论“人走股留”纠纷裁判规则的适用困境与改进  

The Applying Dilemma and Improvement of the Adjudication Rules in “Employees Leaving but Shares to Stay” Disputes

作　　者：吴飞飞[1] WU Fei-fei(Southwest University of Political Science and Law,Chongqing 401120,China)

机构地区：[1]西南政法大学经济法学院,重庆401120

出　　处：《现代法学》2023年第1期132-144,共13页Modern Law Science

基　　金：国家社会科学基金青年项目“《民法总则》与公司决议制度适用对接问题研究”(18CFX045)。

摘　　要：有限责任公司“人走股留”纠纷裁判规则,在资本与治理两个层面破除了“人走股留”型股权回购的合法性障碍,积极效应显著。然而,其因财源审查规则缺位,极易导致公司因回购股权而陷入资本维持困境;因股东压制排除规则精准度不足,未能有效避免公司对员工股东实施“掠夺式回购”。“人走股留”纠纷裁判规则之改进,在资本层面,应区分非减资型回购与减资型回购适用不同的财源审查标准;在治理层面,应以股权激励自治而非人合性为依据作目的正当性审查,摒弃初始章程与修订案二分的授权依据审查逻辑,以员工股权回购或内部转让的受限程度为依据作合比例性审查,以“比例分配规则”填补公司自治性方案的计价漏洞。在尊重公司章程自治的前提下,最大限度保障员工股东的股东资格不被肆意剥夺,股权转让权与公平交易权不被侵犯。Taking the Supreme People’s Court’s Guiding Case No.96 as the representative, the adjudication rules in “employees leaving but shares to stay” disputes in limited liability companies have broken the legal obstacles of “employees leaving but shares to stay” type of share repurchase at both capital and governance levels, thus resulting in remarkable positive effects. However, the absence of financial resources review rules would easily lead to the company’s capital maintenance dilemma due to share repurchase;On account of the inadequate accuracy of the shareholders’ suppression and exclusion rules, it has failed to effectively prevent companies from implementing “predatory repurchase” towards employee shareholders. To improve the adjudication rules in “employees leaving but shares to stay” disputes, at the capital level, non-capital-reduced repurchase should be distinguished from capital-reduced repurchase,thus applying different financial resources examination standards;At the governance level, share incentive autonomy rather than personal nature should be taken as the objective for justification review, and the review logic of authorization basis of dichotomy between the initial articles of association and the amendment should be abandoned. Proportional review should be made based on the restricted degree of employees’ share repurchase or internal transfer, while “proportional distribution rules” should be used to fill the pricing loopholes of the company’s autonomous scheme. On the premise of respecting the autonomy of the articles of association, the shareholder qualification of employee shareholders should be protected from being arbitrarily deprived, and the rights of share transfer and fair dealing should be defended from being violated to the maximum extent.

关 键 词：人走股留 公司章程 股权回购 股东压制 

分 类 号：DF411.91[政治法律—经济法学]