股东优先购买权条款规避行为的法律规制

The Legal Regulation of the Circumvention of the Preemptive Right of Shareholders

商事活动中逐渐浮现的股东优先购买权条款规避行为给司法实践带来了新的困境与挑战。对于此类行为的效力认定,应当在辨明其性质的基础上综合考量多种因素。从兼顾有限公司的资合性与人合性、平衡股权转让中各方当事人利益的角度,应将股东优先购买权认定为请求权。结合最高人民法院的相关意见以及学理上对强制性规定的判断方式,关于股东优先购买权的法律条款并非效力性强制性规定。因此,股东优先购买权条款规避行为不应被认定为绝对无效。股东优先购买权条款规避行为通常表现为间接持股、设置歧视性的同等条件以及分步转让三种形式,考虑到诚实信用原则与公平原则之协调、股东优先购买权条款框架下法秩序的统一,针对司法实践中的相关问题,应当将股东优先购买权条款规避行为的效力认定为附条件的可撤销。

The circumvention of the preemptive right of shareholders in commercial activities has brought new difficulties and challenges to judicial practice.As for the validity of such acts,we should consider a variety of factors on the basis of identifying their nature.From the perspective of considering both assets-based feature and member-based future of Limited Liability Company and balancing the interests of all parties in the equity transfer,the preemptive right of shareholders should be recognized as the right of claim.Combined with the relevant opinions of the Supreme People′s court and the theoretical judgment of mandatory provisions,the legal provisions on shareholders′preemptive right are not mandatory provisions.Therefore,the circumvention of the preemptive right of shareholders should not be regarded as absolutely invalid.The circumvention of the preemptive right of shareholders is usually manifested in three forms:indirect shareholding,setting discriminatory equal conditions and step-by-step transfer.Considering the coordination between the principle of good faith and the principle of fairness,and the unification of the legal order under the framework of the preemptive right of shareholders,in view of the relevant problems in judicial practice,the effect of circumvention of the preemptive right of shareholders should be recognized as conditional revocable.