股东平等视角下的减资规制研究

Research on Capital Reduction Regulation from the Perspective of Shareholder Equality

与资本数额的减少直接关乎债权人保护不同,股份合并、股份回购等作为减资方式,关涉到少数股东保护的问题。现行《公司法》和2021年《公司法(修订草案)》,对于减资决议作了三分之二多数决的要求,司法实践之中,亦有法院通过法律续造的方法,确定了“定向减资需经过全体股东同意”的裁判规则,但这依旧难以充分解决减资中的股东平等问题。有鉴于此,应当在减资方式类型化的基础上,以股东平等原则为价值取向,兼及商事效率追求,进行规制构建。在股份合并型减资中,既要对等比例股份合并中的零细股份处理予以规范化,又要对非等比例股份合并增加优待中小股东的要求。在股份回购型减资中,一方面应当对强制型股份回购课以“受有不平等之股东已表示同意”或“该不平等对待存在正当理由且具有相当性”的审查要求,另一方面,应当对任意型回购增设回购机会均等机制,以保障股东平等。此外,丰富类别股的种类,承认附带回购条件的类别股与附带回购请求权的类别股,完善相关规则体系,也有助于解决“人走股留”“对赌协议”等引发的实践问题。

Different from the reduction of the amount of capital, which is directly related to the protection of creditors, share consolidation and share repurchase, as methods of capital reduction, are related to the protection of minority shareholders. Company Law and the Revised Draft of Company Law require a two-thirds majority decision for capital reduction resolutions. In judicial practice, the rule has been determined that is "targeted capital reduction requires the consent of all shareholders". However, it is still difficult to fully resolve the issue of shareholder equality in capital reduction. On the basis of the types of capital reduction methods, the principle of shareholder equality and commercial efficiency should be carried out to build regulations. In the share consolidation, it is necessary to standardize the treatment of fractional shares in the type of equal proportions, and to increase preferential treatment of small and medium shareholders in the type of non-proportionate proportions. In the share repurchase, on the one hand, the compulsory share repurchase should be subject to the review requirements of "the unequal shareholders have expressed their consent" or "the unequal treatment is justified and commensurate with equivalence". On the other hand, an equal opportunity mechanism for repurchase should be introduced to voluntary repurchase to ensure the equality of shareholders. In addition, enriching the types of stocks, recognizing stocks with repurchase conditions and stocks with repurchase request rights, and improving the relevant rules and regulations will also help solve the problems caused by " share repurchase for resignation" and "VAM contract".