股东控制权滥用下股权回购请求权的规范构造

Regulatory Construction of the Right to Request Share Repurchase under Shareholders'Abuse of Power

新《公司法》增设旨在规制股东控制权滥用的股权回购请求权,鉴于新设条文在规范逻辑、事实构成与法律效果上的体系性不足,有必要澄清其规范构造。股权回购请求权系属损害赔偿之恢复原状请求权,其规范表达由第21条第2款和第89条第3款组成,且应使后者保持适用上的备位性。控制权滥用的概念核心指向社团效果意思的控制,应以控制因素、公司事务管理、权益失衡和过错要件为评价标准;其概念周边需考察中小股东合理期待的丧失。侵害行为的严重程度需基于权利滥用的行为样态与实质后果加以界定。股权回购关系乃法定债之关系,请求权不具有可让与性,债务人亦不得主张给付不能等抗辩事由,公司无过错但承担债务时负有说明义务。在排除公司以其净资产为估价基准或公司为准合伙性质的情况下,股权回购价格须结合各要素确定折价基准。经由教义学层面的解释作业,可为股权回购请求权形成体系衔接的适用方案。

Article 89 of the new"Company Law"has been amended to add a new Section 3,establishing a right to request share repurchasing with the purpose of regulating the oppression by controlling shareholders.This new legal provision still has deficiencies in terms of explaining its regulatory foundations,the factual constituent elements,and legal effect.Therefore,it is necessary to clarify its normative structure.Given that any company is free to dispose of its proprietary assets depending on its own willingness,the company is entitled to repurchase other shareholders'shares.However,the ultimate purpose of the right to request repurchasing is to restore the original state for the shareholder's damage.This should be comprehensively explained through a combination of Article 21(2)and Article 89(3),with Article 21(2)holding a superior position unless the company itself has apparent fault contributing to the damaging result.The essence of abuse of control pertains to the improper exercise of control within corporate governance,with an overall assessment of factors such as the mechanisms of control,management of corporate affairs,imbalance of rights,and the presence of fault.In the broader conceptual framework,it is essential to consider the erosion of minority shareholders'reasonable expectations.The severity of the infringing conduct should be evaluated by considering the manifestations of rights abuse and the substantive outcomes it produces.The legal relationship surrounding share repurchase constitutes a statutory debt obligation,where the right to claim is inherently non-transferable,and the debtor is precluded from invoking defenses such as impossibility of performance.In instances where the company assumes debt without fault,it remains obligated to provide a detailed explanation.Remedies and valuation should be reviewed,taking into consideration the valuation date and the share repurchase price,which,apart from being based on the company's net assets as a valuation benchmark or considering the company's quasipartnership nature,must also integrate various factors to determine the discount standards.Through doctrinal explanation,a systematic and applicable regime should be established for the share repurchasing right of claim.