论股权估价之法律介入与公平价格判断

Legal Intervention and Fair Price Judgment of Appraisal Right

我国《公司法》区分设置了股权收购请求权与股权估价请求权。实践中,异议股东估价请求权是一种显性的权利,而在股份回购、夫妻股权分割、替代司法解散公司的股权转让等领域,另有隐性的估价请求权。估价请求权内含了对公平价格的要求,意图达成权利人与股权受让方的权益平衡。在对股权进行估价时,不能简单依靠会计准则或资产评估,还应当兼顾股权的成员权和财产权的双重属性。公平价格的判断应当关注股权估价的前提、假设与形成过程。其中,计算意定价格需要考虑显失公平制度与基准日提前的补充调整方法,并遵守《公司法》关于股东不得抽逃出资和利润分配等强制性规定,不能当然转化为对其他股东而言的公平价格。在缺少意定价格而采用通行估价方法时,人民法院应当明确净资产法、市场比较法、现金流量贴现法等估价方法的适用条件,并结合流动性因素对少数股权折价问题分情况予以讨论。

The Company Law distinguishes between the equity acquisition right and the appraisal right.In practice,the appraisal right of dissenters is an explicit right,and there are other implicit appraisal right in the fields of share repurchase,marital equity division,equity transfer instead of judicial dissolution,etc.The appraisal right includes the requirement of fair price,with the intention of achieving a balance of rights between the rights holder and the equity transferee.In the valuation of the company's equity,the parties and the court should not simply rely on accounting and asset evaluation,but should take into account the dual attributes of membership rights and property rights.The judgment of fair price should pay attention to the premise,assumption and formation process of equity valuation.Among them,the calculation of determined price should consider the obviously unfair system and the supplementary adjustment method of the advance of the base date,comply with the mandatory provisions of the Company law on shareholders shall not withdraw capital contribution and profit distribution,and cannot be automatically converted into a fair price for other shareholders.In the absence of a determined price and the use of conventional valuation methods,the court should clarify the applicable conditions of the NAV,CCA,DCF method and other valuation methods,and discuss the issue of minority equity discount based on liquidity factors.