股東優先購買權的新近發展與規則解析－－兼議「公司法司法解釋四」

Recent Development and Rule Analysis of Shareholders' Preemptive Rights－ Comments on the Judicial Interpretation IV of Company Law

中國大陸公司法第71條規定有限責任公司股東在股權轉讓中的優先購買權，此舉雖係從維護有限責任公司的人合性出發，但由於規則本身的複雜性以及司法適用的模糊性，一直以來長期為理論界和實務界所詬病。2017年9月開始實施的最高人民法院《公司法司法解釋四》（下稱「解釋四」），細化了股東優先購買權的若干規則，一定程度上解決了實踐中的疑難問題。儘管如此，優先購買權是中國大陸公司法所特有的規定，域外發達國家或地區均無相應規則。股東優先購買權某種程度上成為一種定價機制，對表明該權利是否能夠發揮其原有的作用乃至是否仍有必要保留，提出質疑。

Section 71 of Chinese Company Law regulates the shareholders’ preemptive rights in transferring stock of a limited liability company, the purpose of which is to maintain the characters (confidence and trust) based on shareholders. Nevertheless, such rules have been criticized for a long time by the scholars and practitioners due to their complexity and vagueness. The Judicial Interpretation IV of Company Law issued by the Supreme Court, starting to be enforceable since Sep of 2017, elaborates the rules on shareholders’ preemptive rights in stock transfer, and resolves a series of problems in reality to some extent. The rights are particularly contained under Chinese company law, and no relevant rules may be found in the developed countries or areas. The shareholders’ preemptive rights become a kind of price-making mechanism, and provide some doubts on whether such rights may play their roles as expected by legislator, as well as whether they shall be still retained.