公司股东现金选择权制度构建探析
发布时间：2018-09-06 20:23
【摘要】：我国现行公司法规定的有限责任公司和股份有限公司股东回购请求权适用条件不一致;适用情形不适合中小股东在其利益受公司股权及其他重大变动影响时以公允的股权价格退出公司;回购业务主体单一,也不利于中小股东利益保护。构建法定化保证小股东以公允的股权价值退出公司的现金选择权制度来取代现行公司法上的股东回购请求权,有利于中小股东公允价值现金退出和监管利益冲突行为双重功能实现,从"一补一阻"两个方面实现对中小股东利益的有效保护。现金选择权制度的权利主体是对公司普通股或者优先股享有法律上或者实质上商业利益的人,义务主体为公司。合并、股权互换、公司所有的资产的实质销售、对任何股东的权利会产生不利影响的公司章程的修改等是现金选择权产生的条件。如果不存在经营者或控股股东与公司之间的利益冲突交易,则不产生现金选择权。应明确规定以"第三方价格"定价方法来指导定价。
[Abstract]:The applicable conditions of shareholders' repurchase right of limited liability company and joint-stock limited company are inconsistent in the current company law of our country; The applicable situation is not suitable for minority shareholders to withdraw from the company at fair share price when their interests are affected by the company's equity and other major changes; the single subject of repurchase business is also not conducive to the protection of the interests of minority shareholders. To construct a legalized system to ensure that minority shareholders withdraw from the company's cash option system with fair equity value to replace the shareholders' repurchase claim in the current company law. It is beneficial to the realization of the dual functions of the fair value cash withdrawal of minority shareholders and the behavior of supervising conflicts of interest, and the effective protection of the interests of minority shareholders from the two aspects of "one supplement and one obstacle". The right subject of the cash option system is the person who has the legal or substantial commercial benefits to the common stock or preferred stock of the company, and the obligation subject is the company. Mergers, equity swaps, material sales of all the company's assets, amendments to the articles of association that adversely affect the rights of any shareholder are the conditions for cash option. If there is no conflict of interest transaction between the operator or controlling shareholder and the company, the cash option does not arise. The "third party price" pricing method should be clearly defined to guide pricing.
【作者单位】： 华东政法大学经济法学院;
【分类号】：D922.291.91
本文编号：2227439
[Abstract]:The applicable conditions of shareholders' repurchase right of limited liability company and joint-stock limited company are inconsistent in the current company law of our country; The applicable situation is not suitable for minority shareholders to withdraw from the company at fair share price when their interests are affected by the company's equity and other major changes; the single subject of repurchase business is also not conducive to the protection of the interests of minority shareholders. To construct a legalized system to ensure that minority shareholders withdraw from the company's cash option system with fair equity value to replace the shareholders' repurchase claim in the current company law. It is beneficial to the realization of the dual functions of the fair value cash withdrawal of minority shareholders and the behavior of supervising conflicts of interest, and the effective protection of the interests of minority shareholders from the two aspects of "one supplement and one obstacle". The right subject of the cash option system is the person who has the legal or substantial commercial benefits to the common stock or preferred stock of the company, and the obligation subject is the company. Mergers, equity swaps, material sales of all the company's assets, amendments to the articles of association that adversely affect the rights of any shareholder are the conditions for cash option. If there is no conflict of interest transaction between the operator or controlling shareholder and the company, the cash option does not arise. The "third party price" pricing method should be clearly defined to guide pricing.
【作者单位】： 华东政法大学经济法学院;
【分类号】：D922.291.91
【共引文献】
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相关硕士学位论文 前4条
1 王超宁;基于期权定价理论的徐州工程机械科技股份有限公司股权价值研究[D];西安理工大学;2005年
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1 邱兆亮;强制要约收购制度研究[D];吉林大学;2005年
，本文编号：2227439
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