资合性标准的转向——上市公司章程限制股份转让效力判断  

Legal Shift in Capital Jointing Standards——The Judgment of the Effectiveness of the Transfer of Shares Restricted by the Articles of Association of Listed Companies

作　　者：李欢 LI Huan(Law School,Nanjing University,Nanjing 210053,China)

机构地区：[1]南京大学法学院,江苏南京210053

出　　处：《烟台大学学报（哲学社会科学版）》2020年第6期21-30,48,共11页Journal of Yantai University(Philosophy and Social Science Edition)

基　　金：国家社科基金重大项目“把社会主义核心价值观融入法治建设”(18VHJ002)。

摘　　要：在股份转让方面,一般认为人合性公司对股东个人依赖较大,因而允许其作出相对灵活的章程安排,而资合性公司以成员出资为公司信用基础,应以股份的自由转让为原则,章程不得作出限制。但随着商业实践的发展,上市公司作为一种典型的资合性公司,其章程在类别股、员工持股以及反收购等方面限制转让的实践却已非常普遍。而依据原有的资合性标准,这些条款理论上都是无效的。从现实出发,上市公司并非无权就股份转让进行差异化的章程安排,及时以公开交易标准取代资合性标准可能是公司法需要进行的调整。The distinction of capital jointing companies and human joining companies is based on a continental standard of company classification.Based on their different basis of credit,the company law allocates different rights and obligations to the two types of companies.In terms of share transfer,it is generally believed that human joining companies are less independent to shareholders,so they are allowed to make relatively flexible arrangements in articles of association,while capital jointing companies take the contribution of capital as the credit basis of the company and the free transfer of shares should be the principle.However,as a kind of typical capital jointing company,it is common that the articles of association of listed companies restrict transfer in respect of sector shares,employee stock ownership and reverse takeover.According to the capital jointing standards,those terms should be invalid theoretically.However,the division of capital jointing companies and human joining companies is only an ideal assumption,and it is also a misreading of it to take it as a criterion to judge whether a company has the right to restrict the transfer of shares.In view of the reality,listed companies are entitled to formulate differentiated articles of association regarding share transfer,and replacing the capital jointing standards with the public trading standards timely may be where the company law needs to be adjusted.

关 键 词：上市公司 章程效力 公司自治 股份转让 

分 类 号：D913.99[政治法律—民商法学]