股权回购制度中定价机制的完善研究

发布时间：2018-02-26 06:01

本文关键词： 股权回购股权定价合理价格司法评估程序　出处：《中央民族大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国公司法于2005年引进股权回购制度,并分别规定在公司法第74条和第142条,旨在保护"资本多数决"下异议小股东的利益。然,十多年过去了,公司法对于股权回购制度的规定还是仅仅限于上述两个条文。规定权利只是迈出了第一步,规定了如何去行使权利才是最重要的。程序立法上的欠缺使得股权回购制度在实践中的贯彻效果相当有限。如今公司法对于股东权利的保护日趋完善,股权回购制度作为小股东权利保护的重要一环实在有必要进行相应的完善。本文中,笔者选择股权回购制度中最为关键的一部分——股权定价进行研究,参考国外优秀的立法以及司法实践经验,同时结合我国的司法现状,对构建一个完善的股权定价机制提出自己的看法和建议。正文主要分为三个部分:第一章是对股权回购制度中的定价机制的基本理论部分进行概述。包括股权定价的基本含义、股权定价机制的基本内容以及定价机制的法律价值和定价原则。股权定价机制主要包含回购股权的定价原则、定价方式以及定价的程序性规定。定价机制的法律价值主要包括:是股权回购制度的重要组成部分,是股权回购制度得以施行的重要保障,是股权权利保护机制的重要一环。第二章是对我国股权回购定价机制在实施过程中存在的问题进行分析。分为两个层面:其一是规范层面,通过对现有规范的剖析,指出我国回购股权定价机制制度本身存在的不足,主要体现在没有明确"合理价格"的确定标准,以及法院对于回购股权的裁量定价权;其二是司法实践层面,通过对具体案例的分析,总结出我国股权回购定价机制在司法实践中存在的不足,主要体现在法官无法定价导致小股东的利益无法得到保护,公司一方的不配合导无法对股权进行估价,以及一般举证规则不利于股权回购纠纷的解决等。第三章是参考、借鉴国外的优秀立法及司法实践经验对我国股权回购定价机制的完善提出建议。包括四个方面:其一是对协商定价与法院定价两种定价方式适用顺序的探讨,笔者认为协商定价原则上优先于法院定价;其二是对合理价格确标准的进一步细化,包括基准日的确定、相乘效果的赋予与否、具体实践中评估方法的选择等;其三则是对司法评估程序的构建与完善,包括赋予法院对回购股权的裁量定价权、对回购价格的确定应当适用特殊举证规则、明确法院在评估活动中的职责以及诉讼费用的负担;最后则是对股权回购价款支付模式的探讨,笔者以为从最大限度地保护小股东利益的角度宜采取"先履行"的支付模式。
[Abstract]:In 2005, the Company Law of our country introduced the system of share repurchase, and stipulated in articles 74 and 142 of the Company Law, respectively, in order to protect the interests of minority shareholders under the "capital majority decision". The provisions of the Company Law on the share buyback system are still limited to the above two articles. The provision of rights is only the first step. It is most important to stipulate how to exercise the right. The lack of procedural legislation makes the implementation effect of the stock repurchase system very limited in practice. Nowadays, the protection of shareholders' rights is becoming more and more perfect in the company law. As an important part of the protection of minority shareholders' rights, it is necessary to improve the equity repurchase system. Referring to foreign excellent legislation and judicial practice experience, at the same time combined with the judicial situation in China, The main body is divided into three parts: the first chapter is an overview of the basic theory of the pricing mechanism in the stock buyback system, including the basic meaning of equity pricing. The basic content of the equity pricing mechanism, the legal value and the pricing principle of the pricing mechanism. The legal value of the pricing mechanism mainly includes: it is an important part of the stock repurchase system and an important guarantee for the implementation of the equity repurchase system. The second chapter is to analyze the problems existing in the implementation of the stock repurchase pricing mechanism in China, which is divided into two levels: one is the normative level, through the analysis of the existing norms, The author points out the shortcomings of the pricing mechanism of repurchase equity in China, which are mainly reflected in the lack of a definite standard of "reasonable price" and the discretion of the court to determine the share price of repurchase; secondly, the judicial practice. Through the analysis of specific cases, this paper summarizes the shortcomings of the pricing mechanism of stock buyback in our country in judicial practice, which is mainly reflected in the fact that the interests of minority shareholders cannot be protected as a result of the judge's inability to price. The lack of cooperation on the part of the company cannot evaluate the equity, and the general rules of proof are not conducive to the resolution of the stock buyback dispute. Chapter three is a reference. For reference of foreign excellent legislative and judicial experience, this paper puts forward some suggestions on how to perfect the pricing mechanism of stock repurchase in China. It includes four aspects: first, the discussion on the order of application of two pricing modes: negotiated pricing and court pricing. The author thinks that the negotiation pricing takes precedence over the court pricing in principle, the second is the further refinement of the reasonable price establishment standard, including the determination of the base date, whether the multiplicative effect is given or not, the choice of the evaluation method in the concrete practice, etc. The third is the construction and perfection of the judicial evaluation procedure, including giving the court discretion to determine the share price of repurchase, and applying special rules of proof to the determination of the repurchase price. It is clear that the duty of the court in evaluating activities and the burden of litigation costs. Finally, the author discusses the payment mode of the share buyback price. The author thinks that it is appropriate to adopt the "first performance" payment mode from the angle of protecting the interests of minority shareholders to the maximum extent.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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