论股东回购请求权对利益冲突交易之规制功能  

Regulating Conflict-of-Interest Transactions through Share Buyback Rights

作　　者：曾思 Zeng Si

机构地区：[1]香港中文大学法律学院,中国香港

出　　处：《环球法律评论》2024年第4期90-106,共17页Global Law Review

摘　　要：利益冲突交易之规制是公司法的一项核心议题。新修订的《公司法》第89条增加了股权滥用的情形,从而为法院通过股东回购请求权来规制利益冲突交易提供了明确的法律基础。对裁判文书的考察表明,股东回购请求权已经发挥了阻遏不当利益冲突交易的显著效用。然而,股份回购作为在利益冲突交易下小股东的一项救济措施,突破了公司法人独立性,仅在特定情形下具有合理性。当公司发生重大变动时,公司持续经营稳定性本来就已被打破,公司可以提前准备现金应对回购请求,此时满足小股东回购请求权不会产生过高制度代价。法院在确定回购价格时,应将公司交易中涉及的利益冲突作为重要考量因素。而在公司未发生重大变动的情况下,仅当利益冲突交易构成股东压制时,法院才应支持股东回购请求权。在适用事由上,法院需明确区分公司正常运营过程中的单次、偶发性利益冲突交易与长期利益输送的不同情况。在认定标准上,应以其他救济途径,如损害赔偿、司法解散之诉等,不足以或不利于实现股东保护为前提。Regulating conflict-of-interest transactions is a central issue in corporate law.Article 89 of the newly revised Chinese Company Law has increased the scenarios of abuse of shareholders'rights,thereby providing a clear legal basis for regulating conflict-of-interest transactions through share buyback.An empirical analysis of judicial decisions in China indicates that the right to request share buyback has already played a significant role in regulating such transactions.This paper conducts an empirical analysis of judicial decisions to understand how the right to request share buyback has been applied in practice.This analysis reveals that courts have supported buyback requests in numerous cases,especially where conflict-of-interest transactions have been detrimental to minority shareholders.Additionally,courts have supported the request for share buyback when there is a conflict of interest in the corporate transaction even when doing so sometimes is not entirely consistent with law.These findings highlight the important function of the right to request share buyback in minority shareholder protection.However,using share buyback to regulate conflict-of-interest transactions violates the principle of corporate legal personality.Implementing share buyback requests involves significant costs,including the accurate valuation of shares and the potential impact on a company's cash flow.Courts often face challenges in evaluating a company's value due to information asymmetry and the complexity of financial assessments.This regulatory strategy is thus appropriate only in specific situations.This paper draws comparisons with practices in other jurisdictions,such as the U.S.and the U.K.,where similar mechanisms have been used to regulate conflict-of-interest transactions.It highlights the importance of judicial discretion in balancing the interests of all shareholders and ensuring fair transaction practices.When a company undergoes significant changes,its operational stability is already disrupted.Additionally,a corporati

关 键 词：股东回购请求权 利益冲突交易 公司重大变动 股东压制 

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