新股优先购买权性质之辩及其损害赔偿

我国现行私法体系中存有诸多类型的优先购买权制度,公司法中的新股优先购买权即为其中之一。目前学界对股权转让环节中的优先购买权有比较多的论述,而新股发行环节的优先购买权制度并未引起学界应有的关注。公司实务中,新股优先购买权时常遭到控股股东的侵害,然现行法对侵害行为缺乏明确、清晰的法律责任规范,极易引发司法审判的混乱。从完善新股优先购买权的损害赔偿机制而论,对新股先买权的性质界定应突破权能分类视角下的形成权说,须从权利内容视角出发,将其界定为股权下的自益权,就其本质而言应为债权而非物权,其权能体现为请求权。先买权人主张损害赔偿的类型可分为公司的违约责任与控股股东的侵权责任,其中控股股东的侵权责任应为主要形态,其责任基础来源于对受托义务的违反。就优先权人主张的损害赔偿范围,可分为因控制力减损引发的经济性损失以及因新股价格涨跌引起的财产损失。

Argument on the Nature of Shareholders'Pre-Emptive Rights and Compensation for Damages

There are many types of preemptive right in our country’s private law system,and the preemptive right of new shares in the company law is one of them. At present,there are many discussions on the preemptive right in the process of equity transfer,and the preemptive right system in the issue of new shares has not attracted the due attention of the academic world. In the company’s practice,the preemptive right to purchase new shares is often infringed by the controlling shareholder. However,the current law lacks clear and explicit legal liability regulations for infringements,which easily leads to confusion in judicial trials. From the perspective of the damage compensation mechanism,the definition of the nature of the pre-emptive right should be defined from the perspective of the content of rights as the self-interest right under equity. In its essence,it should be obligatory right rather than a real right,and it should be right of claim rather than the right of formation. The types of damages claimed by the preemptive right holder can be divided into the company’s liability for breach of contract and the controlling shareholder ’s tort liability. Among them,the controlling shareholder’s tort liability should be the main form,and its liability basis comes from the violation of the fiduciary duty. The scope of damages claimed by priority parties can be divided into economic losses caused by loss of control and property losses caused by the rise or fall in the price of new shares.