我国优先股制度引入与股东权益保护机制研究

发布时间：2018-01-24 16:26

本文关键词： 优先股股东权益制度完善　出处：《华东政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：优先股是国际上通行的一种在某些权利方面优于普通股票的股票类型,也是公司融资和管理权保有的一种重要的制度设计。由于我国公司制度起步和发展的历史原因,我国的优先股制度一直没有建立起来,也鲜有关于优先股制度的具体与详尽的可规定性操作,这是我国制度设计亟待补充的盲区。当前国际上主要国家通行在资金募集方式制度上都规定了优先股制度,而且优先股还成为了公司股权设定中非常重要的一环。基于上述背景以及国内经济环境和资本市场的发展演变,国家启动相关优先股制度的试点改革,国务院于2013年11月30日发布了《关于开展优先股试点的指导意见》,这是我国优先股制度发展的重要一环。《指导意见》从原则上规定了我国优先股最基础的制度设计,这为我国优先股制度的发展定下了大体方向。证监会于2013年12月通过了《优先股试点管理办法》,《管理办法》对于优先股制度设计、股东权利和义务、关于优先股的争议解决等都做了较为详细的规定,对于监管机构对优先股的发行和交易进行指导提供了完备的指导手册。《管理办法》的发布标志着优先股的具体实施办法得到了落实,优先股制度的发展,这对于充实和完善我国的资本市场具有相当深远的意义。优先股制度的设计的初衷在于吸引投资,通过引入资金来缓解或者转移公司的现金流危机。同时,发行优先股可以化解公司融资和投资者利益分配之间的矛盾,在更大程度上实现资源的优化配置。同时,发行优先股可以营造双赢的局面,即优先股股东能够获得优先股股息的优先分配权,公司则能够在保证对于公司的控制权不被稀释的同时获得资金。然而,优先股这一制度创新在具体的实施过程中可能会引发一系列相关问题。譬如,当公司的经营状况出现危机之时,优先股股权所对应的资本或者资产已经和其享有的权益不成比例,此时优先股股东的优先权沦为一纸空谈,此时优先股股东可能或者已经丧失了优先权,优先股股东和普通股股东的风险趋于一致。于是,优先股股东的权益该如何来得到有效的保护便成为我们应当仔细探究与解决的方向之一。因此,我们要认识到优先股在制度设计上的缺陷,认识到优先股可能潜藏的风险,这些风险可能导致损害优先股股东权益的现象产生。对于借鉴国外的优先股制度并且合理地将其引入国内本土化的资本市场中,应当保持清晰与清醒的认识,以审慎的态度在权衡利弊得失的前提下来探究该新型制度设计,以因地制宜的方式让优先股制度为我国的资本市场的发展与繁荣作出积极贡献,成为推动我国资本市场走向开放与发达的“纽带”和“桥梁”。
[Abstract]:Preferred stock is a common type of stock in the world which is superior to ordinary stock in some rights. It is also an important institutional design for the maintenance of corporate financing and management rights. Because of the historical reasons of the beginning and development of our company system, the preferred stock system in our country has not been established. There are few specific and detailed prescriptive operations on the preferred stock system. This is a blind spot for the system design of our country to be supplemented urgently. At present, the preferred stock system has been stipulated in the system of raising funds in the main countries in the world. Based on the above background and the development of domestic economic environment and capital market, the country initiated the pilot reform of preferred stock system. On November 30th 2013, the State Council issued the guidance on the pilot of preferred stock. This is an important part of the development of preferred stock system in China. The guiding opinion stipulates in principle the most basic institutional design of preferred stock in China. In December 2013, the CSRC adopted the "preferred stock pilot management measures", and the "management measures" for the design of preferred stock system. The rights and obligations of shareholders, as well as the dispute settlement of preferred stock, are all stipulated in more detail. This paper provides a complete guidance manual for the guidance of the regulators on the issuance and trading of preferred stock. The release of the Management measures marks the implementation of the specific implementation of the preferred stock and the development of the preferred stock system. This is of great significance to enrich and perfect the capital market of our country. The original intention of the preferred stock system is to attract investment, to ease or transfer the cash flow crisis of the company through the introduction of capital. At the same time. The issue of preferred stock can resolve the contradiction between corporate financing and investor benefit distribution, and achieve the optimal allocation of resources to a greater extent. At the same time, issuing preferred stock can create a win-win situation. That is, preferred shareholders can obtain preferential dividend rights, while companies can obtain funds without dilution of control over the company. The institutional innovation of preferred stock may lead to a series of related problems in the concrete implementation process, for example, when the company's operating condition is in crisis. The capital or assets corresponding to the preferred shares have been out of proportion to their equity, at which time the preference of the preferred shareholders is reduced to empty talk, at which time the preferred shareholders may or have lost the priority. The risks of preferred shareholders and common shareholders tend to be consistent. Therefore, how to protect the rights and interests of preferred shareholders is one of the directions that we should explore and solve carefully. We should recognize the defects in the system design of preferred stock and the potential risk of preferred stock. These risks may lead to the phenomenon of damaging the rights and interests of preferred stock shareholders. We should keep a clear and clear understanding of the use of foreign preferred stock system and reasonably introduce it into the domestic capital market. Under the premise of weighing the pros and cons, this paper explores the design of the new system, and makes positive contributions to the development and prosperity of the capital market in the light of local conditions. To become the "tie" and "bridge" to promote the opening and development of China's capital market.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

【相似文献】