优先购买权的再思考【外文翻译】

《优先购买权的再思考【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文翻译RETHINKINGRIGHTSOFFIRSTREFUSALDavidI.Walker*Amongthemanyprovisionsoftheincorporatingdocumentsofaclosecorporation,anitemwilloftenappear(usuallywelltowardstheback)labeled"RightsofFirstRefusal."Byadoptingthisprovision,theshareholdersofthecorporationpromisethattheyonlywillselltheirsharesafternegoti

2、atingapricewithathirdpartyandofferingthesharesatthatpricetotheirfellowshareholders.Althoughthedetailswillvary,suchrightsoffirstrefusalareubiquitousincommercialcontractsandencumberassetsrangingfromgasstationstooilpipelines,fromsharesofstocktolivestock;andtheyarenotlimitedtoconstrainingsalesoreventor

3、estrictingthedispositionofproperty.Inthetypicalrightoffirstrefusalarrangement,atleastthreepartiesareimplicated--theownerandrightholderwhohavecontractedforthegrantoftherightandoneormorepotentialthird-partybuyers.ThisArticleinvestigatestheeconomicimpactofthegrantoneachoftheseparties,andseekstodetermi

4、newhythecontractingpartiesmakesuchcommitmentsandwhytheyadoptthisparticularinstrument.ThisArticlehasthreeprimarygoals:1.Demonstratethatrightsoffirstrefusalarecostlyforthecontractingparties.Thefewcommentatorswhohaveconsideredthematterhavesuggestedthatrightsoffirstor,beyondtransactioncosts,simplytrans

5、fervaluefromtherefusalareeconomicallyinnocuousgrantortotherightholder.If,atworst,arightoffirstrefusalsimplytransferredvaluebetweenthecontractingparties,littlejustificationwouldbeneededforitsadoption.Thetransfercouldbecompensatedforexante,ifnecessary,andthebenefitbeyondtransactioncostsarisingfromthe

6、instrumentwouldrepresentaddedvaluetobedividedbythecontractingparties.Myfirstgoal,however,istodemonstratethatpartiesadoptingrightsoffirstrefusalincurmorethandisputeandnegotiationcosts.Rightsoffirstrefusaldiscouragepotentiallyhigh-valuingthird-partybiddersfromenteringacontesttopurchase,andthustheinst

7、rumentreducesaseller!sexpectedrealization.Forthisreasontherightoffirstrefusalprovestobecostlyforthecontractingparties,inaggregate.2.Rebuttheideathatrightsoffirstrefusalprovideefficientinsuranceagainstbargai