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1、外文翻译RETHINKINGRIGHTSOFFIRSTREFUSALDavidI.Walker*Amongthemanyprovisionsoftheincorporatingdocumentsofaclosecorporation,anitemwilloftenappear(usuallywelltowardstheback)labeled"RightsofFirstRefusal."Byadoptingthisprovision,theshareholdersofthecorporationpromisethattheyon
2、lywillselltheirsharesafternegotiatingapricewithathirdpartyandofferingthesharesatthatpricetotheirfellowshareholders.Althoughthedetailswillvary,suchrightsoffirstrefusalareubiquitousincommercialcontractsandencumberassetsrangingfromgasstationstooilpipelines,fromsharesofs
3、tocktolivestock;andtheyarenotlimitedtoconstrainingsalesoreventorestrictingthedispositionofproperty.Inthetypicalrightoffirstrefusalarrangement,atleastthreepartiesareimplicated--theownerandrightholderwhohavecontractedforthegrantoftherightandoneormorepotentialthird-part
4、ybuyers.ThisArticleinvestigatestheeconomicimpactofthegrantoneachoftheseparties,andseekstodeterminewhythecontractingpartiesmakesuchcommitmentsandwhytheyadoptthisparticularinstrument.ThisArticlehasthreeprimarygoals:1.Demonstratethatrightsoffirstrefusalarecostlyfortheco
5、ntractingparties.Thefewcommentatorswhohaveconsideredthematterhavesuggestedthatrightsoffirstor,beyondtransactioncosts,simplytransfervaluefromtherefusalareeconomicallyinnocuousgrantortotherightholder.If,atworst,arightoffirstrefusalsimplytransferredvaluebetweenthecontra
6、ctingparties,littlejustificationwouldbeneededforitsadoption.Thetransfercouldbecompensatedforexante,ifnecessary,andthebenefitbeyondtransactioncostsarisingfromtheinstrumentwouldrepresentaddedvaluetobedividedbythecontractingparties.Myfirstgoal,however,istodemonstratetha
7、tpartiesadoptingrightsoffirstrefusalincurmorethandisputeandnegotiationcosts.Rightsoffirstrefusaldiscouragepotentiallyhigh-valuingthird-partybiddersfromenteringacontesttopurchase,andthustheinstrumentreducesaseller!sexpectedrealization.Forthisreasontherightoffirstrefus
8、alprovestobecostlyforthecontractingparties,inaggregate.2.Rebuttheideathatrightsoffirstrefusalprovideefficientinsuranceagainstbargai
