股东优先购买权的制度困境与完善路径研究

A Study on the Institutional Dilemmas and Improvement Pathways of Shareholders' Preemptive Rights

摘要: 有限责任公司兼具人合性与资合性，股东优先购买权是维护公司人合性、平衡股东权益与股权流通的核心制度。我国现行《中华人民共和国公司法》及相关司法解释对该制度的规定较为笼统，通知义务、同等条件认定、反悔权行使等规则存在模糊与漏洞，司法实践中频发同案不同判问题，影响法律适用统一与交易安全。本文以股东优先购买权为研究对象，辨析其权利性质与制度价值，梳理我国立法演进历程，剖析通知瑕疵、认定标准模糊、反悔权滥用等现实困境。通过比较大陆法系与英美法系立法经验，提出制度完善路径：构建规范化程序要件，约束反悔权行使，优化章程自治、工商登记、专业评估等配套机制。研究旨在平衡公司人合性与股权流动性，统一司法裁判标准，为我国股东优先购买权制度的优化提供理论参考与实践方案。

Abstract: A limited liability company is characterized by both personalism and capitalism, and the shareholders’ preemptive right is a core system that maintains the company’s personalism and balances shareholders’ rights and equity circulation. The current “Company Law of the People’s Republic of China” and relevant judicial interpretations in China provide relatively general provisions on this system, with ambiguities and loopholes in the rules such as notification obligation, identification of equal conditions, and exercise of the right of revocation. The problem of “different judgments for similar cases” frequently occurs in judicial practice, which affects the uniformity of legal application and transaction security. This paper takes the shareholders’ preemptive right as the research object, distinguishes its nature and system value, sorts out the evolution of China’s legislation, and analyzes practical dilemmas including notification defects, vague identification standards, and abuse of the right of revocation. By comparing the legislative experience of civil law and common law systems, it puts forward paths for system improvement: constructing standardized procedural elements, restricting the exercise of the right of revocation, and optimizing supporting mechanisms such as charter autonomy, industrial and commercial registration, and professional evaluation. The research aims to balance the company’s personalism and equity liquidity, unify judicial judgment standards, and provide theoretical reference and practical schemes for the optimization of China’s shareholders’ preemptive right system.