授权资本制中不当发行停止请求权的建构与行使  

The Construction and Exercise of the Right to Cease Improper Issuance in the Authorized Capital System

作　　者：李卓卓 Li Zhuozhuo

机构地区：[1]清华大学法学院

出　　处：《财经法学》2023年第1期18-32,共15页Law and Economy

摘　　要：《公司法(修订草案二次审议稿)》对授权资本制下不当发行的规制有所不足,后续修订应强化股份发行的事前规制。不当发行停止请求权是股东的保护性请求权,基于减少代理成本、禁令救济经济效率、股东权利的合同理论以及少数股东保护等正当性基础,应当在《公司法》中增加不当发行停止请求权。规制不当发行需兼顾公司融资与股东权利保护这两项价值,股东行使不当发行停止请求权需满足不当发行与股东遭受损害两要件,同时应规定股份发行之前董事的通知义务,尤其当特定认购人可能取得公司控制权时,董事会应事前向股东通知认购人的信息。《公司法》通过不当发行停止请求权事前规制不当发行,有助于强化授权资本制的体系效应与法律确定性。The Second Revised Draft of the Company Law is inadequate in regulating improper issuance under the authorized capital system, and subsequent revisions should strengthen the ex-ante regulation.The right to cease improper issuance is a protective right of shareholders.Based on the justification of reducing agency costs, the economic efficiency of injunctive relief, the contract theory of shareholders’ rights and the protection of minority shareholders in the conflict of interest among shareholders, the right to cease improper issuance should be granted to shareholders.In terms of the normative model, the codified model should be adopted by adding the right to request for cessation of improper issuance directly to the Company Law.At the same time, the directors’ obligation to notify the shareholders before the issue of shares should be created, especially when a specific subscriber may obtain control of the company by subscribing for new shares, the board of directors should notify the shareholders of the subscriber’s information in advance to facilitate the exercise of the shareholders’ right to cease improper issuance.The Company Law regulates improper issuance through the right to stop improper issuance, which helps to strengthen the systemic effect and legal certainty of the authorized capital system.

关 键 词：授权资本制 股份发行 不当发行 股东权利保护 停止请求权 

分 类 号：D922.291.91[政治法律—经济法学]