我国优先股表决权机制研究
发布时间：2018-08-14 12:45
【摘要】：我国优先股制度的试点,意在构建多层次的资本市场。优先股的表决权是优先股制度的内容之一,其虽属于股东表决权的一种,但是与普通股东也存在很多区别,例如权利性质、表决权范围、行使要件存在诸多不同。优先股表决权存在多个制度层次,包括一般情形下无表决权的状态、优先股表决权恢复机制和优先股分类表决机制,恢复机制侧重于对优先股利益进行事后补救,分类表决机制则注重事前预防。这种多层次性的制度架构,构成了优先股权表决权制度独有的特点,包括限制性、事前救济性、表决权存续时间的短暂性、表决权存在的反复性。而且这些特点和制度内容是以股东平等原则、资本多数决原则、公司自治理念为基础的。在实际运行中优先股表决权机制能满足不同投资者的需求,完善公司治理结构,改善企业一股独大的局面,同时优先股表决权的构建有利于维护优先股股东的利益,间接促进多层次资本市场的构建。试点阶段我国优先股表决权机制还存在诸多问题,首先在表决权恢复机制中,其时间条件和比例条件规定的并不合理,没有具体考虑不同类型优先股的具体情况。因优先股表决权机制在维护其股东利益方面具有先天的迟滞性,在一些情况下还可能导致优先股表决权恢复机制的失灵。其次优先股分类表决权的内容或者范围虽然也有划分,但是标准模糊,条款设计并不合理,而且在召开优先股股东专门大会时,其程序设置也比较混乱。当前我国很多企业已经开始发行优先股,对试点阶段问题的解决利于优先股制度的良性发展。优先股在英美等国家有更长的制度发展历史,其表决权制度发展的相应也更加完善。大陆法系以法定式的立法模式将优先股表决权机制规定在成文的法律中,其中《日本公司法典》以对种类股东的权利有损害或者损害之虞为标准进行分类表决,并详细列举了 13项需要种类股召开专门会议进行分类表决的情形。德国则规定了较为即时的表决权恢复策略。英美法系以授权式的立法例为主,授权公司章程自主约定优先股表决权机制,其相关法律法规为公司章程提供一定程度的指引。英美两国均规定了类别表决范围的划分标准,并适用于优先股分类表决权范围的划分。英国以"类别权利"的变更为标准,美国则以"公司章程的修改涉及、影响或者改变"类别股权利为标准。我国可以采取以下几个方面的措施完善优先股表决权机制。第一,必须合理设置优先股股东表决权恢复的条件。在时间条件上,采取相对即时恢复的策略。在比例条件上,试点阶段以模拟转股价格为标准,按比例恢复优先股股东的表决权,不利于优先股权益的保护,应按照优先股出资额的比例恢复其表决权。第二,优先股表决权恢复机制在维护优先股权益时可能产生制度失灵。为此优先股股东必须积极行使异议股东回购请求权或股利分配请求权,同时采取累积性优先股的股利计息方式,弥补优先股的损失。第三,优先股分类表决范围的划分标准应以权利变更为标准,但是对于权利变更要采取限制性解释,严格确定变更的边界,以列举式的立法模式具体规定优先股分类表决的事项。第四,优先股专门会议的召开,不应设置最低比例的限制,在召开模式上应该选择"先后召集,分类表决",从保护优先股股东权益的角度来设置优先股专门会议的程序。
[Abstract]:The voting right of preferred stock is one of the contents of the preferred stock system. Although it belongs to one of the voting rights of shareholders, it is also different from ordinary shareholders in many aspects, such as the nature of the right, the scope of voting rights, and the elements of exercise. Institutional level, including the non-voting state under general circumstances, the restoration mechanism of the voting rights of preferred shares and the classification voting mechanism of preferred shares, the restoration mechanism focuses on the remedy of the interests of preferred shares after the event, and the classification voting mechanism focuses on the prevention in advance. These characteristics and system contents are based on the principle of equality of shareholders, the principle of capital majority decision and the concept of corporate autonomy. At the same time, the construction of voting rights of preferred shares is conducive to safeguarding the interests of preferred shareholders and indirectly promoting the construction of multi-level capital market. Because the voting right mechanism of preferred shares has inherent lag in safeguarding the interests of its shareholders, it may also lead to the failure of the voting right restoration mechanism of preferred shares in some cases. At present, many enterprises in China have begun to issue preferred shares, and the solution to the problems in the pilot stage is conducive to the sound development of the preferred shares system. The continental law system stipulates the voting right mechanism of preferred shares in the statutory law, and the Japanese Company Code classifies the voting rights of different types of shareholders according to the criterion of damage or damage to the rights of different types of shareholders. Thirteen special types of stocks are listed in detail. In Anglo-American law system, the voting rights of preferred shares are authorized by authorized legislation, and the relevant laws and regulations provide a certain degree of guidance for the articles of association. The United Kingdom regards the change of "class rights" as the criterion, while the United States regards the modification of the articles of association as the criterion. China can take the following measures to improve the voting mechanism of preferred shares. First, the preferred shares must be rationally set up. On the condition of time, we should adopt the strategy of relative instant recovery. On the condition of proportionality, we should restore the voting rights of preferred stock shareholders according to the simulated convertible stock price in the pilot stage, which is not conducive to the protection of preferred stock rights and interests. Secondly, the preferred stock list should be restored according to the proportion of preferred stock contribution. For this reason, the shareholders of preferred shares must actively exercise the right of repurchase or dividend distribution of dissident shareholders and adopt the dividend accrual method of cumulative preferred shares to make up for the loss of preferred shares. Thirdly, the criteria for dividing the voting range of preferred shares should be rights. Fourth, the convening of a special meeting of preferred shares should not set a minimum proportion of the restrictions, in the convening mode should choose "call one after another, vote by classification" to insure. The procedure of special meeting of preferred stock is set up from the perspective of protecting shareholders' rights and interests of preferred stock.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91
本文编号：2182903
[Abstract]:The voting right of preferred stock is one of the contents of the preferred stock system. Although it belongs to one of the voting rights of shareholders, it is also different from ordinary shareholders in many aspects, such as the nature of the right, the scope of voting rights, and the elements of exercise. Institutional level, including the non-voting state under general circumstances, the restoration mechanism of the voting rights of preferred shares and the classification voting mechanism of preferred shares, the restoration mechanism focuses on the remedy of the interests of preferred shares after the event, and the classification voting mechanism focuses on the prevention in advance. These characteristics and system contents are based on the principle of equality of shareholders, the principle of capital majority decision and the concept of corporate autonomy. At the same time, the construction of voting rights of preferred shares is conducive to safeguarding the interests of preferred shareholders and indirectly promoting the construction of multi-level capital market. Because the voting right mechanism of preferred shares has inherent lag in safeguarding the interests of its shareholders, it may also lead to the failure of the voting right restoration mechanism of preferred shares in some cases. At present, many enterprises in China have begun to issue preferred shares, and the solution to the problems in the pilot stage is conducive to the sound development of the preferred shares system. The continental law system stipulates the voting right mechanism of preferred shares in the statutory law, and the Japanese Company Code classifies the voting rights of different types of shareholders according to the criterion of damage or damage to the rights of different types of shareholders. Thirteen special types of stocks are listed in detail. In Anglo-American law system, the voting rights of preferred shares are authorized by authorized legislation, and the relevant laws and regulations provide a certain degree of guidance for the articles of association. The United Kingdom regards the change of "class rights" as the criterion, while the United States regards the modification of the articles of association as the criterion. China can take the following measures to improve the voting mechanism of preferred shares. First, the preferred shares must be rationally set up. On the condition of time, we should adopt the strategy of relative instant recovery. On the condition of proportionality, we should restore the voting rights of preferred stock shareholders according to the simulated convertible stock price in the pilot stage, which is not conducive to the protection of preferred stock rights and interests. Secondly, the preferred stock list should be restored according to the proportion of preferred stock contribution. For this reason, the shareholders of preferred shares must actively exercise the right of repurchase or dividend distribution of dissident shareholders and adopt the dividend accrual method of cumulative preferred shares to make up for the loss of preferred shares. Thirdly, the criteria for dividing the voting range of preferred shares should be rights. Fourth, the convening of a special meeting of preferred shares should not set a minimum proportion of the restrictions, in the convening mode should choose "call one after another, vote by classification" to insure. The procedure of special meeting of preferred stock is set up from the perspective of protecting shareholders' rights and interests of preferred stock.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91
【参考文献】
相关硕士学位论文 前2条
1 陆顺祥;类别股东表决制度研究[D];华东政法大学;2014年
2 吴漳平;中国优先股的发行策略研究[D];厦门大学;2013年
，本文编号：2182903
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