own interests when their rights are infringed.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

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