异议股东股份回购合理价格的司法评估研究

发布时间：2018-04-18 14:23

本文选题：合理价格的司法评估 + 司法启动主体　；参考：《湖南大学》2015年硕士论文

【摘要】：异议股东股份回购评估权是一种特殊的股东退出机制,而股份回购合理价格的司法评估是最为重要的部分之一。其中,司法程序启动主体的正确选择,保证了合理价格司法评估程序的顺利开启。通过比较公司与异议股东的经济实力、收集证据的能力以及各自对于股份回购纠纷诉讼的态度,可以发现,虽然异议股东对于诉讼的态度更为积极,但是在其他方面都弱于公司,所以,把启动司法程序作为义务加之于公司将更有利于整个司法程序的推动;合理价格的评估基准日和评估方法则会影响股份回购价格的形成与结果。对于评估基准日,以公司是否尽责地将股东大会的通知送达异议股东为依据,划分为两种情况。在公司尽责的情况下,以重大决议做出之时为评估基准日。且不存在例外情况,异议股东一旦表明其退出,其退出的具体理由不成为获得额外利益的依据。在公司未尽其责的情况下,以股东大会召开之日到股东知道或应当知道公司重大决议之时这一段时间为时间轴,由股东选择其中任一时点作为评估基准日;而在股份回购纠纷案件中,合理价格的评估方法需要在一定的框架下运行。公司与异议股东在重置资本法、收益现值法和市场比较法这一固定的框架内,根据公司的实际情况和各方法本身的利弊及其所包含的重要因素,综合进行考虑,选择单一方法或几种方法的组合对股份回购价格进行评估。
[Abstract]:The right of dissenting shareholders to repurchase shares is a special mechanism of shareholder withdrawal, and the judicial evaluation of reasonable price of share repurchase is one of the most important parts.Among them, the correct choice of the main body of the judicial procedure ensures the smooth opening of the judicial evaluation procedure of reasonable price.By comparing the economic strength of the company with the dissenting shareholders, their ability to collect evidence and their respective attitudes towards the stock buyback dispute, it can be found that although the dissenting shareholders have a more positive attitude towards the litigation,However, in other respects are weaker than the company, so, to start the judicial process as an obligation to the company will be more conducive to the promotion of the entire judicial process;The base date and evaluation method of reasonable price will affect the formation and result of share repurchase price.Based on whether the company is responsible for serving the notice to the dissenting shareholders on the basis of evaluating the base date, it is divided into two situations.In the company's due diligence, with major decisions made as the evaluation of the base date.And there are no exceptions, once dissenting shareholders indicate that they withdraw, the specific reasons of withdrawal are not the basis for obtaining additional benefits.In the case that the company has not done its duty, the period between the date of holding the general meeting of shareholders and the time when the shareholders know or should know of the company's major resolutions is the time axis, and the shareholders shall select any of the time points as the basis date for the evaluation;In the case of share repurchase dispute, the evaluation method of reasonable price needs to run under a certain frame.In the fixed framework of the replacement capital method, the present value of income method and the market comparison method, the company and the dissenting shareholders are considered synthetically according to the actual situation of the company, the advantages and disadvantages of each method and the important factors involved,Select a single method or a combination of several methods to evaluate the share repurchase price.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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