论有限公司股权转让中的公司登记酌情权——中国香港经验与内地借鉴  

The Company's Right to Refuse Registration of Share Transfer in Private Companies:Experience of the Hong Kong SAR and Its Implications for the Mainland Chinese Company Law Reform

作　　者：龚浩川 习超[4] Gong Haochuan;Xi Chao

机构地区：[1]吉林大学法学院 [2]吉林大学理论法学研究中心 [3]吉林大学司法数据应用研究中心 [4]香港中文大学法学院,中国香港

出　　处：《财经法学》2023年第4期23-34,共12页Law and Economy

基　　金：香港特别行政区研究资助局优配研究金项目“中国公司董监事会制度研究”(CUHK-14605218);国家社科基金青年项目“财产法视角下廉价表决权规制研究”(20CFX044)的阶段性成果。

摘　　要：公司登记酌情权是中国香港《公司条例》赋予公司的法定权利,是关于股权转让的特色规则。该项制度形塑了普通法系公司法中股权转让立法的“公司登记核准主义”。公司登记酌情权制度通过对拒绝登记理由的实体把控和对多方行权互动的程序设计,将规制重点从合同效力转向合同履行,实现保护有限公司人合性与尊重股权转让当事人意思自治的平衡。内地应在删除有限公司股权转让中其他股东同意权的同时,扬弃借鉴公司登记酌情权制度,优化《公司法(修订草案二次审议稿)》第86条关于公司拒绝登记股权转让和当事人救济的相关规定,明确有限公司拒绝登记的“正当理由”应基于公司利益(主观标准)判断的规则适用要义。The company's right to refuse registration of share transfer is a statutory right conferred upon companies by the China Hong Kong SAR Companies Ordinance.It is an embodiment of the unique common law doctrine that accords the company the discretion not to grant the legal title of transferred shares to the transferee.The statutory discretion aims primarily to protect the closeness of private companies,while striking a delicate balance with the principle of share transferability.This balance is attained by conferring procedural rights upon the transferor and transferee concerned,particularly the right to request the company to state reasons for the refusal,thereby exposing the company to potential legal challenges.This institutional design regulates share transfer ex post,mitigating the difficulties arising from the alternative approach that requires ex ante consent to transfer in order for it to take effect.China Hong Kong SAR company law offers a useful comparative perspective that informs and enriches the current discourse on the revisions of the PRC Company Law.To be specific,in addition to removing the current statutory requirement for prior consent to share transfer,Article 86 of the Company Law's Second Amendment Bill,which provides for the company's right to refuse registration,should be fine-tuned to explicitly embed in it a(subjective)test:when refusing to register share transfer,the board should act in the best interests of the company.

关 键 词：公司登记酌情权 股权转让 人合性 《公司法》修订 

分 类 号：D922.291.91[政治法律—经济法学]