间接收购背景下股东优先购买权之正当性——以“南京南钢股权交易案”为切入点

The Justification of Shareholders’ Right of First Refusal in the Context of Indirect Acquisition: The Case of Nanjing Nangang Equity Transaction

摘要: “南京南钢股权交易案”再次将间接收购与优先购买权关联。在间接收购的大背景下，目标公司股东行使优先购买权呈现出非自主性的特征，出现行使优先购买权的权利主体和义务主体错位的问题，故而必要就间接收购中目标公司股东行使其优先购买权的正当性展开讨论。基于利益衡平、行使该权利的合法性及第三人不具有可保护性、该情况不可适用“穿透规则”三个方面就其正当性予以确认。

Abstract: The vigorous “Nanjing Nangang Equity Transaction Case” once again linked indirect acquisition with preemptive rights. In the context of indirect acquisitions, the exercise of the preemptive right by the shareholders of the target company is characterized by non-autonomy, and the problem of misalignment between the subject of rights and the subject of obligations for exercising the preemptive right arises, so it is necessary to discuss the legitimacy of the shareholders of the target company in exercising their preemptive rights in indirect acquisitions. The legitimacy of the “penetrating rule” is confirmed based on the balance of interests, the legality of the exercise of the right, the non-protectable nature of the third party, and the non-application of the “penetrating rule” in this situation.