异议股东评估权行使中的“合理价格”——德国法的经验与启示  

"Fairer Preis"bei der Umsetzung des Beurteilungsrechts:Inspirationen aus dem deutschen Recht

作　　者：邹青松 ZOU Qingsong

机构地区：[1]广东财经大学法学院

出　　处：《中德法学论坛》2021年第1期137-156,共20页

基　　金：2021年度广东省教育厅特色创新类项目“金融消费者权益保护视角下的复杂金融产品规制研究”(2021WTSCX030)阶段性成果。

摘　　要：公司法的异议股东评估权制度,其目的在于维持少数股东与大股东及公司之间于公司重大变化过程中的利益平衡。实现此制度目的的关键在于保障退出股东获得合理的补偿价格,并因此有赖于在法律上明确补偿标准和选用估值方法的规则。对此,我国目前的公司法在立法上存在不足,司法裁判上估值方法选用不不统一、不恰当,资本市场背景下采用的现金选择权制度欠缺保护功能,这些问题使得异议股东行使评估权时难以获得公平合理的补偿。在比较法上,德国法经过长期的司法实践和学术探讨,业已形成合理和规范的做法,实现了从宪法理念、补偿标准到估值方法选用规则的一致,同时较好地将补偿定价的实施与异议股东评估权的制度目的相衔接。此经验值得中国法的借鉴。我国公司法应当在检讨现有立法和司法缺陷的基础上,建立符合异议股东评估权制度目的的补偿定价机制,同时根据不同的公司类型,规定不同的估值方法选用规则。The appraisal right institution is aimed at achieving an interest balance between minority shareholders on one side and majority shareholders as well as the company on the other side.The key to achieve this goal is to guarantee the withdrawing shareholders fair price of compensation for their shares,which can only be realized under reasonable and effective rules especially on compensation standard and application of valuation methods.Due to the problematic legislation and jurisdiction,the current Chinese corporate law is unable to guarantee minority shareholders a fair price of compensation as they decide to withdraw.In comparison,German corporate law so far has established a reasonable and effective system of rules,which not only makes sure a coherence between the constitutional principle on protection of property and the compensation standard as well as the application of valuation methods,but also connects the pricing of compensation to the purpose of appraisal right institution.These experiences could inspire Chinese corporate law in many ways.To improve the Chinese appraisal right institution,especially its pricing mechanism,this paper,taking the current legal situation and judicial practice into consideration,would give Chinese lawmakers and judges concrete advice on setting compensation standard and applying valuation methods relating to implementing appraisal right.

关 键 词：评估权 合理价格 补偿标准 估值方法 现金选择权 

分 类 号：D922.291.91[政治法律—经济法学] D951.6[政治法律—法学] DD911