拖售权条款的效力以及可执行性研究
Study of the Validity and Enforceability of the Towing Right Clause

拖售权(drag-along right)是指投资人在特定情形下有权要求其他股东按照相同交易条件(比如价格、付款安排等)将所持有的标的公司全部或部分股权与投资人同时出售给第三方。然而，目前我国并未对拖售权条款进行详尽规定，实践中包含拖售权条款的股东协议往往与《公司法》的相关制度存在衔接上的问题，并引发效力认定和可执行性的争议。针对这些问题，我国可以从其他国家的立法和司法经验中学习，通过认可股东协议、协调少数股东的救济措施等方式，妥善解决拖售权条款与《公司法》相关制度之间的衔接问题。同时，可以设立拖售价格的确定机制，强调权利行使的条件性，并引导当事人做好变更登记的预备工作，以满足实践对拖售权条款的需求。这样，可以丰富我国公司法的框架，更好地适应实践的需要。
Drag-along right refers to the right of investors to require other shareholders to sell all or part of the equity of the target company to a third party at the same time as the investor under the same transaction conditions (such as price, payment arrangement, etc.) under certain circumstances. However, at present, China does not have detailed provisions on the towing right clause, and in practice, the shareholders’ agreement containing the towing right clause often has problems in connection with the relevant systems of the Company Law, and gives rise to disputes over the determination of validity and enforceability. In view of these problems, China can learn from the legislative and judicial experience of other countries, and properly solve the problem of the connection between the towing right clause and the relevant system of the Company Law by recognizing the shareholders’ agreement and coordinating the remedial measures of minority shareholders. At the same time, a mechanism for determining the towing price can be established, emphasizing the conditional nature of the exercise of rights, and guiding the parties to make preparations for the change of registration, so as to meet the needs of practice for the terms of the towing right. In this way, the framework of China’s company law can be enriched and better adapted to the needs of practice.