中国语境下的优先股制度功能之反思——基于政治经济学维度的分析

发布时间：2018-01-17 12:49

本文关键词：中国语境下的优先股制度功能之反思——基于政治经济学维度的分析　出处：《银行家》2017年03期 　论文类型：期刊论文

【摘要】：2013年国务院《关于开展优先股试点的指导意见》和2014年证监会的《优先股试点管理办法》开启了我国优先股发行的闸门。2014年浦发银行成为首家披露优先股发行预案的商业银行。从2014年以来的实践看,优先股发行主体主要是国有上市企业,其中也以商业银行最为集中,这多少反映出中国资本市场的独特性。作为一项重要的股权设计工具,优先股制度在中国未来发展前景值得人们关注和思考。本期金融法苑栏目特邀专家学者分别从微观和宏观、应然和实然的不同角度探讨中国语境下的优先股制度。优先股制度在中国语境下的实践特色,其背后的形成原因有其独特逻辑。清华大学法学院李磊博士的《中国语境下的优先股制度功能之反思》,从宏观和实然角度,分析了中国优先股制度设计背后可能逻辑的形成原因,并基于政治经济学视角,详细解读了证监会在优先股制度塑造进程中的巨大影响力。优先股本身的双重属性,导致了优先股股东保护上的难度,中国民航大学刘胜军老师的《论优先股股东权的保护》,从微观和应然层面检讨了我国当前《优先股试点管理办法》在优先股股东保护方面的制度困境,并分别从合同法和公司法的双重路径给出了非常精细的解决方案。
[Abstract]:On 2013, the State Council's guidance on the pilot of preferred stock and the 2014 CSRC's "preferred stock pilot management method" opened the floodgates of China's preferred stock issue. On 2014, the Pudong Development Bank became the gateway to the issuance of preferred stock in China. The first commercial bank to disclose a plan for the issuance of preferred stock. Seen from practice since 2014. The main issuer of preferred stock is mainly state-owned listed enterprises, among which commercial banks are the most concentrated, which partly reflects the uniqueness of China's capital market. It is an important equity design tool. The prospect of the future development of preferred stock system in China is worth people's attention and consideration. This issue of Financial Court column specially invited experts and scholars from the micro and macro respectively. This paper discusses the system of preferred stock in Chinese context and the practical characteristics of the system of preferred stock in Chinese context. The reason behind the formation has its own unique logic. "reflection on the function of preferred Stock in the Chinese context" by Dr. Li Lei of Tsinghua University Law School, from the macro and realistic point of view. This paper analyzes the reasons for the formation of the possible logic behind the design of the preferred stock system in China, and based on the perspective of political economy. It explains in detail the great influence of the CSRC in the process of shaping the preferred stock system. The dual attributes of the preferred stock itself lead to the difficulty of the protection of the preferred stock shareholders. Liu Shengjun, teacher of China Civil Aviation University, "on the Protection of preferred Stock shareholders' Rights", reviews the current "preferred stock pilot management measures" in China in terms of institutional difficulties in terms of the protection of preferred stock shareholders from the microcosmic and ought to be levels. And separately from the contract law and the company law dual path has given the very fine solution.
【作者单位】：清华大学法学院;
【分类号】：F832.51
【正文快照】： 公司与股东的具体约定,这恰恰体现了优债权同时发行成本小于普通股的平衡选优先股的制度设计逻辑和先股制度设计的灵活性。优先股设计的灵择,往往成为许多大型公司的重要融资工特色活性还体现在分类很多上,如盈余分派优具。可以说,优先股的制度设计体现了公在股份公司的股权

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