我國股份公司構(gòu)建雙重股權(quán)結(jié)構(gòu)法律問題研究
本文選題:股份公司 切入點:雙重股權(quán) 出處:《海南大學(xué)》2017年碩士論文 論文類型:學(xué)位論文
【摘要】:雙重股權(quán)結(jié)構(gòu)通過發(fā)行持股比例與股東權(quán)利不對等的股份,實現(xiàn)了股東在收益、職能、表決權(quán)等方面的差異。與傳統(tǒng)的一股一權(quán)結(jié)構(gòu)相比,雙重股權(quán)結(jié)構(gòu)強化了創(chuàng)始人對公司的控制力,提升了公司的融資潛力,但同時也削弱了投資者權(quán)益,因此各國(地區(qū))對待雙重股權(quán)結(jié)構(gòu)的態(tài)度也不盡相同。股份公司雙重股權(quán)結(jié)構(gòu)在美國、瑞典等國得到了廣泛適用,在法國被改造成了忠誠股,在英國與日本雖未遭到完全禁止但適用比例較低,德國、我國香港等市場則禁止了雙重股權(quán)結(jié)構(gòu)的適用,新加坡近年修改了立法,開始允許股份公司設(shè)置雙重股權(quán)結(jié)構(gòu)。目前我國的公司法規(guī)定了股份公司應(yīng)遵循一股一表決權(quán)的規(guī)則。雙重股權(quán)結(jié)構(gòu)的優(yōu)點既與我國創(chuàng)新公司的發(fā)展需求相契合,也符合我國國企改革中關(guān)于平衡國企經(jīng)濟職能與公益職能的要求,還有望用于培養(yǎng)投資者良好的投資習(xí)慣。我國目前的國情與現(xiàn)行法律對于雙重股權(quán)的適用仍有沖突之處,可能面臨公司雙重股權(quán)自治邊界難以確定、不同類別股東信息不對稱、雙重股權(quán)結(jié)構(gòu)與一股一權(quán)結(jié)構(gòu)的銜接不暢、股東利益受損時難以維權(quán)等問題。針對上述問題,可以考慮完善立法以界定雙重股權(quán)下的公司自治邊界,建立雙重股權(quán)公司信息透明化機制,建立雙重股權(quán)公司退回一股一權(quán)結(jié)構(gòu)的可行方案,并建立雙重股權(quán)結(jié)構(gòu)下中小股東利益的保護機制。
[Abstract]:By issuing shares with unequal shareholding ratio and shareholders' rights, the dual ownership structure realizes the differences in income, function, voting rights, etc., compared with the traditional one share, one right structure, the dual ownership structure is different from the traditional one share, one right structure. The dual equity structure strengthens the founder's control over the company, enhances the financing potential of the company, but also weakens the rights and interests of investors. Therefore, different countries (regions) have different attitudes towards the dual equity structure. The dual equity structure of joint-stock companies has been widely applied in the United States, Sweden and other countries, and has been transformed into loyal shares in France. Although Britain and Japan have not been completely banned but the application ratio is low, Germany, Hong Kong and other markets have banned the application of the dual equity structure, and Singapore has recently amended its legislation. At present, the company law of our country stipulates that the joint-stock company should follow the rule of one share and one vote. The advantages of the dual ownership structure are in line with the development needs of the innovative companies in our country. It is also in line with the requirement of balancing the economic and public functions of state-owned enterprises in China's state-owned enterprise reform, and is also expected to be used to train investors' good investment habits. There is still a conflict between the current situation of our country and the application of the current law to dual equity rights. It may be difficult to determine the boundaries of a company's dual equity autonomy, the information of different types of shareholders is asymmetric, the connection between the dual ownership structure and the one-share and one-right structure is not smooth, and it is difficult to protect the rights of shareholders when the interests of shareholders are damaged. In view of the above problems, We may consider perfecting legislation to define the boundaries of corporate autonomy under dual equity, to establish a mechanism of information transparency for dual equity companies, and to establish a feasible scheme for double equity companies to return to one share and one right structure. And establish the protection mechanism of minority shareholders' interests under the dual ownership structure.
【學(xué)位授予單位】:海南大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2017
【分類號】:D922.291.91
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