Research理論研究
也談有限責任公司股東的優先購買權
有限責任公司兼有“資合”和“人合”兩種性質，公司的存續在很大程度上基于股東之間的相互信任，所以市場經濟國家在商事立法上對有限責任公司股東向股東以外的人轉讓股權大都設置了一定的限制條件。今年《產權導刊》先后有兩篇文章談到有限責任公司的優先購買權——“國有股權轉讓其他股東行使優先購買權之同等條件”（第6期，張鐵軍）和“也談拍賣中的優先購買權”（第9期，張曉明）——拜讀之后，受益匪淺，但覺得還有補充的必要，是以率爾操觚，尚祈業內方家不吝賜教。一、優先(xian)購買(mai)權產生(sheng)的(de)前提條件
有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)產(chan)生(sheng)(sheng)是(shi)有(you)前(qian)提條(tiao)件的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)。張(zhang)鐵軍文談到了(le)有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)行使(shi)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)條(tiao)件，但(dan)(dan)是(shi)沒有(you)涉及(ji)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)產(chan)生(sheng)(sheng)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)前(qian)提條(tiao)件，張(zhang)曉(xiao)明文也(ye)沒有(you)涉及(ji)這(zhe)一(yi)問題。 有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)規定于《公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)法》第72條(tiao)：“（有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)）股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)向(xiang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)以(yi)外(wai)(wai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人(ren)(ren)(ren)(ren)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，應(ying)(ying)當(dang)經(jing)(jing)其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)過(guo)半(ban)數(shu)(shu)(shu)同(tong)意(yi)(yi)(yi)(yi)(yi)。其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)半(ban)數(shu)(shu)(shu)以(yi)上不(bu)同(tong)意(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，不(bu)同(tong)意(yi)(yi)(yi)(yi)(yi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)應(ying)(ying)當(dang)購(gou)(gou)買(mai)(mai)該轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)；不(bu)購(gou)(gou)買(mai)(mai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，視為同(tong)意(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)。經(jing)(jing)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)同(tong)意(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，在同(tong)等(deng)條(tiao)件下(xia)，其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)有(you)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。”這(zhe)里有(you)兩層意(yi)(yi)(yi)(yi)(yi)思：一(yi)是(shi)有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)未(wei)經(jing)(jing)其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)過(guo)半(ban)數(shu)(shu)(shu)同(tong)意(yi)(yi)(yi)(yi)(yi)無(wu)權(quan)(quan)(quan)(quan)(quan)向(xiang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)以(yi)外(wai)(wai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人(ren)(ren)(ren)(ren)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)。為了(le)防止其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)濫用這(zhe)一(yi)權(quan)(quan)(quan)(quan)(quan)利(li)，《公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)法》對之(zhi)(zhi)(zhi)進行了(le)相(xiang)應(ying)(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)限(xian)(xian)(xian)(xian)(xian)(xian)制，規定不(bu)同(tong)意(yi)(yi)(yi)(yi)(yi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)應(ying)(ying)當(dang)購(gou)(gou)買(mai)(mai)該轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，不(bu)購(gou)(gou)買(mai)(mai)就(jiu)(jiu)視為同(tong)意(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)，以(yi)平衡股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)權(quan)(quan)(quan)(quan)(quan)利(li)義務。二是(shi)同(tong)等(deng)條(tiao)件下(xia)其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)有(you)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。既(ji)然(ran)其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)已經(jing)(jing)同(tong)意(yi)(yi)(yi)(yi)(yi)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)向(xiang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)以(yi)外(wai)(wai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人(ren)(ren)(ren)(ren)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)了(le)，為什(shen)么《公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)法》還要(yao)賦予其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)以(yi)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)？主要(yao)原因還在于有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)具有(you)“人(ren)(ren)(ren)(ren)合”性(xing)質，而且股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)人(ren)(ren)(ren)(ren)數(shu)(shu)(shu)較少（不(bu)超過(guo)50人(ren)(ren)(ren)(ren)），較之(zhi)(zhi)(zhi)純“資(zi)合”性(xing)質的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)份有(you)限(xian)(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)存(cun)續與發展(zhan)更依賴于股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)信(xin)任(ren)與合作(zuo)程度。試看剛剛落(luo)(luo)幕(mu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)國(guo)(guo)(guo)美電器控(kong)制權(quan)(quan)(quan)(quan)(quan)爭奪(duo)戰：雖然(ran)黃(huang)陳之(zhi)(zhi)(zhi)爭以(yi)陳曉(xiao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)勝利(li)暫(zan)時告一(yi)段落(luo)(luo)，但(dan)(dan)這(zhe)場紛(fen)爭已經(jing)(jing)對國(guo)(guo)(guo)美造成(cheng)了(le)一(yi)定的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)傷害。據報道，國(guo)(guo)(guo)美在電器零售行業的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)老大(da)位置已經(jing)(jing)被蘇寧所(suo)(suo)奪(duo)。分(fen)析人(ren)(ren)(ren)(ren)士更是(shi)普遍(bian)認為，黃(huang)光裕方面不(bu)會就(jiu)(jiu)此(ci)(ci)罷休(xiu)，國(guo)(guo)(guo)美的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)麻(ma)煩遠遠沒有(you)結束(shu)。要(yao)知道，國(guo)(guo)(guo)美是(shi)香港聯交所(suo)(suo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)上市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，年收入達(da)數(shu)(shu)(shu)百億港幣，抗風險能力是(shi)普通(tong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)所(suo)(suo)不(bu)能比的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)爭斗(dou)尚且致使(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)元(yuan)氣大(da)傷，如(ru)果是(shi)普通(tong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)發生(sheng)(sheng)這(zhe)樣(yang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)爭斗(dou)，所(suo)(suo)面臨的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)恐怕是(shi)滅頂之(zhi)(zhi)(zhi)災。有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)手中(zhong)握有(you)《公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)法》賦予的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)，就(jiu)(jiu)可(ke)以(yi)利(li)用這(zhe)一(yi)權(quan)(quan)(quan)(quan)(quan)利(li)阻止某些股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)將股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)給他(ta)(ta)(ta)們不(bu)信(xin)任(ren)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人(ren)(ren)(ren)(ren)，以(yi)維系股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)信(xin)任(ren)和合作(zuo)關系。當(dang)然(ran)，如(ru)果信(xin)任(ren)擬受讓(rang)(rang)(rang)(rang)(rang)方，其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)也(ye)可(ke)以(yi)不(bu)行使(shi)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。 由上可(ke)知，只有(you)在過(guo)半(ban)數(shu)(shu)(shu)其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)同(tong)意(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)前(qian)提之(zhi)(zhi)(zhi)下(xia)，才(cai)產(chan)生(sheng)(sheng)所(suo)(suo)謂的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。如(ru)果過(guo)半(ban)數(shu)(shu)(shu)其(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)不(bu)同(tong)意(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)，且愿(yuan)意(yi)(yi)(yi)(yi)(yi)購(gou)(gou)買(mai)(mai)這(zhe)部(bu)(bu)(bu)分(fen)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，則(ze)根本無(wu)所(suo)(suo)謂優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。此(ci)(ci)時擬轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)可(ke)以(yi)選(xuan)擇不(bu)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，如(ru)果轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)，只能轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)給同(tong)意(yi)(yi)(yi)(yi)(yi)購(gou)(gou)買(mai)(mai)這(zhe)部(bu)(bu)(bu)分(fen)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)。《公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)法》第72條(tiao)還規定，“有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)可(ke)以(yi)相(xiang)互轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)其(qi)(qi)全部(bu)(bu)(bu)或者(zhe)部(bu)(bu)(bu)分(fen)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)”，也(ye)就(jiu)(jiu)是(shi)有(you)限(xian)(xian)(xian)(xian)(xian)(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)之(zhi)(zhi)(zhi)間(jian)(jian)可(ke)以(yi)自由轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，在此(ci)(ci)情況下(xia)也(ye)不(bu)存(cun)在優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。 綜(zong)上，優(you)(you)先(xian)購(gou)(gou)買(mai)(mai)權(quan)(quan)(quan)(quan)(quan)產(chan)生(sheng)(sheng)是(shi)有(you)前(qian)提條(tiao)件的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，即(ji)其(qi)(qi)他(ta)(ta)(ta)過(guo)半(ban)數(shu)(shu)(shu)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)同(tong)意(yi)(yi)(yi)(yi)(yi)擬轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)向(xiang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)(dong)以(yi)外(wai)(wai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人(ren)(ren)(ren)(ren)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)。
二、何謂同等(deng)條件
張鐵(tie)軍(jun)文(wen)認(ren)(ren)為(wei)“同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)條(tiao)(tiao)件(jian)(jian)(jian)(jian)”應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)包括程(cheng)(cheng)(cheng)序上(shang)(shang)(shang)(shang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)”和(he)實(shi)體(ti)上(shang)(shang)(shang)(shang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)”，筆(bi)(bi)者(zhe)基本(ben)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)這(zhe)一觀點(dian)(dian)，但(dan)對(dui)(dui)(dui)于(yu)實(shi)體(ti)條(tiao)(tiao)件(jian)(jian)(jian)(jian)有(you)(you)(you)(you)一點(dian)(dian)不(bu)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)見(jian)(jian)，對(dui)(dui)(dui)于(yu)程(cheng)(cheng)(cheng)序條(tiao)(tiao)件(jian)(jian)(jian)(jian)有(you)(you)(you)(you)一點(dian)(dian)補(bu)充。 法(fa)(fa)(fa)(fa)諺有(you)(you)(you)(you)云(yun)：“程(cheng)(cheng)(cheng)序先(xian)(xian)(xian)于(yu)權(quan)(quan)(quan)(quan)(quan)利”。先(xian)(xian)(xian)談談筆(bi)(bi)者(zhe)對(dui)(dui)(dui)程(cheng)(cheng)(cheng)序上(shang)(shang)(shang)(shang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)補(bu)充意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)見(jian)(jian)。正如張鐵(tie)軍(jun)文(wen)所分(fen)(fen)析的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)涉及(ji)(ji)到優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)時(shi)，應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)履(lv)行(xing)(xing)國(guo)(guo)有(you)(you)(you)(you)資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)進(jin)場交(jiao)(jiao)易(yi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)程(cheng)(cheng)(cheng)序義務(wu)。我想補(bu)充的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)是(shi)(shi)(shi)(shi)，為(wei)了(le)體(ti)現“三公(gong)(gong)(gong)(gong)(gong)(gong)”原(yuan)則，當(dang)(dang)(dang)(dang)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)保(bao)留優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)時(shi)，產(chan)權(quan)(quan)(quan)(quan)(quan)市場在(zai)(zai)發布轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)信(xin)(xin)(xin)息(xi)時(shi)應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)披露公(gong)(gong)(gong)(gong)(gong)(gong)司(si)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)保(bao)留優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)事(shi)實(shi)，以(yi)(yi)(yi)便其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)采取相應(ying)(ying)(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)策略。當(dang)(dang)(dang)(dang)然(ran)，法(fa)(fa)(fa)(fa)律沒有(you)(you)(you)(you)明文(wen)規(gui)(gui)定(ding)這(zhe)一點(dian)(dian)，但(dan)是(shi)(shi)(shi)(shi)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)是(shi)(shi)(shi)(shi)否保(bao)留優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)對(dui)(dui)(dui)于(yu)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)潛(qian)(qian)在(zai)(zai)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)影(ying)響是(shi)(shi)(shi)(shi)不(bu)言而喻的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)潛(qian)(qian)在(zai)(zai)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)對(dui)(dui)(dui)此理(li)(li)應(ying)(ying)(ying)擁有(you)(you)(you)(you)知情權(quan)(quan)(quan)(quan)(quan)。如果不(bu)披露這(zhe)一信(xin)(xin)(xin)息(xi)，對(dui)(dui)(dui)于(yu)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)潛(qian)(qian)在(zai)(zai)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)是(shi)(shi)(shi)(shi)不(bu)公(gong)(gong)(gong)(gong)(gong)(gong)平的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)。在(zai)(zai)一定(ding)程(cheng)(cheng)(cheng)度上(shang)(shang)(shang)(shang)，管理(li)(li)層(ceng)是(shi)(shi)(shi)(shi)否參與(yu)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)與(yu)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)是(shi)(shi)(shi)(shi)否保(bao)留優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)對(dui)(dui)(dui)于(yu)潛(qian)(qian)在(zai)(zai)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)影(ying)響是(shi)(shi)(shi)(shi)差不(bu)多(duo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，《企(qi)業(ye)國(guo)(guo)有(you)(you)(you)(you)產(chan)權(quan)(quan)(quan)(quan)(quan)向(xiang)管理(li)(li)層(ceng)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)暫行(xing)(xing)規(gui)(gui)定(ding)》（國(guo)(guo)資(zi)(zi)(zi)(zi)(zi)(zi)發產(chan)權(quan)(quan)(quan)(quan)(quan)[2005]78號）就明確規(gui)(gui)定(ding)在(zai)(zai)公(gong)(gong)(gong)(gong)(gong)(gong)開國(guo)(guo)有(you)(you)(you)(you)產(chan)權(quan)(quan)(quan)(quan)(quan)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)信(xin)(xin)(xin)息(xi)時(shi)必須披露管理(li)(li)層(ceng)參與(yu)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)相關信(xin)(xin)(xin)息(xi)，類似的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)規(gui)(gui)定(ding)還見(jian)(jian)于(yu)《公(gong)(gong)(gong)(gong)(gong)(gong)司(si)法(fa)(fa)(fa)(fa)》第73條(tiao)(tiao)：“人(ren)民(min)法(fa)(fa)(fa)(fa)院(yuan)依照法(fa)(fa)(fa)(fa)律規(gui)(gui)定(ding)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)強(qiang)制(zhi)執(zhi)行(xing)(xing)程(cheng)(cheng)(cheng)序轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)時(shi)，應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)通(tong)知公(gong)(gong)(gong)(gong)(gong)(gong)司(si)及(ji)(ji)全體(ti)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)，其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)在(zai)(zai)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)條(tiao)(tiao)件(jian)(jian)(jian)(jian)下有(you)(you)(you)(you)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)自人(ren)民(min)法(fa)(fa)(fa)(fa)院(yuan)通(tong)知之日起(qi)滿(man)20日不(bu)行(xing)(xing)使(shi)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，視為(wei)放棄(qi)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。”同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)理(li)(li)，公(gong)(gong)(gong)(gong)(gong)(gong)司(si)原(yuan)有(you)(you)(you)(you)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)固然(ran)應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)得到保(bao)障，其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)潛(qian)(qian)在(zai)(zai)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)知情權(quan)(quan)(quan)(quan)(quan)也應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)得到保(bao)障。當(dang)(dang)(dang)(dang)然(ran)，在(zai)(zai)公(gong)(gong)(gong)(gong)(gong)(gong)告有(you)(you)(you)(you)效期內(nei)，有(you)(you)(you)(you)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)參與(yu)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)向(xiang)產(chan)權(quan)(quan)(quan)(quan)(quan)交(jiao)(jiao)易(yi)機(ji)構(gou)提(ti)出(chu)(chu)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)申請，否則將被視為(wei)放棄(qi)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)。 再(zai)說說筆(bi)(bi)者(zhe)對(dui)(dui)(dui)實(shi)體(ti)上(shang)(shang)(shang)(shang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)不(bu)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)見(jian)(jian)。張鐵(tie)軍(jun)文(wen)認(ren)(ren)為(wei)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)在(zai)(zai)行(xing)(xing)使(shi)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)時(shi)，應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)滿(man)足(zu)(zu)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)提(ti)出(chu)(chu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)全部受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)。理(li)(li)由是(shi)(shi)(shi)(shi)“受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)不(bu)設(she)定(ding)區別待遇，是(shi)(shi)(shi)(shi)所有(you)(you)(you)(you)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)共同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)門(men)檻，是(shi)(shi)(shi)(shi)判斷意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)向(xiang)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)是(shi)(shi)(shi)(shi)否具有(you)(you)(you)(you)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)標準。只有(you)(you)(you)(you)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)具有(you)(you)(you)(you)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)，才能行(xing)(xing)使(shi)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)條(tiao)(tiao)件(jian)(jian)(jian)(jian)下的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)”。對(dui)(dui)(dui)此，筆(bi)(bi)者(zhe)有(you)(you)(you)(you)不(bu)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)見(jian)(jian)。關于(yu)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)，國(guo)(guo)資(zi)(zi)(zi)(zi)(zi)(zi)委、財(cai)政(zheng)部3號令第15條(tiao)(tiao)規(gui)(gui)定(ding)：“在(zai)(zai)征(zheng)集受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)時(shi)，轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)可以(yi)(yi)(yi)對(dui)(dui)(dui)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)質、商業(ye)信(xin)(xin)(xin)譽、經營(ying)情況、財(cai)務(wu)狀況、管理(li)(li)能力(li)、資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)規(gui)(gui)模等(deng)(deng)(deng)提(ti)出(chu)(chu)必要(yao)(yao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)。”上(shang)(shang)(shang)(shang)述規(gui)(gui)定(ding)“等(deng)(deng)(deng)”字之前(qian)列(lie)(lie)舉的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)內(nei)容(rong)均(jun)可歸入主體(ti)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)限制(zhi)之列(lie)(lie)。除此之外(wai)，轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)底價及(ji)(ji)付款(kuan)條(tiao)(tiao)件(jian)(jian)(jian)(jian)也是(shi)(shi)(shi)(shi)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)。轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)底價和(he)付款(kuan)條(tiao)(tiao)件(jian)(jian)(jian)(jian)完全是(shi)(shi)(shi)(shi)由轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)方(fang)(fang)(fang)決定(ding)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，但(dan)是(shi)(shi)(shi)(shi)設(she)置主體(ti)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)要(yao)(yao)求(qiu)則必須征(zheng)求(qiu)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)見(jian)(jian)，原(yuan)因很(hen)簡單(dan)，有(you)(you)(you)(you)限責任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)“股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)向(xiang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)以(yi)(yi)(yi)外(wai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人(ren)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)，應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)經其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)過半(ban)(ban)(ban)(ban)數同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)”。究其(qi)(qi)(qi)(qi)(qi)根本(ben)，受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)中(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)主體(ti)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)限制(zhi)主要(yao)(yao)是(shi)(shi)(shi)(shi)為(wei)了(le)防止不(bu)受(shou)(shou)(shou)(shou)(shou)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)原(yuan)有(you)(you)(you)(you)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)“歡迎者(zhe)”進(jin)入公(gong)(gong)(gong)(gong)(gong)(gong)司(si)，但(dan)是(shi)(shi)(shi)(shi)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)已經是(shi)(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)了(le)，也就是(shi)(shi)(shi)(shi)說，其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)之間已經互(hu)相通(tong)過了(le)信(xin)(xin)(xin)任(ren)投票(piao)，他(ta)(ta)(ta)們(men)參與(yu)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)為(wei)什么(me)還要(yao)(yao)受(shou)(shou)(shou)(shou)(shou)主體(ti)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)限制(zhi)？試(shi)看《最高法(fa)(fa)(fa)(fa)院(yuan)關于(yu)適(shi)用婚姻(yin)法(fa)(fa)(fa)(fa)若干問(wen)題的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)解釋(shi)（二(er)(er)(er)）》第16條(tiao)(tiao)，“人(ren)民(min)法(fa)(fa)(fa)(fa)院(yuan)審理(li)(li)離(li)婚案(an)件(jian)(jian)(jian)(jian)，涉及(ji)(ji)分(fen)(fen)割夫(fu)妻共同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)財(cai)產(chan)中(zhong)以(yi)(yi)(yi)一方(fang)(fang)(fang)名義在(zai)(zai)有(you)(you)(you)(you)限責任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)出(chu)(chu)資(zi)(zi)(zi)(zi)(zi)(zi)額(e)(e)，另一方(fang)(fang)(fang)不(bu)是(shi)(shi)(shi)(shi)該(gai)(gai)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，按以(yi)(yi)(yi)下情形分(fen)(fen)別處(chu)理(li)(li)：（二(er)(er)(er)）夫(fu)妻雙方(fang)(fang)(fang)就出(chu)(chu)資(zi)(zi)(zi)(zi)(zi)(zi)額(e)(e)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)份額(e)(e)和(he)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)價格(ge)(ge)(ge)等(deng)(deng)(deng)事(shi)項(xiang)協商一致后，過半(ban)(ban)(ban)(ban)數股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)不(bu)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)，但(dan)愿(yuan)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)以(yi)(yi)(yi)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)價格(ge)(ge)(ge)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)該(gai)(gai)出(chu)(chu)資(zi)(zi)(zi)(zi)(zi)(zi)額(e)(e)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，人(ren)民(min)法(fa)(fa)(fa)(fa)院(yuan)可以(yi)(yi)(yi)對(dui)(dui)(dui)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)出(chu)(chu)資(zi)(zi)(zi)(zi)(zi)(zi)所得財(cai)產(chan)進(jin)行(xing)(xing)分(fen)(fen)割。過半(ban)(ban)(ban)(ban)數股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)不(bu)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)，也不(bu)愿(yuan)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)以(yi)(yi)(yi)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)價格(ge)(ge)(ge)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)該(gai)(gai)出(chu)(chu)資(zi)(zi)(zi)(zi)(zi)(zi)額(e)(e)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，視為(wei)其(qi)(qi)(qi)(qi)(qi)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)，該(gai)(gai)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)配(pei)偶可以(yi)(yi)(yi)成為(wei)該(gai)(gai)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)”。上(shang)(shang)(shang)(shang)述司(si)法(fa)(fa)(fa)(fa)解釋(shi)中(zhong)并未要(yao)(yao)求(qiu)“過半(ban)(ban)(ban)(ban)數股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)”滿(man)足(zu)(zu)“主體(ti)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)要(yao)(yao)求(qiu)”，僅要(yao)(yao)求(qiu)他(ta)(ta)(ta)們(men)“以(yi)(yi)(yi)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)等(deng)(deng)(deng)價格(ge)(ge)(ge)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)”。有(you)(you)(you)(you)限責任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)國(guo)(guo)有(you)(you)(you)(you)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)對(dui)(dui)(dui)外(wai)轉(zhuan)(zhuan)(zhuan)(zhuan)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)情形與(yu)上(shang)(shang)(shang)(shang)述司(si)法(fa)(fa)(fa)(fa)解釋(shi)中(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)情形并無二(er)(er)(er)致，對(dui)(dui)(dui)這(zhe)兩種(zhong)情形的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)處(chu)理(li)(li)理(li)(li)應(ying)(ying)(ying)遵循同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)一法(fa)(fa)(fa)(fa)理(li)(li)。因此，筆(bi)(bi)者(zhe)同(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)(tong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)張鐵(tie)軍(jun)文(wen)中(zhong)所列(lie)(lie)出(chu)(chu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)第二(er)(er)(er)種(zhong)意(yi)(yi)(yi)(yi)(yi)(yi)(yi)(yi)見(jian)(jian)，即“受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)中(zhong)對(dui)(dui)(dui)主體(ti)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)(ge)(ge)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)要(yao)(yao)求(qiu)不(bu)能約束享有(you)(you)(you)(you)優(you)先(xian)(xian)(xian)購(gou)(gou)(gou)(gou)(gou)買(mai)(mai)(mai)(mai)(mai)權(quan)(quan)(quan)(quan)(quan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)，但(dan)其(qi)(qi)(qi)(qi)(qi)他(ta)(ta)(ta)受(shou)(shou)(shou)(shou)(shou)讓(rang)(rang)(rang)(rang)(rang)(rang)(rang)條(tiao)(tiao)件(jian)(jian)(jian)(jian)應(ying)(ying)(ying)當(dang)(dang)(dang)(dang)充分(fen)(fen)滿(man)足(zu)(zu)和(he)響應(ying)(ying)(ying)”。
三、股東(dong)如何(he)在(zai)拍賣中行使受讓權
張曉明(ming)文談(tan)到了(le)拍賣(mai)(mai)中涉及(ji)到的(de)(de)有限責任(ren)(ren)公司股東的(de)(de)優先(xian)購買(mai)(mai)(mai)權(quan)(quan)，并(bing)引用了(le)《公司法(fa)》第73條(tiao)的(de)(de)內容，但是并(bing)未說明(ming)有限責任(ren)(ren)公司股東如何(he)在拍賣(mai)(mai)中行(xing)使(shi)優先(xian)購買(mai)(mai)(mai)權(quan)(quan)。其(qi)實(shi)，最高(gao)人(ren)(ren)(ren)民法(fa)院(yuan)《關于人(ren)(ren)(ren)民法(fa)院(yuan)民事(shi)執(zhi)行(xing)中拍賣(mai)(mai)、變賣(mai)(mai)財產的(de)(de)規定》（法(fa)釋［2004］16號）第16條(tiao)對此有明(ming)確規定：“拍賣(mai)(mai)過程中，有最高(gao)應(ying)價(jia)時(shi)，優先(xian)購買(mai)(mai)(mai)權(quan)(quan)人(ren)(ren)(ren)可以(yi)表(biao)(biao)示(shi)以(yi)該最高(gao)價(jia)買(mai)(mai)(mai)受，如無更高(gao)應(ying)價(jia)，則拍歸(gui)優先(xian)購買(mai)(mai)(mai)權(quan)(quan)人(ren)(ren)(ren)；如有更高(gao)應(ying)價(jia)，而優先(xian)購買(mai)(mai)(mai)權(quan)(quan)人(ren)(ren)(ren)不作(zuo)表(biao)(biao)示(shi)的(de)(de)，則拍歸(gui)該應(ying)價(jia)最高(gao)的(de)(de)競買(mai)(mai)(mai)人(ren)(ren)(ren)。順序相同(tong)的(de)(de)多個優先(xian)購買(mai)(mai)(mai)權(quan)(quan)人(ren)(ren)(ren)同(tong)時(shi)表(biao)(biao)示(shi)買(mai)(mai)(mai)受的(de)(de)，以(yi)抽簽(qian)方(fang)式決定買(mai)(mai)(mai)受人(ren)(ren)(ren)。”意思很清楚(chu)，這里就不再贅述了(le)。
（作者單位：安徽省股權交易所）
下一篇：增資擴股再思考
