公司修改章长程强制收购股权效力辨析.docVIP

公司修改章程设置强制收购股权条款效力辨析 ——基于Calabresi Melamed 模型的解释*本文为南京大学“985工程 *本文为南京大学“985工程”二期哲学社会科学创新基地特别项目“经济全球化与中日民商法互动关系” （编号010522430502）、江苏省法学会“国际金融危机背景下公司纠纷司法应对策略研究”（编号：SFH2009A08）的部分研究成果，并得到南京大学人文社会科学高级研究院的支持。 吴建斌 迟 铭** **本文是在吴建斌教授开设的硕士研究生课程“比较公司法研究专题”基础上，由迟铭同学拟出初稿，经两人反复讨论几经修改而成，反映了教学相长的结果。 摘要：现行公司法授权公司章程在股东表决权、股权继承权、股权转让权和利润分配权等四种股东权上设置另行规定，并具有优先于公司法适用的效力。但假如上述规定经由修改章程采行，且存在异议股东，修改章程效力如何就不无争议。司法实践中已经出现确认公司修改章程设置强制收购股权条款效力纠纷案件，不同法官与学者认识不一甚至意见相左。法律经济分析学派中的Calabresi Melamed 模型或许对定纷止争有所帮助。运用模型中的六种备选方案以及经济效率和分配目标的选择标准进行解释和判断以后，可以得出以下结论：为了避免公司僵局的出现或者破坏公司人合性，应当尊重章程自治的效力，同时公司可支付对价购买异议股东的股权，对价协商不成时可由法院裁定。 关键词: 公司修改章程 强制收购股权 效力争议 Calabresi Melamed 模型解释 The Analysis of the Effect of the Forcible Purchase of Minority Shares through the Amended Articles An Explanation of the Calabresi Melamed Model Abstract: The current Company Law empowered the articles of a company to set limitations on four kinds of share holder rights: the right to vote, the right on inheritance of the shares, the right of transition and the right to distribution of the dividend. However, if it is the amended articles that set these limits, and the minority shareholders who are affected by the amended articles do not consent to the amendments, the effectiveness of the amendments is worth considering. Disputes have happened in judicial practices, and judges and legal scholars hold different points of views toward this problem. The model of Calabresi Melamed of the School of Law and Economics offers a new and powerful insight toward this problem. Using the six options and the considerations on economic efficiency and distribution goals, we could the reach the following conclusion: in order to avoid the stalemate of negotiation of and protect the integrity of a company, the company should pay a certain amount of money to compensate the loss of the shareholders whose shares are bought out, and the sum should be decided by the court. Key words: Amendments of Articles, Forcible Purchase of Minority Shares,