On the Shareholders’ Appraisal Rights System—With a Discussion of Article 89 of the <i>Company</i><i> Law</i> (2023 Revision)

出于维护公司的效率和公平，适度保护中小股东的目的，我国《公司法》确立了异议股东股权回购的法律制度。该制度使得中小股东在面临长期不分配利润、公司合并分立或转让主要财产、营业期届满以及大股东滥用权利严重侵害公司及其他股东利益时，获得一项权利能够主动退出公司，摆脱潜在困境和风险。该权利是一项形成权，接近于合同的解除权，受除斥期间的限制。另外，该权利有着较为特定的适用情形，限定的主体，规范的程序等规定。该制度虽然一定程度上打破了公司资本的确定性、稳定性，但是总体而言，在特殊情形下对于维护公司的整体利益和保护中小股东的利益仍具有不可或缺的积极意义。To uphold corporate efficiency and fairness while moderately protecting minority shareholders, China’s Company Law establishes the legal framework for dissenting shareholders’ repurchase rights. This mechanism empowers minority shareholders to exit a company proactively under specific circumstances, such as prolonged profit non-distribution, mergers or divisions of the company, transfer of major assets, expiration of the business term, or severe harm to corporate and shareholder interests caused by controlling shareholders’ abuse of rights. By exercising this right—a rescission-type right of formation subject to statutory exclusion periods—shareholders can extricate themselves from potential risks and dilemmas. This right is a power of formation, akin to the right to terminate a contract, and is subject to a statutory period of limitation. Although the system imposes constraints on the certainty and stability of corporate capital, it remains indispensable for balancing overall corporate interests with minority shareholder protection in exceptional scenarios.