一、股东退出的法定形式

1、 Legal form of shareholder withdrawal

从现有法律规定看，股东退出的路径总结归纳如下：

From the perspective of existing legal provisions, the paths for shareholder exit can be summarized as follows:

路径一：股权转让退出

Path 1: Equity Transfer and Exit

无论是主动退出还是被动退出，股权转让是所有股东退出方式中最基础的路径，其他路径均由其演化而来

Whether it is active or passive exit, equity transfer is the most fundamental path among all shareholder exit methods, and other paths have evolved from it

路径二：公司减资退出

Path 2: Company capital reduction and exit

通过减资程序实现退出，是不允许股东抽逃出资的要求，同时保护了公司债权人的合法权益，但程序多，效率低。

Implementing exit through capital reduction procedures is a requirement that does not allow shareholders to withdraw their capital, while protecting the legitimate rights and interests of the company's creditors. However, the procedures are cumbersome and inefficient.

路径三：公司回购退出

Path Three: Company Repurchase and Exit

异议股东请求公司收购股权，理论上看合情合理，实际中很难操作，尤其是在小股东权益受损的情形下，较难掌握公司盈利的财务证据。

The dissenting shareholder's request for the company to acquire equity is theoretically reasonable, but it is difficult to operate in practice, especially in situations where the interests of minority shareholders are damaged, and it is difficult to obtain financial evidence of the company's profitability.

路径四：公司解散退出

Path 4: Dissolution and Exit of the Company

公司解散的方式包含自行解散、强制解散和司法解散，往往是股东纠纷发展到一定阶段或公司经营困难到一定程度的必然选择。

The methods of company dissolution include self dissolution, forced dissolution, and judicial dissolution, which are often inevitable choices when shareholder disputes develop to a certain stage or when the company's operations become difficult to a certain extent.

路径五：股东除名退出

Path 5: Shareholder expulsion and exit

公司可对未全部出资的股东除名

The company may expel shareholders who have not fully contributed their capital

以上，是现有法律框架内规定的所有股东退出的法定路径，它们的共同特点如下：

The above are the legal paths for all shareholders to withdraw within the existing legal framework, and their common characteristics are as follows:

每一个看起来都很有道理，但每一个在实务中都不好用

Each one seems reasonable, but each one is not easy to use in practice

二、股东退出机制的设置方法：

2、 Method for setting up shareholder exit mechanism:

法定的退出路径不灵，那么就需要股东之间通过约定设置更有效的退出机制。

If the statutory exit path is ineffective, it is necessary for shareholders to establish a more effective exit mechanism through agreement.

股东内部借助协议和公司章程，预先创设股东退出的情形，并约定股东退出的条件，在触发股东退出的情形后，按照约定有序退出。

Shareholders use agreements and company articles of association to pre create situations for shareholder withdrawal, and agree on the conditions for shareholder withdrawal. After triggering the situation of shareholder withdrawal, they will withdraw in an orderly manner according to the agreement.

即股东之间有合有散，形成友好的闭环。

There are both mergers and separations among shareholders, forming a friendly closed loop.

股东退出机制的设置方法如下：

The method for setting up the shareholder exit mechanism is as follows:

一、定价格

1、 Fixed price

触发股东退出情形时，可以约定以下几种股权转让定价方法：

When triggering shareholder exit situations, the following equity transfer pricing methods can be agreed upon:

1、原价转让：用于股东入股时间较短，未对公司经营产生实质影响，且自身无重大过错，可以约定由公司或公司其他股东按照原价收购退出股东的股权

1. Original price transfer: For shareholders who have invested in the company for a short period of time, have not had a substantial impact on the company's operations, and have no major fault, it can be agreed that the company or other shareholders of the company will purchase the equity of the withdrawing shareholder at the original price

2、溢价转让：

2. Premium transfer:

用于股东协商达成一致意见，无较大分歧的场景。

Used for shareholder negotiations to reach a consensus without significant differences.

股权溢价的参照有三个：

There are three references for equity premium:

一是当期存贷款利率

One is the current deposit and loan interest rate

二是公司净资产价值

Secondly, the net asset value of the company

三是公司融资过程中的估值

The third is the valuation during the company's financing process

3、无偿转让或折价转让：

3. Free transfer or discounted transfer:

用于股东自身存在重大过错，给公司、股东造成损失后的惩罚性收购

Punitive acquisition for shareholders who have made significant mistakes and caused losses to the company and shareholders

二、定情形

2、 Given the situation

可以约定在满足以下情形的，股东应将其股权转让予公司或其他股东：

Shareholders may agree to transfer their equity to the company or other shareholders if the following conditions are met:

1. 股东离职的

1.  Resignation of shareholders

2. 股东退休的

2.  Retired shareholders

3. 股东违反公司章程，给公司造成重大损失的

3.  Shareholders who violate the company's articles of association and cause significant losses to the company

4. 股东有违法犯罪行为并承担刑事责任的

4.  Shareholders who engage in illegal and criminal activities and bear criminal responsibility

5. 股东死亡，继承不被允许的

5.  Shareholder death, inheritance not allowed

显而易见，通过对定价格和定情形的排列组合，可以创设无数种股东退出的路径

It is obvious that by arranging and combining fixed prices and fixed situations, countless paths for shareholders to exit can be created