类别股研究

发布时间：2018-04-10 20:01

  本文选题：类别股 + 一股一权和同股同权原则　； 参考：《南京大学》2017年硕士论文

【摘要】：股权是股东通过出资获得的对价。股东通过股权行使表决权,并获得财产性权利,股权实际上是股权的子权利组成的权利束。我国《公司法》通过一股一权和同股同权原则将股权的表决权和财产性权利等比例切割形成标准的股份,使股权的子权利不能依据股东的不同偏好进行分离组合。类别股突破了单一普通股的格局,将股权中的表决权和财产权依据股东的不同偏好进行分离组合,其在普通股的基础上对表决权和财产性权利一项或几项进行扩张或限制,有利于公司融资,满足投资者多样化的投资需求,稳定公司经营权等诸多实践价值。而我国长期以来实行单一的普通股制度,无法满足资本市场发展的需求。2005年百度公司作为第一家采用双重股权结构在美国上市的中国公司,引起境内互联网创新型公司纷纷效仿去国外上市。经济需求必将推动上层建筑等制度的变迁与更新,国务院于2013年11月30日出台了《国务院关于开展优先股试点的指导意见》,14年证监会出台《优先股试点管理办法》使优先股的法律地位得到确认,也标志着我国类别股制度向前迈出重要一步。但是我国《公司法》尚未明确规定类别股,并且《公司法》规定一股一权和同股同权原则所确立的单一普通股格局仍没有实质性突破。笔者通过公司合同理论,即公司的实质是一系列合同的联结,公司参与各方受合同法的保护,由于公司合同的长期性和不完备性,公司法应运而生,通过公司法规则对公司参与各方的予以保护,讨论了一股一权和同股同权原则的局限性--不利于实现股东的实质平等,制约了公司的意思自治,限制股权的权利束分离组合,并结合域外法国家和地区的立法和案例,指出我国目前立法实践的不足和缺陷,为我国的类别股制度构建提供具体的建议。文章分导论、正文和结语三大部分,导论通过案例提出我国单一普通股制度存在的相关问题。正文分为三个部分,第一部分对类别股进行概述,具体阐述了类别股的概念、类型(对表决权方面进行特殊安排的类别股、对收益权方面进行特殊安排的类别股及其他类型)和功能(满足公司融资的需要、顺应投资者多样化的需求、稳定公司控制权和推进公司法相关制度的发展),着重介绍了类别股的功能,为后文的论述做铺垫。第二部分主要是对类别股呈现同股不同权进行辨析,指出我国一股一权和同股同权原则的局限性—不利于实现股东实质平等,阻碍公司意思自治和限制股权的子权利的分离组合。并结合域外法国家通过立法对一股一权和同股同权原则进行例外规定,指出我国类别股立法的不足及原因。第三部分,介绍类别股的中国选择。结合域外法国家的立法实践提出我国类别股制度构建的具体建议。
[Abstract]:Equity is the consideration that shareholders obtain through capital contribution.Shareholders exercise their voting rights through equity and acquire property rights, which is actually a bundle of rights composed of sub-rights of equity.According to the principle of "one share, one right" and "same share and same right", the Company Law of our country cuts the voting rights and property rights of equity into standard shares, so that the sub-rights of equity can not be separated and combined according to the different preferences of shareholders.Category shares break through the pattern of single common stock, separate voting rights and property rights according to different preferences of shareholders, and expand or restrict one or more items of voting rights and property rights on the basis of common shares.It is beneficial to corporate financing, to meet the diversified investment needs of investors, to stabilize the company management rights and many other practical values.However, for a long time, China has implemented a single common stock system, which cannot meet the needs of the development of the capital market. In 2005, Baidu Company was the first Chinese company to adopt a dual equity structure to list in the United States.Causes the domestic Internet innovation company to emulate to go abroad to list one after another.Economic demand will certainly promote the change and renewal of superstructure and other institutions.On November 30, 2013, the State Council issued the guidance of the State Council on the pilot of preferred stock, and in 14 years, the Securities Regulatory Commission issued the measures for the Administration of preferred Stock pilot, which confirmed the legal status of preferred stock.It also marks an important step forward in China's class stock system.However, the Company Law of our country has not clearly stipulated the category of shares, and the single common stock pattern established by the principle of "one share, one right" and the principle of "one share, one right" and the principle of "same share and equal right" has not yet made a substantial breakthrough.Through the theory of company contract, that is, the essence of company is the connection of a series of contracts, the parties involved in the company are protected by the contract law. Because of the long-term and incomplete nature of the company contract, the company law emerges as the times require.This paper discusses the limitation of the principle of "one share, one right" and "same share and same right", which is not conducive to the realization of the substantive equality of shareholders, restricts the autonomy of the company's will, and restricts the separation and combination of the right bundle of the stock right, through the protection of all parties involved in the company by the rules of company law.Combined with the legislation and cases of foreign countries and regions, this paper points out the shortcomings and defects of our country's current legislative practice, and provides concrete suggestions for the construction of the system of category shares in our country.This article is divided into three parts: introduction, text and conclusion. The introduction points out the related problems of our country's single common stock system through cases.The text is divided into three parts, the first part is an overview of the category stocks, the specific description of the concept of category stocks, types (special arrangements for voting rights in the category of shares,Types of shares and other types of special arrangements for income rights) and functions (to meet the needs of corporate financing and to respond to the diversified needs of investors,In order to stabilize the control rights of the company and promote the development of the company law related system, the paper introduces the function of the category shares and paves the way for the later discussion.The second part mainly analyzes the different rights of category shares, and points out the limitation of the principle of "one share, one right" and "same share right" in China, which is not conducive to the realization of substantive equality of shareholders.Separate combinations that block the autonomy of the company's will and restrict the rights of its children.Combined with the exception of the principle of "one share, one right" and the principle of "one share, one right" through legislation in foreign countries, this paper points out the deficiency and reasons of the legislation of category shares in our country.The third part introduces the choice of China.Combined with the legislative practice of foreign countries, this paper puts forward some concrete suggestions on the construction of China's category stock system.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91
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本文编号：1732697