股东优先购买权行使中股权价格的判定--对样本案例的法经济学思考  

Determination of Equity Price during Shareholders'Exercise of Preemptive Right:An Analysis of Sample Cases from a Legal and Economic Perspective

作　　者：梁恒奕 Liang Hengyi(Guizhou Police College,Guiyang 550005,China)

机构地区：[1]贵州警察学院,贵州贵阳550005

出　　处：《贵州警察学院学报》2025年第1期23-28,共6页Journal of Guizhou Police College

摘　　要：有限责任公司股权对外转让过程中,公司其他股东可在“同等条件”下优先购买拟转让股权。法律及司法解释规定,法院在判定“同等条件”时应当考虑价格因素。要判断其他股东主张的价格是否满足“同等条件”,首先需要确定拟转让股权的价格。但样本案例表明,具体如何认定拟转让股权的价格,以及什么样的价格满足“同等条件”,法院目前仍未形成一致做法。从法经济学的视角出发,对于拟转让股权,应引入竞价机制确定其价格,并肯定竞价达成的合意价格满足“同等条件”要求;仅在当事各方对价格存有异议的情况下,法院才应综合各种估价方法确定拟转让股权价格,并以此判断价格是否“等同”。When a limited liability company plans to transfer its equities to other parties,the company's shareholders have the preemptive right to purchase these equities under"equivalent conditions".According to relevant laws and judicial interpretations,a court is obliged to consider the equity price when adjudicating whether the conditions are"equivalent".It is essential to ascertain the transfer price of the equities as a preliminary step in evaluating whether the price offered by the shareholders meets the criterion of"equivalent conditions".Nevertheless,there are sample cases demonstrating that courts have not yet adopted a uniform approach to determine the transfer price of the equities or what price meets the criterion of"equivalent conditions".From a legal and economic perspective,this paper suggests that for the equities to be transferred,a bidding mechanism should be introduced to determine the equity price,and the price agreed upon through bidding should be acknowledged as meeting"equivalent conditions".A court should only intervene to determine the equity price by employing diverse valuation methods,or to judge whether the price is"equivalent"in the event of dissent among different parties regarding the proposed price.

关 键 词：股权转让 优先购买权 同等条件 竞价机制 转让价格 

分 类 号：D922.291.91[政治法律—经济法学]