国有股权转让与股东优先购买权的适用  

The Application of the Transfer of State-Owned Equity and Shareholders'Right of First Refusal

作　　者：王徐苗 WANG Xumiao(Shanghai W&W Law Firm,200023,Shanghai,China)

机构地区：[1]上海翰鸿律师事务所,上海200023

出　　处：《特区经济》2025年第1期124-127,共4页Special Zone Economy

摘　　要：有限责任公司中国有股权的转让不同于一般的股权转让,其特殊性表现在国有股权的转让行为必须在依法设立的产权交易所公开进行,转让应当采用公开竞价的交易方式。同时,新修订的《公司法》完善了股东优先购买权:股东向股东以外的人转让股权的,应当将股权转让的数量、价格、支付方式和期限等事项书面通知其他股东,其他股东在同等条件下有优先购买权①。当国有股权通过进场挂牌及公开竞价方式确定了意向受让方,公司“其他股东”既未放弃优先购买权又未进场竞买时,如何兼顾通过公开竞价方式确定的意向受让方的权利与公司“其他股东”的优先购买权?《企业国有资产法》关于国有资产交易“进场挂牌”的特殊安排,是通过市场方式确定国有资产价值,旨在防止国有资产流失,《公司法》关于股东优先购买权的特别规定,旨在维护有限责任公司的“人合性”。公司“其他股东”的优先购买权是建立在“同等条件”下的优先购买权。笔者经过分析两种制度安排的目的,结合司法实践中类案判决,提出如下解决方案:进场挂牌交易系通过市场化方式客观确定国有股权的公允价值,即明确国有股权转让的“同等条件”的具体内涵,主要包括拟转让的股权数量、价格、支付方式和期限等,在该等“同等条件”明确后由转让股东书面通知公司“其他股东”并征询其是否行使优先购买权,如果该“其他股东”不行使优先购买权或超过30日未回复,则由转让股东与通过进场竞价确定的意向受让方签署相关股权转让协议,如果该“其他股东”决定行使优先购买权,则由转让股东与其签署股权转让协议。The transfer of state-owned equity of a limited liability company is different from general eq⁃uity transfer,and its feature is that the transfer of state-owned equity must be conducted publicly within a property right exchange established in accordance with the law,and the transaction shall be conducted through public bidding.Meanwhile,the newly amended Company Law perfects the shareholders’right of first refusal:if a shareholder transfers his equity interests to a person who is not a shareholder of the Company,he shall notify the other shareholder in writing of the equity amount,transfer price,payment method,period and other matters to be transferred,and the other shareholders shall have the right of first refusal under the equivalent conditions.When the potential transferee for the state-owned equity is determined through listing and public bidding,and the Other Shareholders of the company neither waive the right of first re⁃fusal nor participate in the bidding,how to combine the right of the potential transferee determined through public bidding and the right of first refusal of the Other Shareholders of the company?The special arrange⁃ment concerning the“listing at exchange”of state-owned assets in the Enterprise State-owned Assets Law is to determine the value of state-owned assets through market in order to prevent the loss of state-owned as⁃sets.The special provisions concerning the right of first refusal of the shareholders in the Company Law aim to maintain the“human joining”nature of limited liability companies.The right of first refusal of the Com⁃pany’s“Other Shareholders”is based on the right of first refusal on“equal conditions”.Therefore,upon analysis of the purposes of the two institutional arrangements and combined with the judgments of similar cases in judicial practice,the author proposes that a listed trade at an open market exchange determines the fair value of state-owned equity objectively through a market-oriented process,which clarifies the spe⁃cific meani

关 键 词：股权转让 国有股权 股东优先购买权 进场交易 

分 类 号：D922.291.91[政治法律—经济法学]