论中美比较法视野下的我国优先股规则构建及相关法理反思

发布时间：2018-04-28 05:51

本文选题：优先股 + 利益冲突　；参考：《南京大学》2015年硕士论文

【摘要】：优先股制度具有高度的理论和实践价值。世界各国的实践表明,优先股具有促进投融资、改善公司治理结构和服务资本市场运作的巨大价值。在法律上,优先股的权利义务由合同法所确定,其直接作用于公司又受到公司法调整。这种跨法域的双重属性必然导致不同规则和法益的冲突,需要合理的法律制度进行裁判。美国司法的实践表明,优先股的冲突集中表现在并购中的优先股利益分配和可用于强制回购的资金的范围两个问题上。通过分析LC Capital Master Fund,Ltd.v.James 与 SV Investment Partners v.Thoughtworks,Inc 这两个典型案例,可以看出美国法院一直摇摆于公司法与合同法的不同救济途径之间。这种法律的不确定性反映出美国法院过度保护董事会的商业判断与普通股股东利益,导致了优先股股东权利被侵害的风险。对比分析我国以《优先股试点管理办法》为代表的立法,可以看出我国现有立法在保护优先股股东上过于激进,增加了公司成本。应该修正现有法律制度,构建以公司价值最大化为导向,以善意为审查标准,以程序为审查重点,配套规则完善的优先股司法制度。优先股还可以在法理上给予公司法关于"资本三原则"和"股东权利平等"两项制度以规则上的启示。更可以帮助我们思考公司法与合同法,强制规则与自由意志间的关系,明确"应该在规则划定的公平底线之内,允许当事人追求最大的自由"这一基本结论。
[Abstract]:The system of preferred stock has high theoretical and practical value. The practice all over the world shows that preferred stock has great value in promoting investment and financing, improving corporate governance structure and serving the operation of capital market. In law, the rights and obligations of preferred stock are determined by contract law, which is directly influenced by company law. This dual attribute of cross-jurisdiction inevitably leads to conflict of different rules and interests and requires a reasonable legal system to adjudicate. The judicial practice in the United States shows that the conflict of preferred stock focuses on the distribution of preferred stock interests in mergers and acquisitions and the scope of funds that can be used to force repurchase. By analyzing the typical cases of LC Capital Master funds Ltd.v.James and SV Investment Partners v. Thoughtworks Inc, we can see that American courts have been wobbling between the different remedies of company law and contract law. The uncertainty of the law reflects the U.S. courts' excessive protection of the board's business judgment and common stock shareholders' interests, resulting in the risk of infringement of preferred stock shareholders' rights. By comparing and analyzing the legislation represented by "preferred Stock pilot Management method", we can see that the existing legislation in our country is too radical in protecting preferred stock shareholders, which increases the cost of the company. We should revise the existing legal system and construct the judicial system of preferred stock which is guided by the maximization of company value, takes good faith as the standard of examination, and takes procedure as the focus of examination, and the matching rules are perfect. The preferred stock can also give the company law the revelation of the "three principles of capital" and the "equality of shareholders' rights" in the law of law. It can also help us to think about the relationship between company law and contract law, between compulsory rules and free will, and to make clear the basic conclusion that "the parties should be allowed to pursue the greatest freedom within the fair bottom line defined by the rules".
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D971.2;DD912.29;D922.291.91

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