论双层股权结构在我国的构建

发布时间：2018-07-10 17:14

本文选题：双层股权结构 + 一股一权　；参考：《宁波大学》2017年硕士论文

【摘要】：双层股权结构是一种非常规股权结构,由于其特殊的股权设计与“一股一权”原则相悖,历来饱受争议。但实践中越来越多的公司在上市时选择适用双层股权结构,从社会实践层面上表明,双层股权结构契合了股东不同的利益诉求,有其设置的合理性和必要性。同时,双层股权结构在提升司治理效能、增强资本市场竞争力方面也有着重要意义:一方面,公司创始人在进入资本市场募集资金的同时,可以不必稀释其对公司的控制权;另一方面,正是基于公司创始人对公司享有稳定的控制权,可以有效抵御恶意收购等风险,从而有利于管理团队不过分追求短期利益而实施有利于公司发展的长期战略。我国《公司法》贯彻“一股一权”、“股权平等”原则,这对于日益全球化的资本市场来说,显得缺乏足够的包容性,也因此失去了一大批市值较高的大型企业。从而我国有必要探索适合我国国情的双层股权结构,而就我国目前各相关法律制度而言,还存在诸多法律障碍。因此,本文在结合公司法理论的基础上,对双层股权结构的意义、我国引入双层股权结构的可行性及其障碍、以及障碍的克服这几个方面进行探讨,对《公司法》限制双层股权结构的条款作充分的反思,进一步论证我国如何引入及构建双层股权结构这一问题。本文共分为四部分。文章第一部分介绍了双层股权结构的含义、价值和本质,以期通过对双层股权结构多个角度、全方位的分析,更深层次地探究这一股权结构。越来越多的公司选择采用双层股权结构在美国上市,说明该股权结构有其不可替代的制度价值。但是也应当看到,除美国、瑞典等少数国家允许适用双层股权结构,其他很多国家都禁止采用双层股权结构的公司在其交易所上市,说明该股权结构还存在一定的风险。因此,有必要对双层股权结构的价值和弊端理性分析,才能科学的理解、引入该制度。文章第二部分主要就双层股权结构在美国的立法及实践进行分析,了解美国是如何有效运行该制度,进而通过其经验对我国的启示,进一步论述我国是否应当引入双层股权结构。文章第三部分主要围绕我国引入双层股权结构时所面临的制度障碍展开论述,明确我国现阶段在相关法律制度方面存在哪些不足。文章第四部分就如何克服该些障碍进行了论述,在充分发挥其制度价值的同时降低风险,为我国引入双层股权结构提供良好的制度支持。
[Abstract]:Double ownership structure is a kind of unconventional ownership structure, which has always been controversial because of its special equity design and the principle of "one share, one right". But in practice, more and more companies choose to apply the double ownership structure when they are listed on the stock market. From the social practice level, it shows that the double ownership structure fits the different interests of shareholders and has the rationality and necessity of setting up. At the same time, the double ownership structure also has important significance in improving the efficiency of governance and enhancing the competitiveness of the capital market. On the one hand, the founder of the company can not dilute his control right to the company when he enters the capital market to raise funds; On the other hand, based on the stable control of the company, the company founder can effectively resist the risks such as hostile takeover, which is conducive to the management team not excessively pursuing short-term interests and implementing long-term strategy conducive to the development of the company. The "one share, one right" and "equity equality" principle are carried out in the Company Law of our country. For the increasingly globalized capital market, the company law lacks sufficient inclusiveness and loses a large number of large enterprises with high market value. Therefore, it is necessary for our country to explore the double ownership structure which is suitable for our country's national conditions. However, there are still many legal obstacles as far as the relevant legal systems are concerned. Therefore, on the basis of the theory of company law, this paper discusses the significance of double ownership structure, the feasibility and obstacles of introducing double ownership structure in our country, and how to overcome these obstacles. This paper makes a full reflection on the provisions of "Company Law" that restrict the double ownership structure, and further demonstrates how to introduce and construct the double level equity structure in our country. This paper is divided into four parts. The first part of the article introduces the meaning, value and essence of the double-layer equity structure, in order to explore the ownership structure in a deeper level through the analysis of the multi-angle and omni-directional analysis of the double-layer ownership structure. More and more companies choose to adopt double-level equity structure, which shows that this structure has irreplaceable institutional value. However, it should also be noted that a few countries except the United States, Sweden and other countries allow the application of double-tier equity structure, and many other countries prohibit companies with double-tier equity structure from listing on their exchanges, indicating that there is still some risk in this structure. Therefore, it is necessary to analyze the value and malpractice of double ownership structure in order to understand scientifically and introduce the system. The second part of the article mainly analyzes the legislation and practice of the double-layer equity structure in the United States, to understand how the United States operates the system effectively, and then through its experience to our country's enlightenment. Further discuss whether our country should introduce double-level equity structure. The third part of the article mainly discusses the system obstacles that our country faces when introducing the double-layer ownership structure, and clarifies the deficiencies of the relevant legal system in our country at the present stage. The fourth part of the article discusses how to overcome these obstacles, in order to give full play to the value of the system while reducing the risk, and to provide a good institutional support for the introduction of two-tier equity structure in China.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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