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股东新股优先认购权制度价值在于保护股东的比例性利益,但是却会影响公司的融资效率。各国的优先认购权规则具有差异性,在法经济学方法的基础上对优先认购权进行比较法研究,对于考察我国的立法具有意义。美国、日本的优先认购权规则有利于促进融资效率,符合商法经济效率和社会财富最大化的价值,值得我国借鉴。应当对上市公司和非上市公司设计不同的优先认购权规则,对于非上市公司优先认购权的行使程序和行使期间公司法应当作出可操作性规定。
The value of shareholder rights under the IPO system is to protect the proportionate interests of shareholders, but it will affect the company’s financing efficiency. The preemptive right rules of different countries are different. Based on the method of law and economics, the comparative law of preemptive right is of great significance to the study of our country’s legislation. The preferential subscription rules of the United States and Japan are conducive to promoting the efficiency of financing and are in line with the value of maximizing commercial and economic efficiency and social wealth. Different rules of preemptive rights should be designed for listed companies and unlisted companies, and the operational rules for the preemptive right of non-listed companies and the company law during the exercise period should be made operational.