抑制股权转让代理成本的法律构造  

The Legal Building of Reducing the Agency Costs of Equity Transfer

作　　者：罗培新[1] 

机构地区：[1]华东政法大学国际金融法律学院,教授上海200042

出　　处：《中国社会科学》2013年第7期128-144,207,共17页Social Sciences in China

基　　金：2013年度国家社会科学基金重点项目"国际金融中心法律保障比较研究"的阶段性研究成果

摘　　要：股权表决权能的单独处分会减损其他股东的福利,限制或者禁止股权转让的合约安排可能会侵害股东的退出权,进而减损股权市场对于高管的制约力量,间接推高管理层滥权谋私的代理成本。因而,在创设股权转让的法律结构时,必须在合约自由、资本多数决与降低代理成本之间求取妥当的平衡。法官应认定投票权转让行为无效,以保证投票权与剩余索取权匹配,并保持股东投票权之于高管的约束功能。各国立法大多通过章程约定方式限制股权转让,以抑制代理成本。法官必须本着长期契约与短期契约、章程初始条款及修订条款的差异化视角,区分各类限制股权转让的章程约定条款的效力。The separate handling of the voting right of equity will reduce the welfare of other shareholders,whereas the contractual arrangements limiting or banning the transfer of equity will infringe the shareholder's right of exit,thereby lessening the restriction of equity market on high-level executives and enhancing the agency costs in the abuse of power of the management.Therefore,in building the legal structure of equity transfer,it is necessary to achieve an appropriate balance between contractual freedom,capital majority and agency cost reduction.The judge should decide the transfer of voting right as invalid,so as to achieve consistency between the voting right and the residual claim right,and maintain the restriction of shareholders'voting right on high-level executives.Most legislations in the world limit equity transfer with terms and conditions to reduce agency costs.The judge must differentiate the validity of different terms and conditions limiting the equity transfer from a differented perspective of long-term contracts and short-term contracts,and of initial charters and amended charters of these terms and conditions.

关 键 词：股权转让 代理成本 长期契约与短期契约 法律构造 

分 类 号：D922.291.91[政治法律—经济法学]