论我国双层股权制度的构建

发布时间：2018-03-18 21:26

本文选题：股份有限公司　切入点：投票权　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：双层股权制度是一项在国外已经存在广泛实践的股权结构制度,近年来,该项制度越来越受到互联网企业的青睐。双层股权制度的优势在于创始人的股权被不断稀释之后,仍然能够保持对公司的控制权,从而为公司更大规模的融资创造有利的条件。本文首先在引言部分介绍了双层股权制度的基本概念内涵,以及当前国内对于双层股权制度及其基本理念的研究现状。正文的第一部分,通过介绍以谷歌、Facebook等为代表的美国高科技企业的股权结构,简单介绍了双层股权制度在国外资本市场的实践现状。另外,通过介绍百度与新浪微博的股权结构,说明虽然我国的资本市场尚不允许建立双层股权制度,但是很多立足国内的公司通过搭建复杂的交易结构,事实上已经采用了双层股权制度,然而囿于法规所限,只能选择赴海外资本市场上市。正文的第二部分,笔者对双层股权制度进行了理论分析,首先分析了双层股权制度的基本特征,这些基本特征主要包括经济权益的平等性、投票表决权的不平等性、B类普通股持有主体的特定性、B类普通股流通的限制性以及两类普通股转换的单向性;其次,笔者将双层股权与优先股制度、投票权征集制度、一致行动人以及当下热议的阿里巴巴合伙人制度进行了比较,进一步说明双层股权制度在公司治理中的特殊作用;再次,笔者从商法效率价值、公平价值与安全价值的角度对双层股权制度进行了分析,认为,双层股权制度虽然偏重效率价值,不仅有利于保证公司稳定性、扩大公司融资规模,同时,还有利于提升公司的决策效率以及执行效率,但是并不会因此而偏废公平价值与安全价值,在市场机制以及监管机构的规制之下,双层股权制度下股东的权益是有所保障的。正文的第三部,笔者着眼于分析我国建立双层股权制度的合理性。长期以来,如何在融资规模与公司控制权之间求取平衡是公司创始人所面临的一大难题,在同股同权的制度下,扩大股权融资的规模必然导致自身的股权被稀释,从而可能丧失对公司的控制权,而双层股权制度提供了一种实现融资规模与保持公司控制权平衡的路径。此外,双层股权制度对于吸引优质企业在国内证券市场上市、为国有企业改制提供制度创新以及对抗恶意收购方面都具有重要的积极作用。正文的第四部分,笔者分析了我国建立双层股权制度的可行性,尝试构建一个较为完整的双层股权制度体系。在立法路径选择上,我国构建双层股权制度既可以通过修改法律的形式,也可以依照现行法律由国务院作出相应的规定,甚至直接赋予公司决定自身股权结构更大的自由。在双层股权制度的适用主体上,笔者认为,在表决权的配置方面,现行立法已经赋予有限责任公司足够的自由,因此双层股权制度应当主要适用于股份有限公司。此外,在当前对于公司经营范围限制越来越宽松的背景下,公司本身的行业属性趋于淡化,因此,限制某些行业的公司采用双层股权制度并不合理。由于公司的融资需求往往是贯穿其整个发展过程的,因此,对于股份有限公司设立双层股权制度的时间限制上,可以采取较为宽松的规定。鉴于B类普通股高投票权的特性,其持有者应当仅限于对公司的发展有重大作用的创始人股东。当然,B类普通股的对外转让也应当采取严格的限制,以保证公司控制权的稳定。为了保护公司与其余投资者的利益,正文的第五部分侧重分析对双层股权制度的规制,规制的基本途径包括私权利的规制与公权的规制。现代制度经济学视角下,公司被看作是一系列契约的组合,因此,以私权利为基石,通过契约的形式对双层股权制度的设立,以及B类普通股持有者的约束应当是市场经济条件下最为重要的规制措施。当然,市场失灵的普遍存在使得公权力的干预也必不可少。当私权利与公权力的规制都未能预防权利损害事实的发生,那么作为法治社会的最终救济措施,诉讼应当成为股东最终的权利保障手段,为了鼓励股东采取诉讼手段维护自身权益,我国可以参照集团诉讼制度对诉讼代表人制度进行改良,降低投资者的维权成本。
[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.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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