日本股份回购请求制度考察与借鉴

The Study and Reference on Shareholders' Appraisal Right System of Japanese Corporation Law

当公司根据资本多数决原则做出的决议严重影响了异议股东的利益时,异议股东有权请求公司回购自己所持有的股份。该制度的立法目的在于弥补资本多数决原则的漏洞,防止控股股东滥用对公司的控制地位损害小股东的利益。日本《公司法》从这一立法目的出发,详细规定了回购请求权行使的实质要件、程序要件、回购价格等问题,形成了相对完备的、便于操作的保护异议股东退出公司的机制。与此相对,我国《公司法》的规定则显得非常原则而简略,妨碍了该制度立法目的的实现,有必要借鉴日本的立法思维加以完善。

When the company＇s resolution,which is made according to the capital majority rule,affects the objecting shareholders ＂ benefits,the objecting shareholders are entitled to request the company to buy back their stocks. The legislative goal of this system is to compensate for the defect in capital majority rule, and to protect the minority shareholders＂ benefits. In order to real- ize this legislative goal, the Japanese corporation law has stipulated in details the material condition, the formal condition and the buy back price concerning appraisal right, which is both operational and completed. So that the objecting shareholders can easily withdraw from the company. Meanwhile, the Chinese Corporation Law, too general and simple, hinders the realization of the leg- islative purpose. The paper proposes to perfect the Chinese law with reference to the Japanese practice.