股权对外转让下“同意权”的利益平衡法思考与重构

Consideration and Reconstruction of the Interest Balance Method of “Consent Right” under the External Transfer of Equity

摘要: 股权根据出资是否存在瑕疵可以分为瑕疵股权与非瑕疵股权。2023版《公司法》第84条对非瑕疵股权的转让模式由股东同意转变为自由转让原则，这是基于理性的利益平衡法以及利益位阶理论的合理性思考，但是在自由转让为原则下也应当有限制性的规定以保护其他股东与公司的利益。在瑕疵股权转让中，由于出资瑕疵导致的责任涉及多方利益主体，且各方主体的利益属于同一位阶，因此不应当适用自由转让的原则，而是应当采取多元主体同意模式，经过包括公司、其他股东、以及具有催缴义务的董事、高级管理人员的同意。

Abstract: Equity can be divided into defective equity and non-defective equity according to whether there is defect in investment. (2023) Article 84 of the Company Law changes the transfer mode of non-defective shares from shareholders’ consent to the principle of free transfer, which is based on the rational consideration of the law of balance of interests and the theory of interest rank, but there should also be restrictive provisions under the principle of free transfer to protect the interests of other shareholders and the company. In the transfer of defective equity, the liability caused by defective investment involves multiple stakeholders, and the interests of all stakeholders belong to the same rank. Therefore, the principle of free transfer should not be applied, but the consent mode of multiple stakeholders should be adopted through the consent of the company, other shareholders, directors and senior managers who have the obligation to call for payment.