股份公司章程限制股份转让的经济学分析——兼谈《公司法》第138条之完善

An Economic Analysis of Restrictions by Articles of Association upon Share Transferability with a Reference to the Improvement of Article 138 of the Company Law

股份自由转让权是股东的一项初始权利,在法律未禁止的情况下,股东可以以之与股份公司交易,由公司章程限制股份转让,从而形成新的更有效率的权利安排。公司章程限制股份转让应以提高效率为目的,并应具有合理界限。我国公司法中关于股份转让方面的规定存在结构性的缺陷,应遵循经济逻辑予以完善。

The liquidity right is the initial right of shareholders, and, if not forbidden by law, could be transacted with the stock company and be restricted by articles of association in order to make a new and more effective arrangement of the legal rights. The restrictions are established for the improvement of performance efficiency with reasonable limits. The provisions of transferability of shares in China＇s Company Law have some structural defects, which should be revised with a close observation of the logic of economy.