译文（字数 3064）：

重新考虑优先购买权的权利

介绍

在一个封闭型公司合同文件的规定上，有一个项目(通常是对后面)会标记为“优先购买权的权利。”通过采用这一规定，公司的股东承诺，他们只会出售与第三方协商后的价格股价的股票。尽管细节会有所不同，优先购买权是无处不在的。从加油站石油管道，从股票，他们不限制销售，甚至不限制财产处置。

在典型的优先购买权的权利安排上，至少涉及三方，所有者和持有人授予权利给一个或更多的潜力第三方买家。本文调查的经济影响每一方，试图确定为什么缔约双方做出这样的承诺，为什么他们采用这种特殊的文书。

这篇文章有三个主要目标:

1.证明优先购买权对缔约双方是昂贵的

外文原文（字符数 12292）：

外文出处：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.