我國(guó)優(yōu)先股表決權(quán)機(jī)制研究
發(fā)布時(shí)間：2018-08-14 12:45
【摘要】：我國(guó)優(yōu)先股制度的試點(diǎn),意在構(gòu)建多層次的資本市場(chǎng)。優(yōu)先股的表決權(quán)是優(yōu)先股制度的內(nèi)容之一,其雖屬于股東表決權(quán)的一種,但是與普通股東也存在很多區(qū)別,例如權(quán)利性質(zhì)、表決權(quán)范圍、行使要件存在諸多不同。優(yōu)先股表決權(quán)存在多個(gè)制度層次,包括一般情形下無(wú)表決權(quán)的狀態(tài)、優(yōu)先股表決權(quán)恢復(fù)機(jī)制和優(yōu)先股分類(lèi)表決機(jī)制,恢復(fù)機(jī)制側(cè)重于對(duì)優(yōu)先股利益進(jìn)行事后補(bǔ)救,分類(lèi)表決機(jī)制則注重事前預(yù)防。這種多層次性的制度架構(gòu),構(gòu)成了優(yōu)先股權(quán)表決權(quán)制度獨(dú)有的特點(diǎn),包括限制性、事前救濟(jì)性、表決權(quán)存續(xù)時(shí)間的短暫性、表決權(quán)存在的反復(fù)性。而且這些特點(diǎn)和制度內(nèi)容是以股東平等原則、資本多數(shù)決原則、公司自治理念為基礎(chǔ)的。在實(shí)際運(yùn)行中優(yōu)先股表決權(quán)機(jī)制能滿(mǎn)足不同投資者的需求,完善公司治理結(jié)構(gòu),改善企業(yè)一股獨(dú)大的局面,同時(shí)優(yōu)先股表決權(quán)的構(gòu)建有利于維護(hù)優(yōu)先股股東的利益,間接促進(jìn)多層次資本市場(chǎng)的構(gòu)建。試點(diǎn)階段我國(guó)優(yōu)先股表決權(quán)機(jī)制還存在諸多問(wèn)題,首先在表決權(quán)恢復(fù)機(jī)制中,其時(shí)間條件和比例條件規(guī)定的并不合理,沒(méi)有具體考慮不同類(lèi)型優(yōu)先股的具體情況。因優(yōu)先股表決權(quán)機(jī)制在維護(hù)其股東利益方面具有先天的遲滯性,在一些情況下還可能導(dǎo)致優(yōu)先股表決權(quán)恢復(fù)機(jī)制的失靈。其次優(yōu)先股分類(lèi)表決權(quán)的內(nèi)容或者范圍雖然也有劃分,但是標(biāo)準(zhǔn)模糊,條款設(shè)計(jì)并不合理,而且在召開(kāi)優(yōu)先股股東專(zhuān)門(mén)大會(huì)時(shí),其程序設(shè)置也比較混亂。當(dāng)前我國(guó)很多企業(yè)已經(jīng)開(kāi)始發(fā)行優(yōu)先股,對(duì)試點(diǎn)階段問(wèn)題的解決利于優(yōu)先股制度的良性發(fā)展。優(yōu)先股在英美等國(guó)家有更長(zhǎng)的制度發(fā)展歷史,其表決權(quán)制度發(fā)展的相應(yīng)也更加完善。大陸法系以法定式的立法模式將優(yōu)先股表決權(quán)機(jī)制規(guī)定在成文的法律中,其中《日本公司法典》以對(duì)種類(lèi)股東的權(quán)利有損害或者損害之虞為標(biāo)準(zhǔn)進(jìn)行分類(lèi)表決,并詳細(xì)列舉了 13項(xiàng)需要種類(lèi)股召開(kāi)專(zhuān)門(mén)會(huì)議進(jìn)行分類(lèi)表決的情形。德國(guó)則規(guī)定了較為即時(shí)的表決權(quán)恢復(fù)策略。英美法系以授權(quán)式的立法例為主,授權(quán)公司章程自主約定優(yōu)先股表決權(quán)機(jī)制,其相關(guān)法律法規(guī)為公司章程提供一定程度的指引。英美兩國(guó)均規(guī)定了類(lèi)別表決范圍的劃分標(biāo)準(zhǔn),并適用于優(yōu)先股分類(lèi)表決權(quán)范圍的劃分。英國(guó)以"類(lèi)別權(quán)利"的變更為標(biāo)準(zhǔn),美國(guó)則以"公司章程的修改涉及、影響或者改變"類(lèi)別股權(quán)利為標(biāo)準(zhǔn)。我國(guó)可以采取以下幾個(gè)方面的措施完善優(yōu)先股表決權(quán)機(jī)制。第一,必須合理設(shè)置優(yōu)先股股東表決權(quán)恢復(fù)的條件。在時(shí)間條件上,采取相對(duì)即時(shí)恢復(fù)的策略。在比例條件上,試點(diǎn)階段以模擬轉(zhuǎn)股價(jià)格為標(biāo)準(zhǔn),按比例恢復(fù)優(yōu)先股股東的表決權(quán),不利于優(yōu)先股權(quán)益的保護(hù),應(yīng)按照優(yōu)先股出資額的比例恢復(fù)其表決權(quán)。第二,優(yōu)先股表決權(quán)恢復(fù)機(jī)制在維護(hù)優(yōu)先股權(quán)益時(shí)可能產(chǎn)生制度失靈。為此優(yōu)先股股東必須積極行使異議股東回購(gòu)請(qǐng)求權(quán)或股利分配請(qǐng)求權(quán),同時(shí)采取累積性?xún)?yōu)先股的股利計(jì)息方式,彌補(bǔ)優(yōu)先股的損失。第三,優(yōu)先股分類(lèi)表決范圍的劃分標(biāo)準(zhǔn)應(yīng)以權(quán)利變更為標(biāo)準(zhǔn),但是對(duì)于權(quán)利變更要采取限制性解釋,嚴(yán)格確定變更的邊界,以列舉式的立法模式具體規(guī)定優(yōu)先股分類(lèi)表決的事項(xiàng)。第四,優(yōu)先股專(zhuān)門(mén)會(huì)議的召開(kāi),不應(yīng)設(shè)置最低比例的限制,在召開(kāi)模式上應(yīng)該選擇"先后召集,分類(lèi)表決",從保護(hù)優(yōu)先股股東權(quán)益的角度來(lái)設(shè)置優(yōu)先股專(zhuān)門(mén)會(huì)議的程序。
[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.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：D922.291.91
本文編號(hào)：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.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：D922.291.91
【參考文獻(xiàn)】
相關(guān)碩士學(xué)位論文 前2條
1 陸順祥;類(lèi)別股東表決制度研究[D];華東政法大學(xué);2014年
2 吳漳平;中國(guó)優(yōu)先股的發(fā)行策略研究[D];廈門(mén)大學(xué);2013年
，本文編號(hào)：2182903
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