Research On The Application Of "Equal Conditions" Of Preemptive Right In Equity Transfer

The preemptive system is an important system in the stock right transfer of limited liability companies.The judicial committee of the supreme people’s court passed the company law judicial interpretation(iv)on December 5,2016,which was officially implemented on September 1,2017.In order to make this system play a better role in the equity transfer of limited liability companies.Although this judicial interpretation makes more detailed provisions on the "equivalent conditions" of the preemptive right,in the practice,there is still something worth discussing about the "equivalent conditions" of the preemptive right.The law has already made relevant provisions on the determination of preemption right.But it cannot avoid the inconvenience caused by the lag of legislation and the complexity of practice.While the legal provisions cannot cover the living conditions.We should analyze the property of preemptive right and value orientation of "equivalent conditions ".Only in analyzing the value trend of identifying "equal conditions" can the law be effective in real life.There are many disputes in defining preemptive right.Which are mainly in the following aspects: There are number of cases concerning about preemptive right.And those cases usually go through first trial,second trial even into retrial process.It can be seen that the disputes caused by the preemption right need to be solved urgently.The determination of "equal conditions" is an indispensable link in the case of preemption right.The author selects typical cases and focuses on the controversy focus,trial reason,legal basis,judgment result and other aspects in the trial.The author tries to find out the difficulty of preemption right and the crux of the problem.In order to put forward substantive suggestions on the identification of "equal conditions" in the preemptive right,we should go back to the source,interpret the legislative purpose of preemptive right.Then characterize preemptive right,analyze the meaning,characteristics and nature of preemptive right.We should explore the value orientation of shareholders’ preemptive right.Only find out the purpose of establishing the preemptive right system can we guide the practice.Finally,the author will dismantle "equal terms" thoroughly apart and analysis these elements one by one.From the problem of certain elements may produce to different viewpoint,the author will provide a standard to identifying "equal conditions" in the practice.