優(yōu)先購買權(quán)的再思考【外文翻譯】_第1頁
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1、外文翻譯RETHINKINGRIGHTSOFFIRSTREFUSALDavidI.WalkerAmongthemanyprovisionsoftheincpatingdocumentsofaclosecpationanitemwilloftenappear(usuallywelltowardstheback)labeled“RightsofFirstRefusal.“Byadoptingthisprovisionthesharehold

2、ersofthecpationpromisethattheyonlywillselltheirsharesafternegotiatingapricewithathirdpartyofferingthesharesatthatpricetotheirfellowshareholders.Althoughthedetailswillvarysuchrightsoffirstrefusalareubiquitousincommercialc

3、ontractsencumberassetsrangingfromgasstationstooilpipelinesfromsharesofstocktolivestocktheyarenotlimitedtoconstrainingsaleseventorestrictingthedispositionofproperty.Inthetypicalrightoffirstrefusalarrangementatleastthreepa

4、rtiesareimplicatedtheownerrightholderwhohavecontractedfthegrantoftherightonemepotentialthirdpartybuyers.ThisArticleinvestigatestheeconomicimpactofthegrantoneachofthesepartiesseekstodeterminewhythecontractingpartiesmakesu

5、chcommitmentswhytheyadoptthisparticularinstrument.ThisArticlehasthreeprimarygoals:1.Demonstratethatrightsoffirstrefusalarecostlyfthecontractingparties.Thefewcommentatswhohaveconsideredthematterhavesuggestedthatrightsoffi

6、rstbeyondtransactioncostssimplytransfervaluefromtherefusalareeconomicallyinnocuousgranttotherightholder.Ifatwstarightoffirstrefusalsimplytransferredvaluebetweenthecontractingpartieslittlejustificationwouldbeneededfitsado

7、ption.Thetransfercouldbecompensatedfexanteifnecessarythebenefitbeyondtransactioncostsarisingfromtheinstrumentwouldrepresentaddedvaluetobedividedbythecontractingparties.Myfirstgoalhoweveristodemonstratethatpartiesadopting

8、rightsoffirstrefusalmakesenseinallcircumstancesinwhichtherightoffirstrefusalisadopted.Incontextsinwhichinhibitingexitisanunpersuasivejustificationhowevertherightoffirstrefusalgenerallycarriesalowerincrementalcosttheinstr

9、ument!spersistencemaybepartiallyexplainedbywkexternalities.PartIdescribestheusesofrightsoffirstrefusaltheirvariationsalternativesaswellastheassetstypicallyencumberedtheparticipantsusuallyinvolved.Becausetheterminologyass

10、ociatedwiththeserestrictivedevicesisnotusedconsistentlyoneofthepurposesofthisPartistocloselyidentifythe“true“rightoffirstrefusalthatwillbethefocusofthisArticle.PartIIanalysesthecostoftherightoffirstrefusalgrant.InthisPar

11、tIarguethatcontractingpartieswhoencumberassetswithrightsoffirstrefusalreducetheexpectedgainsofthirdpartiesconsideringbiddingontheassets.ThisphenomenonIarguedetersbiddersreducestheexpectedrealizationonthesaleofsuchpropert

12、y.PartIIIdevelopsthebargainingbreakdownjustification.Iarguethatthepotentialfhighinsideridiosyncraticvalueinrelationshipsinwhichrightsoffirstrefusalaretypicallyfoundmaketheserelationshipsparticularlysusceptibletobargainin

13、gbreakdown.Thisfindinghoweveronlyjustifiestheprovisionofsomeinsuranceitdoesnotnecessarilysupptthecreationofarightoffirstrefusal.AccdinglyPartIVundercutsthisjustificationasitdemonstratesthattheadoptionofacommitmenttoaucti

14、ontheencumberedpropertyprovidesthesameinsuranceatalowercost.Likearightoffirstrefusalacommitmenttoauctionavoidsthepossibilityoflostinsideridiosyncraticvaluethroughfailednegotiationsbutthirdpartybiddersthustheexpectedreali

15、zationonthesaleofthepropertyarenotasadverselyaffectedbytheuseoftheauctiondevice.TheclosecpationmodelisthefocusofPartV.ThereIarguethatcoventurersoftenwouldwishtoinhibittheexitofmembersaswellastovetonewadditionsthattherela

16、tivelyharmlesslookingrightoffirstrefusalhasbecomethelegallyacceptabletoolofchoicefachievingthisgoal.PartVIhoweversuggeststhatinhibitionofexitdoesnotadequatelyexplainallrightsoffirstrefusalthisPartdevelopsotherexplanation

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