新公司法：有限责任公司股东压迫情形下中小股东的股权收购救济机制
学术
2024-07-04 08:10
美国
新公司法：有限责任公司股东压迫情形下中小股东的股权收购救济机制The Relief Mechanism for Share Repurchase under Shareholder Oppression in Limited Liability Companies under Chinese Company Law在有限责任公司中，控制股东可能滥用其权利，导致中小股东的利益受到损害。为了保护中小股东的合法权益，《公司法》2023年修订版第八十九条第三款引入了一项重要的救济机制，即在控股股东滥用权利严重损害公司或其他股东利益的情况下，中小股东有权请求公司按照合理的价格收购其股权。这一机制在实践中如何运作以及其意义何在，本文将进行探讨。In a limited liability company, controlling shareholders may abuse their rights, causing harm to the interests of minority shareholders. To protect the legitimate rights and interests of minority shareholders, the amended Company Law of 2023 introduces a significant relief mechanism in Article 89, Paragraph 3, which allows minority shareholders to request the company to purchase their shares at a reasonable price when the controlling shareholder's abuse of rights seriously damages the company or other shareholders' interests. This article will explore how this mechanism operates in practice and its significance.Legal Remedies for Shareholder Oppression1. Forms of Abuse of Rights by Controlling Shareholders -不公平关联交易：控股股东通过与公司进行不公平的关联交易，从中牟取不当利益。-Unfair Related Party Transactions: Controlling shareholders engage in unfair transactions with the company to derive undue benefits.-Decision-Making Manipulation: They use their controlling position to force through decisions that are detrimental to the company’s development.-决策操纵：利用其控股地位，强行通过对公司发展不利的决议。-Decision-Making Manipulation: They use their controlling position to force through decisions that are detrimental to the company’s development.-信息不对称：利用信息优势进行内幕交易或其它侵害中小股东权益的行为。-Information Asymmetry: They exploit their informational advantage to engage in insider trading or other activities that harm minority shareholders' interests.2. Remedies for Minority Shareholders-请求公司收购股权：中小股东可以请求公司按照合理的价格收购其股权。-Request for Share Purchase: Minority shareholders can request the company to buy back their shares at a reasonable price.-Determination of Reasonable Price: -Market Price: Based on the market value of the shares.-评估价值：委托独立的评估机构对公司的资产进行评估，以确定股权的公允价值。-Appraised Value: Using independent appraisal agencies to assess the company’s assets to determine the fair value of the shares.-协商价格：公司与中小股东通过协商达成双方均可接受的回购价格。-Negotiated Price: The company and minority shareholders negotiate to reach an acceptable buyback price for both parties.-提出请求：中小股东向公司提出请求，要求公司以合理价格回购其股权。-Making the Request: Minority shareholders submit a request to the company, asking it to buy back their shares at a reasonable price.-公司回应：公司应在合理时间内回应请求，并就回购条款进行协商。-Company's Response: The company must respond within a reasonable time and negotiate the terms of the buyback.-诉讼救济：如果公司拒绝回购股权或未能在合理时间内达成回购协议，中小股东可以提起诉讼，强制执行回购。-Litigation: If the company refuses to buy back the shares or fails to reach an agreement within a reasonable time, minority shareholders can file a lawsuit to enforce the buyback.Impact on the Company and Shareholders-财务压力：回购股权需要公司支付资金，这可能会给公司带来财务压力。-Financial Pressure: Buying back shares requires the company to pay funds, which may create financial pressure.-治理改进：这一机制促使公司改进其治理结构，防止控股股东滥用权利，提高透明度和治理水平。-Governance Improvement: This mechanism encourages the company to improve its governance structure, prevent the abuse of rights by controlling shareholders, and enhance transparency and governance standards.2. Impact on Shareholders-权利保护：中小股东的权益得到更好保护，有助于增强投资者的信心。-Protection of Rights: The rights of minority shareholders are better protected, helping to boost investor confidence.-投资决策：中小股东在做出投资决策时，会更加关注公司的治理结构和控股股东的行为，促使市场形成健康的竞争环境。-Investment Decisions: Minority shareholders will pay more attention to the company's governance structure and the behavior of controlling shareholders when making investment decisions, fostering a healthy competitive environment in the market.有限责任公司股东压迫情形下的股权收购救济机制，是保护中小股东合法权益的重要法律工具。《公司法》2023年修订版第八十九条第三款的引入，为中小股东提供了有效的法律救济手段，防止控股股东滥用权利，保护公司和所有股东的合法权益。这不仅促进了公司治理结构的改进，也为资本市场的健康发展奠定了基础。The share purchase relief mechanism under shareholder oppression in limited liability companies is an important legal tool to protect the legitimate rights and interests of minority shareholders. The introduction of Article 89, Paragraph 3, in the amended Company Law of 2023 provides minority shareholders with an effective legal remedy to prevent the abuse of rights by controlling shareholders and protect the legitimate interests of the company and all its shareholders. This not only promotes the improvement of corporate governance structures but also lays a foundation for the healthy development of the capital market.
