有限责任公司异议股东股份回购请求权研究

有限责任公司是出现比较晚的一种公司形式,这种公司吸收了无限责任公司和合伙的人合性,股份有限公司的资合性。以其规模小、组织机构灵活等优点获得了很多投资者的青睐,其投资者一般都亲自参与公司的经营管理。人合性要求有限责任公司要有互相忠诚彼此信任的股东组成,而股东之间有纠纷发生僵局时,为了维持股东之间的人合性就应当允许股东退出公司。然而公司法为了维护股东的人合性以及有限责任公司公司资本的封闭性,有限责任公司的股东不能像股份有限公司的股东那样通过在公开市场上转让股份而退出公司。所以为了使股东得以解脱、公司的经营管理正常进行,就应当允许股东以退股的形式,收回其投资。对此,我国《公司法》通过第75条的规定引入该项制度,但仅仅对异议股东股权回购的情形作了规定,对于行使主体、行使程序、价格等却没有规定。本文从有限责任公司异议股东股份回购请求权的基本理论出发,全面地考察了《公司法》第75条的规定,找出其中的不足之处,并提出完善的构想。

Study on the Appraisal Right of Dissent Shareholders in A Limited Liability Company

The limited liability company is a corporate form that occurs relatively late. This kind of company has absorbed the unlimited liability company tax and partnership together, as well as the joint limited feature of Share Ltd. Its small size, the advantages of flexible organization has won the favor of many investors. The investors generally are person- ally involved in the company＇s management. The feature of partnership requires that the limited liability company is consisted of mutual trust loyal shareholders. When there is a dispute deadlock between shareholders, shareholders should be allowed to exit the company in order to maintain the partnership feature of the company. However, in order to safeguard the partnership feature of the shareholders and the closure feature of limited liability company＇s capital, the shareholders in a limited liability company cannot exit through the transfer of shares on the open market like the shareholders of the Share Ltd. Therefore, in order to relief the shareholders and run the company normally, the company should allow shareholders to withdraw their investment in the form of exit the shares. In this regard, China＇s Company Law introduces this system through Article 75, but only for the appraisal right of dissent shareholders. The exercising subject, procedure, price determination are not stipulated therein. In this paper, the author comprehensively study the stipulations of Article 75 of Com- pany Law, find out the deficiency, and put forward the revised concept, through the basic theory of the appraisal right of dissent shareholders in a limited liability company.