Research On The System Of Shareholders' Preemptive Right Under The Perspective Of Interest Balance

Balance of interests is the inherent logic and external performance of legislative practice.Any legal system should have an important role in guiding the balance of interests.The system of shareholder's preemptive right is originally a legislative balance mechanism created to safeguard the company's internal order,shareholders' prior interests,equity transaction efficiency,freedom of equity transfer,and third party transaction fairness.However,in real life,due to the lack of legislation and the ambiguity of the guiding thinking,it caused the phenomenon of unbalanced interests emerged during the operation of the shareholder's preemptive r ight system,and the interests of the equity transaction subject were in varying degrees of disorder.By analyzing the value orientation of the preemptive right system(Ie,order,efficiency,and freedom),and combining the interest objectives of the tripa rtite entities of equity transactions,and extracting the concept of balance of interests that the shareholder's preemptive right system should have.From the perspective of balance of interests,to correct the problem of " equal conditions" in the normal situation.Using the balance of interests as an analytical tool,we will study and understand the “equal conditions” problem under special circumstances,to set up the identification rules that are in line with the goal of balancing interests,and ensure t he balance between order,efficiency,and fair value.From the perspective of balancing interests,we should make analysis and recommendations for the latest " Repentance rights" exercise rules,determine reasonable exercise conditions and exercise time,and ensure a balance between the market order and the freedom of meaning.