重大资产出售中异议股东股份回购请求权功能新释

Functions of Dissent Shareholders' Appraisal Rights in Sales of Substantial Assets: Centered on American Law

公司出售重大资产时,若赋予异议股东股份回购请求权,不仅可以帮助少数股东退出公司,还具有防止事实合并、向经营董事施压、调和多数股东与少数股东之间的矛盾、保护股东公平投资价值等功能。而且,仅仅依靠公开的股权转让市场,无法给予少数股东充分救济。因此,不应当以股份回购请求权仅仅具有救济功能为由,否定在股份公司(包括上市公司)出售重大资产时赋予异议股东股份回购请求权的必要性。

When a corporation sells substantial assets, dissent shareholders＇ appraisal rights could not only help minority shareholders exit from the corporation, but also help prevent de facto merger, exercise pressure on managing directors, conciliate contradiction between the majority and minority shareholders and protect their investment merit. The minority shareholders could not be compensated sufficiently only by public share market. Therefore, appraisal rights should be endowed to dissent shareholders in sales of substantial assets of public corporations, including listed corporation.