异议股东回购请求权限制行使析论

To Limit the Determination of the Right to Challenge the Repurchase Request

限制异议股东股份回购请求权的行使,不仅关系到公司资本的维持,同时也关系到公司债权人的利益,所以在给予异议股东合理保护的同时要防止该权利的异化,以避免造成损害公司以及公司债权人利益的后果。从法律角度出发,建构异议股东的请求回购选择权限制的体系化准则,在制度层面上符合商法的公正性和效率性。在个案层面上,应从单向的目的解释转向体系化的目的解释,通过与其他规范的关联来解释明确效率与公正的具体限制标准。在方法层面上,应在解释学中引入经济分析视角,在市场整体视角下,将成本与效益最大化,在一个合理的适度范围内限制异议股东的权利,保障债权人的合法利益,进而更好地协调个人利益与集体(公共)利益之间的博弈。

It is not only related to the maintenance of the company's capital to restrict the exercise of the dissenting shareholders'right to claim share repurchase,at the same time,it is also related to the interests of the company's creditors,so we should give reasonable protection to the dissenting shareholders and prevent the alienation of the right,in order to avoid damaging the interests of the company and the company's creditors.From a legal point of view,the establishment of the objection shareholder's repurchase option restrictions of the system,in line with the system level of justice and efficiency of commercial law.At the case-by-case level,a shift should be made from a one-way to a systematic interpretation of the purpose,with specific restrictive criteria for clarity of efficiency and fairness explained through linkages with other norms.On the method level,we should introduce the economic analysis angle in the hermeneutics,maximize the cost and benefit,and restrict the dissenting shareholders'rights in a reasonable and moderate range,to protect the legal interests of creditors and better coordinate the interests of individuals to collective(public)interests between the two games.