美国上市公司股东控制权再分配的司法审查及对中国法院的启示  

The Judicial Review of the Redistribution of Shareholder Control in American Listed Companies and Its Enlightenment to Chinese Courts

作　　者：王文君 WANG Wenjun

机构地区：[1]华东政法大学经济法学院,上海200042

出　　处：《国际商务研究》2022年第5期75-85,共11页International Business Research

基　　金：华东政法大学优秀博士学位论文培育项目“商业自动化决策算法的反垄断法规制研究”(项目编号:2022-1-018)。

摘　　要：上市公司中期资本重组如选择双层甚至多层股权结构,大股东与中小股东之间会不可避免地因控制权再分配产生冲突。股东控制权再分配会对大股东和中小股东产生两难的二分选择,均值法和股价参考法都无法对控制权准确估值。以特拉华州法院为代表的美国法院对股东控制权纠纷案件的司法审查标准不稳定,有的案例适用商业判断原则,有的案例适用全面公平原则。全面公平原则在中国不具备司法实践基础,中国法院可以在已经成功执行预设条件的案件中适用自我执行条件,借鉴衡平思路,折中考虑双方的利益冲突,寻找相对合理的空间。If a listed company chooses a two-class or even multi-class shareholding structure in mid-term capital restructuring,there will inevitably be conflicts between large shareholders and minority shareholders due to the redistribution of control rights.The redistribution of shareholder control to the founder or minority shareholders presents a dilemma dichotomy choice.Neither the mean value method nor the stock price reference method can accurately estimate the valuation of control rights.The standard of judicial review of shareholder control dispute cases in American courts represented by the court in Delaware is not stable.Some cases apply the commercial judgment principle,while others apply the total fairness principle.The principle of total fairness has no judicial practical basis in China.Chinese courts may apply the conditions of self-execution in cases where the preset conditions have been successfully executed,draw lessons from the idea of equity,compromise the conflict of interests of both sides,and find a relatively reasonable space.

关 键 词：上市公司 股权结构 中期资本重组 控制权再分配 司法审查 

分 类 号：D913.99[政治法律—民商法学] F832.51[政治法律—法学]