譯文（字數 3064）：

重新考慮優先購買權的權利

介紹

在一個封閉型公司合同文件的規定上，有一個項目(通常是對后面)會標記為“優先購買權的權利。”通過采用這一規定，公司的股東承諾，他們只會出售與第三方協商后的價格股價的股票。盡管細節會有所不同，優先購買權是無處不在的。從加油站石油管道，從股票，他們不限制銷售，甚至不限制財產處置。

在典型的優先購買權的權利安排上，至少涉及三方，所有者和持有人授予權利給一個或更多的潛力第三方買家。本文調查的經濟影響每一方，試圖確定為什么締約雙方做出這樣的承諾，為什么他們采用這種特殊的文書。

這篇文章有三個主要目標:

1.證明優先購買權對締約雙方是昂貴的

外文原文（字符數 12292）：

外文出處：Harvard Law SchoolCambridge， MA 02138  

RETHINKING RIGHTS OF FIRST REFUSAL

R ETHINKING  R IGHTS OF  F IRST  R EFUSAL

David I. Walker *

I NTRODUCTION

Among the many provisions of the incorporating documents of a close corporation， an item will often appear (usually well towards the back) labeled “Rights of First Refusal.” By adopting this provision， the shareholders of the corporation promise that they only will sell their shares after negotiating a price with a third party and offering the shares at that price to their fellow shareholders. Although the details will vary， such rights of first refusal are ubiquitous in commercial contracts and encumber assets ranging from gas stations to oil pipelines， from shares of stock to livestock; and they are not limited to constraining sales or even to restricting the disposition of property.

In the typical right of first refusal arrangement， at least three parties are implicated – the owner and rightholder who have contracted for the grant of the right and one or more potential third-party buyers. This Article investigates the economic impact of the grant on each of these parties， and seeks to determine why the contracting parties make such commitments and why they adopt this particular instrument.