【摘要】：股東優(yōu)先認(rèn)購(gòu)權(quán)做為股東一項(xiàng)重要權(quán)利，其主要功能在于防止股權(quán)的稀釋，，維護(hù)股東的自益權(quán)和共益權(quán)。股東優(yōu)先認(rèn)購(gòu)權(quán)的主體是公司的原有股東，客體是公司發(fā)行的新股，在界定股東優(yōu)先認(rèn)購(gòu)權(quán)的主體和客體時(shí)應(yīng)充分考慮一般原則下的例外情況，以更好的平衡公司和股東的利益需求。任何法律制度的構(gòu)建都可以追溯到立法者的價(jià)值判斷，股東優(yōu)先認(rèn)購(gòu)權(quán)其實(shí)涉及到的是公司融資需求和股東利益保護(hù)二者之間的矛盾與統(tǒng)一，對(duì)二者價(jià)值取向的不同，相應(yīng)的立法模式也不相同。目前世界各國(guó)主要的立法模式有固有權(quán)模式、非固有權(quán)模式和相對(duì)固有權(quán)模式。鑒于我國(guó)中小股東利益得不到很好保護(hù)、資本市場(chǎng)尚不成熟、公司內(nèi)部治理結(jié)構(gòu)有待完善的具體國(guó)情，我國(guó)宜采取相對(duì)固有權(quán)模式，即在立法上確認(rèn)股東享有優(yōu)先認(rèn)購(gòu)權(quán)，非經(jīng)嚴(yán)格的法定程序和實(shí)質(zhì)性審查，不得排除優(yōu)先認(rèn)購(gòu)權(quán)的適用。雖然我國(guó)實(shí)踐中已有股東優(yōu)先認(rèn)購(gòu)權(quán)的應(yīng)用，但目前我國(guó)關(guān)于股東優(yōu)先認(rèn)購(gòu)權(quán)的立法粗糙而不完善，僅在《公司法》34條、135條、《最高人民法院關(guān)于適用中華人民共和國(guó)公司法若干問(wèn)題的規(guī)定（三）》第17條和《上市公司證券發(fā)行管理辦法》第12條、第41條中有所涉及，無(wú)具體的制度設(shè)計(jì)，難以解決現(xiàn)實(shí)中存在的問(wèn)題。目前在實(shí)踐中存在的主要問(wèn)題有：上市公司包裝配股、配股成“圈錢”以及對(duì)股東優(yōu)先認(rèn)購(gòu)權(quán)的不合理法律排除和事實(shí)排除等情況。對(duì)此，除了在立法上確認(rèn)股東享有優(yōu)先認(rèn)購(gòu)權(quán)，不得隨意排除外，還應(yīng)從完善上市公司配股的相關(guān)法律制度，嚴(yán)格股東優(yōu)先認(rèn)購(gòu)權(quán)的排除等方面來(lái)保護(hù)股東優(yōu)先認(rèn)購(gòu)權(quán)。無(wú)救濟(jì)即無(wú)權(quán)利，因此還應(yīng)為股東提供多樣化的救濟(jì)途徑，以保證股東在權(quán)利受到侵害時(shí)，能有效保護(hù)自己的利益。
[Abstract]:As an important right of shareholders, the main function of the preemptive right of shareholders is to prevent the dilution of shares and to protect the self-beneficial and co-beneficial rights of shareholders. The main body of the shareholder's prior subscription right is the original shareholder of the company, and the object is the new stock issued by the company. When defining the subject and object of the shareholder's prior subscription right, the exceptions under the general principle should be fully considered. To better balance the interests of the company and shareholders. The construction of any legal system can be traced back to the value judgment of the legislator. In fact, the prior subscription right of shareholders involves the contradiction and unity between the financing needs of the company and the protection of the interests of the shareholders, and the difference of the value orientation between the two. The corresponding legislative model is also different. At present, there are three main legislative models in the world: the solid right mode, the non-solid right mode and the relative solid right mode. In view of the fact that the interests of minority shareholders in China are not well protected, the capital market is not yet mature, and the internal governance structure of the company needs to be improved, China should adopt the mode of relative consolidation of rights, that is, to confirm that shareholders enjoy the right of preferential subscription in legislation. Without strict statutory procedures and substantive examination, the application of preferential option shall not be excluded. Although there has been the application of the shareholder's prior subscription right in our country's practice, the legislation on the shareholder's prior subscription right in our country is rough and imperfect. Only in Article 135 of Article 34 of the Company Law, Article 17 of the provisions of the Supreme people's Court on the Application of the Company Law of the people's Republic of China and Article 12 of the measures for the Administration of Securities issuance of listed companies, Article 41, Without specific system design, it is difficult to solve the problems in reality. At present, the main problems in practice are as follows: packaging and rationing of listed companies, "circle money" of rights issue, unreasonable legal exclusion and factual exclusion of shareholders' preemption right and so on. Therefore, in addition to legislatively confirming that shareholders enjoy the right of preferential subscription, they should not be excluded at will, but also should protect the right of shareholders' preferential subscription from the aspects of perfecting the relevant legal system of the listed company's rights issue and strictly excluding the right of shareholders' preferential subscription. There is no right without relief, so it is necessary to provide a variety of relief channels for shareholders, so as to ensure that shareholders can effectively protect their own interests when their rights are infringed.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：D922.291.91

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