股東優先購買權規則的司法適用——基於上海外灘地王案的分析

The Judicial Application of the Rules of Preemptive Right of Shareholders －Analysis Based on Shanghai Bund Prime Site Case

股東優先購買權是以資合性為主、人合性為輔的規則設計，不應對作為其啟動因素的股權轉讓權構成絕對限制，請求權的定性更加契合公司意思自治和契約自由的精神。就主體而言，有權主張優先購買者是先在投資合作關係所直接涉及的股東，不包括特定公司組織框架之外的投資者。就對象而言，優先購買權所指向的是與權利人出資之特別財產有直接牽連關係的股權，不能任意擴大至其他層級的股權。基於股權變動模式的考量，否定股權轉讓合同效力並非保護股東優先購買權的必要手段。

Preemptive right of shareholders is mainly capital-oriented and also based on person cooperation, should not constitute absolute restriction on the right of equity transfer as its activation factor, and the right of claim is qualitatively more consistent with the spirit of the company’s autonomy of will and liberty of contract. In terms of the subject, people who have preemptive right are shareholders directly involved in the investment cooperation relationships, not including the investors outside the specific organizational framework of the company. In terms of the object, preemptive right refers to the equity that is directly implicated in the special property of the contribution, and cannot be extended to other shares at any other level. Based on the model of equity change, deny the effect of equity transfer contract is not necessary to protect shareholder’s preemptive right.