股东优先认购权法律问题研究

发布时间：2018-03-09 08:31

本文选题：股东优先认购权　切入点：股东利益　出处：《上海师范大学》2015年硕士论文　论文类型：学位论文

【摘要】：股东优先认购权,即指公司股东基于其股东的资格在公司发行新股的时候,能够优先于其他股东按照其持股比例认购新股的权利。股东优先认购权不同于一般股权转让,与公司员工行使的优先认购权亦有不同。股东优先认购权使得股东的比例性利益得到了维护,使现有股东免受发行新股后其表决权比例有所下降,并且赋予股东维护自身利益的权利,股东得以借此获得新股价格与市价之间差价作为现实收益。因此,股东优先认购权具有共益权兼具自益权的功能。股东优先认购权分为抽象性股东优先认购权与具体性股东优先认购权,二者既有联系又有区别,抽象性股东优先认购权为基础,具体性股东优先认购权由其产生,然而抽象性股东优先认购权的实现又必须依赖于具体性股东优先认购权。对于抽象性股东优先认购权的性质不存在争议,但对于具体性股东优先认购权的性质存在较大的争议,主要争议在于其是债权还是物权、形成权还是请求权。股东优先认购权往往会与公司的运作效率相冲突,公司的融资效率会受到较大的影响。随着社会的快速发展、经济全球化的深入,公司的商事行为所产生的影响逐渐扩大,往往会牵涉到社会公众的利益。因此股东优先认购权所体现的利益冲突已不再是股东利益与公司运作效率之间的冲突了,利益冲突更加多元化,对广大股民以及社会投资决策者等社会公众利益一方也会造成严重的影响。本文将股东优先认购权所体现的各项利益进行分析,研究了股东利益与公司的运作效率以及社会公众利益三者之间应当怎样平衡。对现有股东优先认购权法律制度的不足进行整理、归纳,并分析了国外股东优先认购权法律制度,以一种创新的价值理念的引领,对我国股东优先认购权法律制度的完善提出建议。
[Abstract]:Shareholder's prior subscription right means that the shareholders of a company, based on the qualification of their shareholders, can take precedence over the rights of other shareholders to subscribe for new shares according to their shareholding ratio when the company issues new shares. The prior subscription right of shareholders is different from the transfer of ordinary shares. It is also different from the preferential option exercised by the employees of the company. The shareholder's prior subscription rights protect the shareholders' proportional interests and reduce the voting ratio of existing shareholders after they are exempted from issuing new shares. And it gives shareholders the right to defend their own interests, through which shareholders can obtain the difference between the new share price and the market price as a real benefit. The shareholder's preferential subscription right has the function of co-beneficial right and self-beneficial right. The shareholder's prior subscription right is divided into abstract shareholder's preferential subscription right and concrete shareholder's preferential subscription right, both of which are related and different, and the abstract shareholder's preferential subscription right is based on the abstract shareholder's prior subscription right. However, the realization of abstract shareholder's preferential subscription right must depend on the specific shareholder's prior subscription right, and there is no dispute about the nature of abstract shareholder's preferential subscription right. However, there is a great dispute about the nature of the specific shareholders' preferential subscription right, the main dispute is whether it is the creditor's right or the real right, the forming right or the claim right, and the shareholder's prior subscription right often conflicts with the company's operational efficiency. With the rapid development of the society and the deepening of economic globalization, the influence of the commercial behavior of the company will be gradually expanded. As a result, the conflict of interest embodied in the shareholders' prior subscription rights is no longer the conflict between the shareholders' interests and the efficiency of the company's operation, and the conflicts of interest are more diversified. It will also have a serious impact on the interests of the majority of shareholders and social investment decision makers. This paper analyzes the various interests embodied in the shareholders' preferential subscription rights. This paper studies how to balance the interests of shareholders with the operating efficiency of the company and the social public interests. It collates and summarizes the shortcomings of the existing legal system of shareholders' preferential subscription rights, and analyzes the legal system of foreign shareholders' preferential subscription rights. With the guidance of an innovative value concept, the author puts forward some suggestions on the perfection of the legal system of shareholders' preemption right in our country.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

【参考文献】