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优先股能否作为免税重组中的股权支付,该问题在我国免税重组规则中没有明确的答案。为了回答这一问题,首先,需要对于免税重组背后的法理基础进行考察,进而从中选取了“股东利益连续性”要求作为判断该问题的标尺。其次,通过梳理美国法对于“股东利益连续性”要求的具体规则,不难发现优先股有无表决权对于作为免税重组中股权支付的适格性影响甚大。而目前我国优先股制度由于存在表决权的限制,因此,在我国法律语境下优先股暂时无法作为免税重组的适格对价。最后,讨论存在特别条款的优先股适格性问题,例如具有转换权或回购权的优先股,其若是满足“股东利益连续性”要求,依旧可以纳入免税重组中股权支付的范畴之中。
Whether the preferred stock can be paid as a share in the tax-exempt reorganization does not have a definite answer in our tax-exempt reorganization rules. In order to answer this question, first of all, we need to examine the legal basis behind the tax-exemption and reorganization, and then select the “shareholder interest continuity” requirement as a yardstick for judging the issue. Second, by combing the specific rules of the United States law on the “shareholder continuity of interest” requirement, it is not difficult to find that the non-voting right of preference shares has a great influence on the eligibility of the equity payment as a tax-exempt reorganization. At present, due to the limitation of the voting right, the preference shares in our country’s legal context can not serve as the appropriate price for the tax-exemption reorganization. Finally, we discuss the issue of eligibility of preference shares with special provisions, such as preference shares with conversion rights or repurchase rights, which can still be included in the tax-free reorganization of equity payment if they meet the “shareholder continuity of interest” requirement in.