在《股东协议》中，经常会遇到需要翻译或用英语表述“优先购买权”，通过搜索查阅，通常会发现Preemptive Right和Right of First Refusal两种表达。那么，到底该用哪一种合适呢？它俩可以互换吗？以下对此进行了探讨和分析：

1、Preemptive Right

Preemptive rights are a contractual clause giving a shareholder the right to buy additional shares in any future issue of the company's common stock before the shares are available to the general public. Shareholders who have such a clause are generally early investors or majority owners who want to maintain the size of their stake in the company when and if additional shares are offered.

A preemptive right is sometimes called an "anti-dilution provision." It gives the investor the option of maintaining a certain percentage of ownership of the company as it grows.

在《元照英美法词典》中，Preemptive Right的释义为“优先认购权、优先购股权”，股东为保持其股权比例而对公司新发行股份享有的一种优先权。

在Black’s Law Dictionary (eighth edition)中Preemptive Right的定义为“A shareholder's privilege to purchase newly issued stock - before the shares are offered to the public — in an amount proportionate to the shareholder's current holdings in order to prevent dilution of the shareholder's ownership interest. * This right must be exercised within a fixed period, usu. 30 to 60 days. -- Also termed subscription privilege”. （股东购买新发行股份的特权-在向公众发行新股之前，股东有权按照其股权比例认购该等新股，以防股东所有权益的稀释。该等权利必须在固定期限内行使，通常30至60日内。--也称为认购特权。）

例句1：

In addition, the other Party shall have a preemptive right on the same terms and conditions to to extent permitted by law.

此外，该另一方应在法律许可的范围内的同等条款和条件下享有优先认购权。

例句2：

Notwithstanding the foregoing, a party hereby waives its preemptive right in the case of any assignment of all or party of the other party's registered capital to an affiliate of the other party.

尽管上述规定，如果一方将其全部或部份注册资金转让给一家关联公司，另一方则在此放弃其优先认购权。

2、Right of First Refusal

Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers. This is a popular clause among lessees of real estate because it gives them preference to the properties in which they occupy. However, it may limit what the owner could receive from interested parties competing for the property.

在《元照英美法词典》中，First Refusal的释义为“优先购买权”，在所有人表示接受要约的情况下，要约人选择以与第三人真诚提出的要约相同的价格和条件优先购买某物的权利。

在Black’s Law Dictionary(eighth edition)中Right of First Refusal的释义为 “A potential buyer's contractual right to meet the terms of a third party's higher offer. * For example, if Beth has a right of first refusal on the purchase of Sam's house, and if Terry offers to buy the house for $300,000, then Beth can match this offer and prevent Terry from buying it”.（潜在买家满足第三人更高报价条件的合同权利。比如，若Beth在购买山姆的房屋上具有优先购买权，如果Terry提出要约以300,000美元购买该房屋，那么Beth可以与Terry要约相同的价格阻止Terry购买该房屋。）

例句1：

Party B shall have the right of first refusal under equal conditions.

乙方在同等条件下享有优先购买权。

例句2：

Commissioning party has the right of first refusal under the same conditions.

研究开发人转让专利申请权的，委托人享有以同等条件优先购买的权利。

通过定义比较，我们可以发现，Preemptive Right是一种法律赋予股东的权利或特权（privilege），这就意味着，对于该等权利或特权股东可自由选择放弃，但他人（包括公司）却不能肆意侵犯。该等特权约束的是公司行为，如公司违反该等特权，受害股东可以公司名义向公司的董事或其他股东提起诉讼。

Right of First Refusal则是一种由买方享有的合同权利（contractual right），由交易双方约定。该等权利约束的是卖方行为，如卖方违约，受害买方可向卖方追究违约责任。

综上，Preemptive Right为“优先认购权”，Right of First Refusal为“优先购买权”，翻译时应加以区分。