论优先股股东的异议股东股份评估权保护:美国的实践及启示  

On the Protection from Appraisal Right of the Preferred Shareholders:the Practice and Enlightenment of the United States

作　　者：刘胜军[1] Liu Shengjun

机构地区：[1]中国民航大学法学院,天津300300

出　　处：《法学杂志》2018年第8期76-88,共13页Law Science Magazine

基　　金：教育部人文社会科学研究青年基金项目"类别股利益冲突治理法律研究"(项目编号:13YJC820053)的阶段性成果

摘　　要：我国商事法律开放了优先股的投资准入,但没有为优先股投资者作好相应的退出安排。优先股发行公司中,优先股股东可能面临着公司根本性结构变化的威胁,甚至面临着利益冲突背景下普通股股东的机会主义行为的侵害。美国的评估权制度发挥了为少数股东提供以公平价格退出公司的功能和监督多数股东对少数股东机会主义行为的功能。优先股作为公司的权益资本,其持有人是公司股东,异议股东股份评估权应适用于优先股股东保护。美国的评估权制度适用于优先股股东,从解释论来看,我国公司法中的异议股东股份评估权应适用于优先股股东。关于我国优先股股东的异议股东股份评估权适用范围,修改章程取消优先权或进行根本性结构变化涤除优先股股利应当作为行权的特别触发事项,优先股股东行权应不以对触发事项有表决权为条件。关于行权中优先股的估值,应尊重当事人事前的优先股合同安排;如果未进行事前约定,那么可以参照适用普通股估值的一般方法,法官对此有裁量权,我国应通过司法解释或指导案例对此进行完善。The commercial law of China has opened the investment access of the preferred stock,but not make the appropriate investment exit arrangements for the preferred stock investors. Preferred stock shareholder may face the threat from corporation fundamental structural changes,even infringement from opportunistic behavior of common stock shareholders under the background of the conflicts of interest. In US,Appraisal right provides minority the shareholder an exit access with fair price,at the same time it can supervise the majority shareholders of implementing opportunism behavior to minority shareholders. As the equity capital of the corporation,the holder of the preferred stock is the shareholder of corporation,appraisal right should be applied to the shareholders of the preferred stock. In the United States,appraisal right is applicable to preferred stock shareholders. From the point of view of legal interpretation,in china appraisal right should be applied to preferred stock shareholders. Application range of appraisal right for preferred stock shareholder should include amending articles of corporation to cancel preferred right and preferred stock dividends. Voting right should not be regard as premise of exercising appraisal right. As the valuation of preferred stock,if there is prior contract we should respect the contract. If there is no prior contract,we should apply the general method of common stock valuation,and the judge has a discretion. Our country should perfect valuation of preferred stock through judicial interpretation or guiding case.

关 键 词：优先股 优先股股东 异议股东股份评估权 多数股东 少数股东 

分 类 号：D922.291.91[政治法律—经济法学]