我国股份公司构建双重股权结构法律问题研究

发布时间：2018-03-11 04:26

本文选题：股份公司　切入点：双重股权　出处：《海南大学》2017年硕士论文　论文类型：学位论文

【摘要】：双重股权结构通过发行持股比例与股东权利不对等的股份,实现了股东在收益、职能、表决权等方面的差异。与传统的一股一权结构相比,双重股权结构强化了创始人对公司的控制力,提升了公司的融资潜力,但同时也削弱了投资者权益,因此各国（地区）对待双重股权结构的态度也不尽相同。股份公司双重股权结构在美国、瑞典等国得到了广泛适用,在法国被改造成了忠诚股,在英国与日本虽未遭到完全禁止但适用比例较低,德国、我国香港等市场则禁止了双重股权结构的适用,新加坡近年修改了立法,开始允许股份公司设置双重股权结构。目前我国的公司法规定了股份公司应遵循一股一表决权的规则。双重股权结构的优点既与我国创新公司的发展需求相契合,也符合我国国企改革中关于平衡国企经济职能与公益职能的要求,还有望用于培养投资者良好的投资习惯。我国目前的国情与现行法律对于双重股权的适用仍有冲突之处,可能面临公司双重股权自治边界难以确定、不同类别股东信息不对称、双重股权结构与一股一权结构的衔接不畅、股东利益受损时难以维权等问题。针对上述问题,可以考虑完善立法以界定双重股权下的公司自治边界,建立双重股权公司信息透明化机制,建立双重股权公司退回一股一权结构的可行方案,并建立双重股权结构下中小股东利益的保护机制。
[Abstract]:By issuing shares with unequal shareholding ratio and shareholders' rights, the dual ownership structure realizes the differences in income, function, voting rights, etc., compared with the traditional one share, one right structure, the dual ownership structure is different from the traditional one share, one right structure. The dual equity structure strengthens the founder's control over the company, enhances the financing potential of the company, but also weakens the rights and interests of investors. Therefore, different countries (regions) have different attitudes towards the dual equity structure. The dual equity structure of joint-stock companies has been widely applied in the United States, Sweden and other countries, and has been transformed into loyal shares in France. Although Britain and Japan have not been completely banned but the application ratio is low, Germany, Hong Kong and other markets have banned the application of the dual equity structure, and Singapore has recently amended its legislation. At present, the company law of our country stipulates that the joint-stock company should follow the rule of one share and one vote. The advantages of the dual ownership structure are in line with the development needs of the innovative companies in our country. It is also in line with the requirement of balancing the economic and public functions of state-owned enterprises in China's state-owned enterprise reform, and is also expected to be used to train investors' good investment habits. There is still a conflict between the current situation of our country and the application of the current law to dual equity rights. It may be difficult to determine the boundaries of a company's dual equity autonomy, the information of different types of shareholders is asymmetric, the connection between the dual ownership structure and the one-share and one-right structure is not smooth, and it is difficult to protect the rights of shareholders when the interests of shareholders are damaged. In view of the above problems, We may consider perfecting legislation to define the boundaries of corporate autonomy under dual equity, to establish a mechanism of information transparency for dual equity companies, and to establish a feasible scheme for double equity companies to return to one share and one right structure. And establish the protection mechanism of minority shareholders' interests under the dual ownership structure.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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