股东新股优先认购权法律问题研究

Research on Legal Issues of the Shareholder’s Preemptive Rights

新股优先认购权是股东的一项重要权利,由于股权的核心在于表决权,而资本多数决的情况下,表决权的大小则取决于股权比例的大小,如果股东不享有此项权利,在公司增资时,原股东的股权比例很容易就会被稀释,从而削弱原股东对公司的控制权。因此,对股东新股优先认购权进行法律保护十分必要。股东新股优先认购权是一项重要的股东权利,旨在保护原股东的财产和利益在公司进行融资时不被稀释,确保公司的有效运作。然而,在公司的实践中,新股的优先认购权经常被侵犯,而且对此没有明确的立法框架。文章在现代公司法的背景下分析了股东新股优先认购权的概念及作用,并以新股优先认购权的司法实践为例,分析了我国股东新股优先认购权的制度现状和问题。

The preemptive right is an important right of shareholders, because the core of equity lies in the voting rights, and the size of the voting rights in the case of capital majority decision depends on the size of the equity ratio, if shareholders do not enjoy this right, in the company’s capital in-crease, the original shareholders’ equity ratio will easily be diluted, thus weakening the original shareholders’ control over the company. Therefore, it is necessary to legally protect the share-holders’ preemptive right to subscribe for new shares. The shareholders’ preemptive right to subscribe for new shares is an important shareholder right which aims to protect the property and interests of the original shareholders from dilution when the company carries out financing and to ensure the effective operation of the company. However, in corporate practice, the preemptive right is often infringed and there is no clear legislative framework for this. The article analyses the concept of shareholders’ preemptive right to against the background of modern company law, and takes the judicial practice of preferential subscription rights to new shares as an example to analyse the current situation and problems of shareholders’ preemptive right in China.