论双层股权结构的可行性和法律边界

发布时间：2018-03-06 15:52

本文选题：双层股权结构　切入点：合伙人制度　出处：《法律适用》2015年07期 　论文类型：期刊论文

【摘要】：双层股权结构因其良好地解决了公司上市融资的需求和创始人团队控制权旁落之间的矛盾,合理地分散了内部股东的投资风险,并且作为有效的抵御恶意收购的方式,早在一百年前就受到西方国家一些公司的青睐。但是双层股权结构自其诞生之日起就伴随着质疑之声,特别是其引起的代理成本问题和监督机制问题,对公司民主原则提出了挑战。而我国由于坚守"同股同权"的原则,一直未对双层股权结构给予肯定的态度。在我国众多公司利用监管套利而纷纷走向外国股票市场上市的大环境下,应当对双层股权结构持宽容的态度,并根据双层股权结构在西方存在百年的实践经验和实证研究,再结合我国的现实情况,从法律层面为双层股权结构的存在破除障碍。
[Abstract]:Because of its good solution to the contradiction between the financing needs of the listed company and the control rights of the founder team, the double-layer equity structure reasonably distributes the investment risk of the internal shareholders and acts as an effective way to resist hostile takeover. As early as 100 years ago, it was favored by some companies in western countries. However, since its birth, the two-tier equity structure has been accompanied by voices of doubt, especially the problems of agency cost and supervision mechanism caused by it. It challenges the principle of corporate democracy, and our country adheres to the principle of "one share, one right", There has been no positive attitude towards the two-tier equity structure. In the general environment in which many companies in our country are going public on the foreign stock market by means of regulatory arbitrage, we should take a tolerant attitude towards the two-tier equity structure. On the basis of the practical experience and empirical research on the existence of double-tier equity structure in the West for one hundred years, and combining with the reality of our country, this paper breaks down the obstacle for the existence of double-layer equity structure from the legal level.
【作者单位】：北京大学法学院;
【分类号】：D922.291.91

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