摘要：

股东优先购买权的制度目的是维护公司的人合性与封闭性，但归根结底股权转让行为属于商事交易范畴。从股东优先购买权的制度初衷来看，其首要保护的利益对象是“同等条件”下的其他股东，而非转让人与受让人。《公司法司法解释四》将股东优先购买权视为请求权，使股东与股东以外的人在股权转让合同的订立上并无任何“优先”可言，丧失了股东优先购买权维护公司人合性的制度价值，也不利于股东合法权利的保障。股东优先购买权属于法定的形成权，主张优先购买权的股东只需按照“同等条件”行权即可，其受到侵害会因此而产生相应的请求权。赋予转让股东反悔权，在法理上与公司人合性相矛盾，在体系上与股东优先购买权的性质相冲突，在实践中会变相鼓励转让股东的不诚信行为。

关键词: 股东优先购买权, 股份转让, 人合性, 形成权, 反悔权

Abstract:

The purpose of the system of shareholders preemptive right is to maintain the company’s humanity and closure，but in the final analysis，the equity transfer is a commercial transaction.From the original intention of the system of shareholders preemptive rights，the primary protection interests are other shareholders under the“same conditions”，not the assignor and the assignee.“Company Law Interpretation IV”regards the shareholder’s right of first refusal as the right of claim.The shareholders and other persons outside the shareholder do not have any“priority”in the conclusion of the equity transfer contract，and lose the shareholder’s right of first refusal to maintain the company’s humanity.The value of the system is also not conducive to the protection of the legitimate rights of shareholders.Shareholders right of first refusal is a statutory right to form.Shareholders who claim the right of first refusal can only exercise their rights according to the“same conditions”，and their infringement will result in corresponding claims.Giving the transferor the right to repent is contradictory to the company’s humanity in terms of legality，and conflicts with the nature of the shareholder’s right of first refusal in the system.In practice，it will encourage the transfer of shareholders dishonest behavior in disguise.

Key words: Shareholder Pre-emptive Rights, Share Transfer, Humanity, Right of Formation, Right of Repentance