主动退市背景下余股强制挤出制度的构建  

The Construction of Squeeze-out System in the context of Voluntary Delisting

作　　者：张艳[1] ZHANG Yan

机构地区：[1]上海社会科学院法学研究所,上海200020

出　　处：《政治与法律》2024年第4期148-161,共14页Political Science and Law

基　　金：国家社会科学基金项目“注册制下类型化退市中的投资者保护体系重构研究”(项目编号:20BFX127)的阶段性成果。

摘　　要：余股强制挤出制度不是对余股股东股权的侵夺,而是将已缩小为财产性利益的股权转化为经济补偿请求权,故完全符合我国宪法的规定。余股强制挤出制度可更精准地平衡控股股东与余股股东的利益冲突且有效解决余股困境,应尽快引入我国法律。我国宜在要约收购型私有化退市中引入余股强制挤出制度,并遵循“或然关系模式”将挤出确定为私有化退市的特殊情形。应选择更为温和的“单一比例门槛”,并根据不同的股权分布情况设置差异化的挤出门槛阈值。在臂长交易情形,可直接将前序收购要约价格确定为挤出价格。在自我交易情形,宜制定整体主义视角下内外机制相结合的公平价格保障机制。鉴于挤出权与卖出权是互为镜像的一组权利,在引入挤出制度后,卖出权制度亟须进行联动修改。The squeeze-out system is not the deprivation of the equity of the remaining shareholders,but the conversion of the equity that has been reduced to property interests into the right to claim economic compensation,so it is fully in line with the provisions of the Constitution of China.The squeeze-out system can more accurately balance the conflict of interests between the controlling shareholder and the remaining shareholders and effectively solve the predicaments involving the remaining shares,so it should be introduced into Chinese law as soon as possible.It is advisable for China to introduce the squeeze-out system in privatization-oriented delisting by tender offers,and follow the"contingent relationship model"to identify squeeze-out as a special circumstance of privatization-oriented delisting.It is advisable to choose a more moderate"single proportion threshold"and set up differentiated thresholds of squeeze-out according to different situations of equity distribution.In a case of arm's length transaction,the pre-order tender offer price can be directly determined as the squeeze-out price.In a case of self-dealing,it is advisable to formulate a fair price guarantee mechanism that combines internal and external mechanisms from the perspective of holism.In view of the fact that the right to squeeze-out and the right to sell-out are a group of rights that mirror each other,the right to sell-out needs to be revised correspondingly after the introduction of the system of squeeze-out,.

关 键 词：私有化 退市 余股强制挤出 要约收购 余股股东卖出权 

分 类 号：DF59[政治法律—民商法学]