类别表决权:类别股股东保护与公司行为自由的衡平——兼评《优先股试点管理办法》第10条

发布时间：2018-04-24 09:41

本文选题：优先股 + 类别股　；参考：《法学评论》2015年01期

【摘要】：2013年《国务院关于开展优先股试点的指导意见》的颁布意味着我国类别股制度的确立。优先股等类别股与普通股之间存在利益冲突,前者的类别权容易受普通股股东机会主义行为的侵害。类别表决权为类别股股东提供了对不完全的类别股合同进行事后补充和重新缔约的机会,对类别股股东保护具有重要价值。类别表决权实质是对公司行为的类别否决权,类别表决范围过宽将妨碍公司行为自由,因此应对类别股股东保护与公司行为自由进行衡平。文中对类别表决权适用范围的合理确定从法理和比较法两个方面进行分析,认为效率价值优位的公司法应优先保护公司行为自由,类别表决权适用范围应根据此价值判断合理确定。基于上述类别表决权一般原理,文中对我国证监会《优先股试点管理办法》中优先股的类别表决权进行评析,认为该办法过分扩大了强制类别表决事项,妨碍了公司行为自由和适应市场的灵活性,过分侵占了公司内部治理的空间。
[Abstract]:The promulgation of the guiding opinion of the State Council on the pilot of the priority shares in 2013 means the establishment of the system of class shares in China. There is a conflict of interests between the preferred shares and the common stock. The former is vulnerable to the opportunistic behavior of the common shareholders. The category voting rights provide the class shareholders with an incomplete class. The opportunity to supplement and renew the contract after the contract is of great value to the protection of the shareholders of the class. The category voting right is essentially a category veto right to the behavior of the company. The wide scope of the class vote will impede the freedom of the company's behavior. Therefore, the protection of the shareholders of the category shares and the freedom of the public act are equitable. The reasonable determination of the scope of application is analyzed from two aspects of jurisprudence and comparative law. It is considered that the company law of the best position of efficiency should give priority to the protection of the company's freedom of conduct. The scope of application of category voting rights should be determined according to this value. Based on the general principle of the above category of voting rights, the pilot management method of the China Securities Regulatory Commission < priority shares' is given in the article. The category voting rights of the preferred stock are evaluated and analyzed. It is considered that this method excessively enlarges the compulsory category voting matters, hinders the company's freedom of behavior and adapts the flexibility of the market, and excessively encroach on the internal governance space of the company.

【作者单位】：中国民航大学法学院;
【基金】：2013年教育部人文社科研究青年基金《类别股利益冲突治理法律研究》(项目编号:13YJC820053)阶段性成果中央高校基本科研业务费中国民航大学专项(项目标号:3122014F002)资助
【分类号】：D922.291.91

【共引文献】