股份评估权及中国公司的实践和立法

On the Appraisal Remedy and Its Practice & Legislation in China

资本多数决原则有利于公司进行兼并重组和资产处置等重大行为,同时公司的结构性变化往往对股东权益造成重大影响。为在公司效率和股东保护之间求得平衡,应赋予少数持有异议的股东股份评估权。通过行使该权利,异议股东将股份以公平价格出售给公司从而收回投资。多数国家和地区均规定了这一权利,我国新修订的公司法首次确立了股份评估权。通过对股份评估救济主要内容的比较研究,对相关立法进行评价,对其贯彻实施和完善提出建议。

The majority rule in Corporate Law facilitates the important actions of a corporate, such as mergers and asset dispositions ,but such corporate actions always have great impact on the shareholder＇s interest. In order to seek the balance between a corporate and the protection for the shareholders,the corporate law should prescribe appraisal right for dissenting stockholders. Shareholders can be protected to some degree by selling their shares for fair value. The appraisal rules have been established in many countries and regions ,and the newlyamended Corporate Law of China has first stipulated such rules. Through comparatively studying the main contents of the appraisal right rules, the article appraises the relative rules of the new corporate law of China and puts forward suggestions to carry out and perfect such rules.