股东优先购买权中转让股东“反悔权”的证成与构建

The Justification and Establishment of Transferring Shareholders’ “Repentance Right” in the Shareholders’ Preemptive Right System

股权转让中的股东优先购买权是基于有限公司人合性的制度设计。在股东行使优先购买权后,是否应当赋予转让股东以"反悔权"是新一轮《公司法》修改中需要面对并予以明确的争议性问题。对于在股东优先购买权制度中规定转让股东"反悔权"是否具备正当性,须注重分析股东优先购买权的立法目的和股权对外转让中的利益结构,而不能仅依靠概念的定性和逻辑的推演来判断。通过从立法目的和利益衡量的角度分析,转让股东的"反悔权"与股东优先购买权维护有限公司人合性的立法目的没有冲突,且有利于实现股权转让中多种主体的利益平衡,不仅维护了转让股东的意思自治,还可以弥补优先购买权的"同等条件"只能覆盖实质条件、忽视特殊关系等非实质条件的漏洞。《公司法》修改中,应当赋予转让股东"反悔权",并对其行使设定一定的期间和条件限制。同时,转让股东在行使"反悔权"时,应对其行使"反悔权"的理由进行限定。

The shareholder’s preemptive right of purchase is due to the system design to maintain the characters based on shareholders of the limited company.After the shareholder’s exercise of preemptive right,whether or not the transferring shareholders should be given the"repentance right"is a controversial issue that needs to be faced and clearly defined in the new round of amendments to the"Company Law".For its legitimacy,attention must be paid to the analysis of the legislative purpose of the shareholder’s preemptive rights and the structure of interests in the external transfer of equity,rather than relying solely on the qualitative and logical deduction of concepts to judge.Through the analysis from the perspective of legislative purpose and interest measurement,the transferring shareholder’s"repentance right"does not conflict with the legislative purpose of the preemptive right to maintain the characters based on shareholders of the limited company.Not only does it preserve the autonomy of the transfer of shareholders,but it can also make up for the loopholes in which the"equivalent conditions"of preemptive rights can only cover substantive conditions and ignore non-substantial conditions such as special relationships.In the amendments to the"Company Law",the transferring shareholder should be given the"repentance right"and set a certain period and conditional restrictions on its exercise.When the transferring shareholder exercises the"repentance right",it should prove its reasonable reasons for exercising the"repentance right".