股东优先购买权中转让股东“反悔权”的正当性探讨

Discussion on the Legitimacy of Transferring Shareholders’ “Right of Rescission” in Shareholders’ Right of First Refusal

我国《公司法司法解释(四)》明确规定了在其他股东主张优先购买权后,赋予转让股东得以反悔的权利,该制度引起了学界讨论,“反悔权”正当与否的关键在于对股东优先权性质的把握。通过法理逻辑、立法目的和司法实践三方面的分析可知,为维护公司人合性,优先购买权定性为形成权更加合理。在此基础上,转让股东行使“反悔权”不符合意思自治、诚实信用等法律原则的价值理念,同时在制度功能方面存在缺失,难以维护公司股东间的信赖利益关系。因此在新一轮《公司法》的修订中,是否要将转让股东“反悔权”立法化值得我们深思。

The Judicial Interpretation 4 of the Company Law in China clearly stipulates that after other shareholders claim the right of first refusal, the transferring shareholder is granted the right to retract. This system has caused academic discussion, and the key to the legitimacy of the “right of rescission” lies in the grasp of the nature of the shareholder’s priority. Through the analysis of legal logic, legislative purpose, and judicial practice, it can be concluded that in order to maintain the company’s human integrity, it is more reasonable to classify the right of first refusal as a right of formation. On this basis, the exercise of the “right of rescission” by the transferring shareholder does not conform to the values of legal principles such as autonomy of will and good faith, and there is a lack of institutional functions, making it difficult to maintain the trust and interest relationship between the company’s shareholders. Therefore, in the new round of revision of the Company Law, it is worth pondering whether to legislate the transfer of shareholders’ “right of rescission”.