本文選題：股份有限公司　切入點(diǎn)：投票權(quán)　出處：《西南政法大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：雙層股權(quán)制度是一項(xiàng)在國(guó)外已經(jīng)存在廣泛實(shí)踐的股權(quán)結(jié)構(gòu)制度,近年來(lái),該項(xiàng)制度越來(lái)越受到互聯(lián)網(wǎng)企業(yè)的青睞。雙層股權(quán)制度的優(yōu)勢(shì)在于創(chuàng)始人的股權(quán)被不斷稀釋之后,仍然能夠保持對(duì)公司的控制權(quán),從而為公司更大規(guī)模的融資創(chuàng)造有利的條件。本文首先在引言部分介紹了雙層股權(quán)制度的基本概念內(nèi)涵,以及當(dāng)前國(guó)內(nèi)對(duì)于雙層股權(quán)制度及其基本理念的研究現(xiàn)狀。正文的第一部分,通過(guò)介紹以谷歌、Facebook等為代表的美國(guó)高科技企業(yè)的股權(quán)結(jié)構(gòu),簡(jiǎn)單介紹了雙層股權(quán)制度在國(guó)外資本市場(chǎng)的實(shí)踐現(xiàn)狀。另外,通過(guò)介紹百度與新浪微博的股權(quán)結(jié)構(gòu),說(shuō)明雖然我國(guó)的資本市場(chǎng)尚不允許建立雙層股權(quán)制度,但是很多立足國(guó)內(nèi)的公司通過(guò)搭建復(fù)雜的交易結(jié)構(gòu),事實(shí)上已經(jīng)采用了雙層股權(quán)制度,然而囿于法規(guī)所限,只能選擇赴海外資本市場(chǎng)上市。正文的第二部分,筆者對(duì)雙層股權(quán)制度進(jìn)行了理論分析,首先分析了雙層股權(quán)制度的基本特征,這些基本特征主要包括經(jīng)濟(jì)權(quán)益的平等性、投票表決權(quán)的不平等性、B類(lèi)普通股持有主體的特定性、B類(lèi)普通股流通的限制性以及兩類(lèi)普通股轉(zhuǎn)換的單向性;其次,筆者將雙層股權(quán)與優(yōu)先股制度、投票權(quán)征集制度、一致行動(dòng)人以及當(dāng)下熱議的阿里巴巴合伙人制度進(jìn)行了比較,進(jìn)一步說(shuō)明雙層股權(quán)制度在公司治理中的特殊作用;再次,筆者從商法效率價(jià)值、公平價(jià)值與安全價(jià)值的角度對(duì)雙層股權(quán)制度進(jìn)行了分析,認(rèn)為,雙層股權(quán)制度雖然偏重效率價(jià)值,不僅有利于保證公司穩(wěn)定性、擴(kuò)大公司融資規(guī)模,同時(shí),還有利于提升公司的決策效率以及執(zhí)行效率,但是并不會(huì)因此而偏廢公平價(jià)值與安全價(jià)值,在市場(chǎng)機(jī)制以及監(jiān)管機(jī)構(gòu)的規(guī)制之下,雙層股權(quán)制度下股東的權(quán)益是有所保障的。正文的第三部,筆者著眼于分析我國(guó)建立雙層股權(quán)制度的合理性。長(zhǎng)期以來(lái),如何在融資規(guī)模與公司控制權(quán)之間求取平衡是公司創(chuàng)始人所面臨的一大難題,在同股同權(quán)的制度下,擴(kuò)大股權(quán)融資的規(guī)模必然導(dǎo)致自身的股權(quán)被稀釋,從而可能喪失對(duì)公司的控制權(quán),而雙層股權(quán)制度提供了一種實(shí)現(xiàn)融資規(guī)模與保持公司控制權(quán)平衡的路徑。此外,雙層股權(quán)制度對(duì)于吸引優(yōu)質(zhì)企業(yè)在國(guó)內(nèi)證券市場(chǎng)上市、為國(guó)有企業(yè)改制提供制度創(chuàng)新以及對(duì)抗惡意收購(gòu)方面都具有重要的積極作用。正文的第四部分,筆者分析了我國(guó)建立雙層股權(quán)制度的可行性,嘗試構(gòu)建一個(gè)較為完整的雙層股權(quán)制度體系。在立法路徑選擇上,我國(guó)構(gòu)建雙層股權(quán)制度既可以通過(guò)修改法律的形式,也可以依照現(xiàn)行法律由國(guó)務(wù)院作出相應(yīng)的規(guī)定,甚至直接賦予公司決定自身股權(quán)結(jié)構(gòu)更大的自由。在雙層股權(quán)制度的適用主體上,筆者認(rèn)為,在表決權(quán)的配置方面,現(xiàn)行立法已經(jīng)賦予有限責(zé)任公司足夠的自由,因此雙層股權(quán)制度應(yīng)當(dāng)主要適用于股份有限公司。此外,在當(dāng)前對(duì)于公司經(jīng)營(yíng)范圍限制越來(lái)越寬松的背景下,公司本身的行業(yè)屬性趨于淡化,因此,限制某些行業(yè)的公司采用雙層股權(quán)制度并不合理。由于公司的融資需求往往是貫穿其整個(gè)發(fā)展過(guò)程的,因此,對(duì)于股份有限公司設(shè)立雙層股權(quán)制度的時(shí)間限制上,可以采取較為寬松的規(guī)定。鑒于B類(lèi)普通股高投票權(quán)的特性,其持有者應(yīng)當(dāng)僅限于對(duì)公司的發(fā)展有重大作用的創(chuàng)始人股東。當(dāng)然,B類(lèi)普通股的對(duì)外轉(zhuǎn)讓也應(yīng)當(dāng)采取嚴(yán)格的限制,以保證公司控制權(quán)的穩(wěn)定。為了保護(hù)公司與其余投資者的利益,正文的第五部分側(cè)重分析對(duì)雙層股權(quán)制度的規(guī)制,規(guī)制的基本途徑包括私權(quán)利的規(guī)制與公權(quán)的規(guī)制�，F(xiàn)代制度經(jīng)濟(jì)學(xué)視角下,公司被看作是一系列契約的組合,因此,以私權(quán)利為基石,通過(guò)契約的形式對(duì)雙層股權(quán)制度的設(shè)立,以及B類(lèi)普通股持有者的約束應(yīng)當(dāng)是市場(chǎng)經(jīng)濟(jì)條件下最為重要的規(guī)制措施。當(dāng)然,市場(chǎng)失靈的普遍存在使得公權(quán)力的干預(yù)也必不可少。當(dāng)私權(quán)利與公權(quán)力的規(guī)制都未能預(yù)防權(quán)利損害事實(shí)的發(fā)生,那么作為法治社會(huì)的最終救濟(jì)措施,訴訟應(yīng)當(dāng)成為股東最終的權(quán)利保障手段,為了鼓勵(lì)股東采取訴訟手段維護(hù)自身權(quán)益,我國(guó)可以參照集團(tuán)訴訟制度對(duì)訴訟代表人制度進(jìn)行改良,降低投資者的維權(quán)成本。
[Abstract]:Double ownership system is a system in foreign countries has been widespread practice of ownership structure in recent years, the system is more and more favored by Internet companies. The advantages of the system is the double equity stake is diluted after the founder, is still able to maintain control of the company, so as to create favorable conditions for the large-scale company financing. Firstly, in the introduction part introduces the basic concept of the connotation of double ownership system, and the current domestic research situation about the double ownership system and its basic concept. In the first part, through the introduction of Google, the ownership structure of American high-tech companies such as the Facebook, introduces the practice of double ownership system in foreign capital the market. In addition, through the introduction of Baidu and Sina micro-blog ownership structure, although China's capital market is still not allowed to build Double ownership system, but many domestic companies through the transaction structure to build the complex, in fact has the double ownership system, however, due to limited regulations, can only choose to overseas capital market. The second part, the author analyses the theory of double ownership system, firstly analyzes the basic characteristics of double ownership system equality, these basic features include economic rights, voting rights are unequal, specific class B common shares held by the subject, the one-way restriction class B common shares and two ordinary shares of class conversion; secondly, the author will double equity and preferred stock system, solicitation of voting rights. Compared with the Alibaba acting as well as the current hot partner system, further explains the special role of double ownership system in corporate governance; again, the business method. The rate of value, fair value, value and security are analyzed, the double ownership system that double ownership system while focusing on efficiency value, not only conducive to ensure the company's stability, expand the scale of financing, at the same time, will also help enhance the company's efficiency and decision-making efficiency, but will not be neglected the value of fair value and safety in contrast, regulation of market mechanism and regulatory interests under the system of shareholder equity, double is somewhat protected. The third part, the author focuses on the analysis of rationality of establishing double ownership system in China. For a long time, how between the financing scale and the control of the company to strike a balance is a big problem faced by the founder of the company in the same rights system, expand the scale of stock financing will inevitably lead to the equity dilution, which may lose control of the company But, double equity system provides a realization of financing scale and maintain the path of corporate control balance. In addition, the double ownership system for attracting high-quality enterprises listed in the domestic stock market, for the restructuring of state-owned enterprises to provide against the hostile takeover and system innovation are very important positive role. The fourth part, the author analyzes the feasibility of the establishment of double ownership system of our country, try to build a complete system of legislation. In the double equity route choice, either through legal form, change the build two-tier ownership system in our country, can also be in accordance with the existing law by the State Council made the corresponding provisions, even directly gives the company decided its ownership structure more free. At the subject of double ownership system, the author believes that the allocation of voting rights in the current legislation has given the limited liability companies Our freedom, so double equity system should be applied to the Limited by Share Ltd. In addition, the current in the business scope restrictions more and more loose in the background, the property industry itself tend to fade, therefore, restrictions on certain industry companies using the double ownership system is not reasonable. Due to the company's financing demand is often throughout the entire development the process, therefore, for the Limited by Share Ltd to set up double equity system of time limit, can take a more lenient requirement. In view of characteristics of B type high vote ordinary shares, the holders shall be only limited to the founder shareholder has a significant effect on the development of the company. Of course, the transfer of foreign B ordinary shares shall also be taken strict restrictions, to ensure the stability of corporate control. In order to protect the interests of investors and the rest of the company, the fifth part focuses on the analysis of the double The regulation of equity system, regulation of public power and basic way of regulation including private rights. From the perspective of modern institutional economics, the company is regarded as the combination of a series of contracts, therefore, to private right as the foundation, through the contract form of double ownership system establishment, and constraint class B common stock holders shall be under the condition of market economy is the most important regulatory measures. Of course, generally the existence of market failure makes the intervention of public power is also essential. When the regulation of private rights and public powers have failed to prevent the rights of the fact that the damage occurred, then as the final relief measures of the rule of law, litigation should be the ultimate shareholder rights protection means in order to encourage shareholders to safeguard their own rights and interests by means of litigation, our country may refer to the group litigation system to improve the litigation representative system, reduce the cost of rights of investors.

【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：D922.291.91

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