论我国类别股份制度的不足与完善

发布时间：2018-06-21 00:20

本文选题：类别股份制度 + 授权资本制　；参考：《中国政法大学》2011年硕士论文

【摘要】：类别股份制度是一项通过划分股份类别来实现股权多样化的制度。它对于满足不同投资者的投资偏好、合理构建公司股权结构、繁荣资本市场都具有重要的意义,因而被许多国家和地区的公司法所采用。本文的研究目的即在于深入研究类别股份制度的制度价值,全面分析我国类别股份制度的现状及其不足,并在借鉴美国类别股份制度的基础上提出完善我国类别股份制度的相关建议。本文除引言和结论外,共分四个部分。第一部分是对类别股份制度的概述。在阐述类别股份制度概念的基础上,通过介绍类别股份在公司实践中的应用,探讨类别股份制度的制度价值。类别股份制度在帮助公司构建理想的控制权关系、解决少数股东的保护问题、实现控制权与经济权益的有效分离、实现股东之间股权的合理分配、有效应对敌意收购以及满足金融投资者的需要等方面具有广泛的应用。这一部分充分展示了类别股份制度给公司股权结构设计所带来的多样化和灵活性。第二部分考察我国类别股份制度的现状与不足。首先,我国公司法没有对公司使用类别股份进行明确的授权,导致公司在实践中对类别股份的合法性心存怀疑,从而不敢尝试。其次,我国关于类别股份制度的规定也不够具体和细致,公司对于划分类别股份的主体、依据、程序、限制等都不明确,在实践中使用类别股份时缺乏必要的操作指引。再次,作为平衡和保证类别股东利益的基础的类别股东分类表决机制是类别股份制度的重要组成部分,但我国的类别股份制度没有相关规定。最后,我国仍然使用“优先股”的概念,可能无法满足实践中对于灵活地划分股份类别的需要。第三部分介绍美国关于类别股份制度的相关规定。主要从划分类别股份的权限、划分类别股份的限制和类别股份股东的保护三个方面进行论述。划分类别股份的权限研究的是公司哪些机关有权将股份划分为类别,重点讨论董事会在划分股份类别上获得授权的演变过程。划分类别股份的限制研究的是公司在对各类别股份进行具体股权安排时所受到的限制,这种限制随着对公司传统的经济权利结构的挑战而被不断突破,集中体现于优先股概念的产生、发展和废止。类别股份股东的保护主要讨论类别股东的分类表决机制,即类别股东有权对影响其权益的公司章程修改进行独立表决的制度。第四部分在借鉴美国类别股份制度的基础上提出完善我国类别股份制度的建议。首先反思了有限责任公司与股份有限公司划分的合理性,认为封闭公司与公众公司的基本分类更能满足不同投资者选择企业组织形式的不同制度要求；其次反思了股份的平等性要求,认为股份分类并不会造成股东权利义务的不平等。最后反思了我国公司法所欠缺的灵活性,认为我国应当变革法定资本制,强化公司董事会的权力。在完善我国类别股份制度的建议方面,从健全类别股份制度的立法规范、深化与类别股份制度密切相关的配套制度的改革和加强类别股份制度在公司实践中的应用探索等三个方面提出了建议。
[Abstract]:The system of category shares is a system that realizes the diversification of equity by dividing the share category. It is of great significance to satisfy the investment preference of different investors, to construct the stock ownership structure reasonably and to flourish the capital market, so it is adopted by the company law of many countries and regions. The purpose of this paper is to study in depth. The value system of share system, comprehensive analysis of the status of share system in China and its problems, and puts forward relevant suggestions to improve the system of classified shares in China on the basis of the share system on.
In addition to the introduction and conclusion, this article is divided into four parts.
The first part is an overview of the category share system. On the basis of the introduction of the concept of the category share system, the system value of the category share system is discussed by introducing the application of the category share in the company's practice. The category share system is to help the company to build an ideal control relationship, to solve the protection problem of the minority shareholders and to realize the control right. It is widely applied to the effective separation of economic rights and interests, the rational distribution of shareholders' equity, the effective response to the hostile takeover and the needs of the financial investors. This part fully demonstrates the diversification and flexibility brought by the category share system to the design of the company's equity structure.
The second part examines the current situation and shortcomings of our country's category share system. First, the company law does not give a clear authorization to the company's share of the shares, which leads to the company's doubts about the legality of the category shares in practice, and it does not dare to try it. Secondly, our country's regulations on the category share system are not specific and meticulous, the company is not specific and detailed. It is not clear about the subject, the basis, the procedure, the limitation of the division of the category shares, and the lack of the necessary operational guidance when using the category shares in practice. Again, the classified shareholder voting mechanism, which is the basis of balancing and ensuring the interests of the category shareholders, is an important part of the category share system, but the category share system of our country has not been found. Finally, China still uses the concept of "preferred stock", which may not be able to meet the needs of flexible classification of shares in practice.
The third part introduces the relevant provisions of the United States on the category share system, mainly from the division of the rights of the categories of shares, the limits of the categories of shares and the protection of the stockholders in the three aspects. The development process of authorization in the category of shares. The limitation of the classification of categories of shares is the limitation of the company's specific equity arrangements for various categories of shares. This restriction is constantly breaking through the challenge to the traditional economic rights structure of the company. The concentration is now produced, developed and abolished in the concept of preferred shares. Don't protect shareholders mainly discuss the classification of classified shareholder voting system, namely the categories of shareholders have the right to modify the articles of association of the company the rights independent voting system.
The fourth part puts forward the suggestion of improving China's category stock system on the basis of the American category stock system. Firstly, it rethinks the rationality of the division of the limited liability company and the Limited by Share Ltd, and thinks that the basic classification of the closed company and the public company can meet the different institutional requirements of the different investors to choose the organization form of the enterprise. Secondly, we reflect on the equality of shares and think that the classification of shares does not cause the inequality of shareholders' rights and obligations. Finally, we reflect on the flexibility that the company law is lacking in our country and think that China should change the legal capital system and strengthen the power of the board of directors of the company. Legislation system, deepen the reform of share system is closely related with the supporting system and puts forward suggestions to strengthen the three aspects of the system of classified shares in the company application exploration.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

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