论股权分置改革中的利益均衡--寻找利益均衡的契约基础

公司乃一系列合约的连结,流通股股东和非流通股股东分别与公司形成独立的投资契约,两者之间形成的则是对公司权力配置与划分的契约.股权分置改革解决的基本问题是流通股股东和非流通股股东如何变更分权契约以实现契约正义和利益均衡,契约正义和利益均衡的本质要求是契约主体地位平等前提下的意思自治.为此必须健全股东参与和表决机制、确定合理的对价定价机制、完善信息披露制度、保证异议股东的回购或收购请求权、完善纠纷解决机制以及加强控制市场建设.

Benefit Equilibrium in Shareholding Separation Revolution: Looking for Contract Base for Benefit Equilibrium

Corporation is the connector of series of contracts,shareholders of stocks which can be traded in securities market and those can not form investment contract with the corporation respectively.The relation of the two types of shareholders is co-operate contract on collocating and division of corporate power.The basic problem faced the revolution of the separation of shareholding lies in the changing of the co-operate contract between the two mentioned parties,so as to realize contract justice and benefit equilibrium,and the basic requirement of realizing the mentioned aim is to insure the autonomy and the equal right of participation of the parties.So participation and decision making mechanism, rational price determination mechanism,information disclosure system,re-buy and purchase claims of the objection shareholders,and dispute resolution mechanism must be perfect and reasonable,still control market construction should also be strengthened.