A Comprehensive Study of Shareholders' Exit Rights

2020 Fiscal Year Final Research Report

• Project/Area Number: 17K03490
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Doshisha University
• Principal Investigator: Funatsu Koji 同志社大学, 法学部, 教授 (80454479)
• Project Period (FY): 2017-04-01 – 2021-03-31
• Keywords: 少数株主保護 / 株式買取請求

Outline of Final Research Achievements

The so-called shareholders' exit rights, whereby disadvantaged shareholders can withdraw their investments from the companies, can play a role in the protection of minority shareholders. However, in Japan, the system itself has been institutionalized only in limited aspects, and the division of roles between it and other minority shareholder protection systems is not clear. it is necessary to comprehensively examine how to protect them in case a major event occurs that seriously affects the interests of minority shareholders, including not only the exit right but also other minority shareholder protection systems such as injunctions and actions for invalidation of organizational acts.

Free Research Field

会社法

Academic Significance and Societal Importance of the Research Achievements

株主の退出権の中でも、現在の裁判実務において特に重要な役割を果たす反対株主の株式買取請求制度について、これまでの学説は、主として少数株主の機会主義的行動をいかに抑止するかという観点から裁判例を分析し論評してきたのに対して、本研究においては、現在の裁判所は、現実の紛争を解決するための結論を導くにあたって、そのような観点を必ずしも重視しているわけではないことを、複数の裁判例の分析を通じて明らかにした。