我国上市公司双重股权结构的引入

发布时间：2018-03-15 17:23

本文选题：双重股权结构　切入点：一股一权　出处：《山东师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：双重股权结构是上市公司的重点研究问题,事关公司的整体运行与发展。最初起源于英美等国家,主要应对敌意收购,解决公司因不断融资所导致的股权稀释等问题,实现控制权的保留。近年来双重股权结构一直受到我国社会各界的广泛关注,2014年阿里巴巴赴港上市遭拒最终选择在美国上市,这一事件将双重股权结构推至高潮。伴随着优先股、特殊管理股制度的推行,我国能否引入双重股权结构与如何引入一时成为各界争论的焦点。基于美国双重股权结构的发展演进,我国相关法律制度的规定及实践中上市公司对双重股权结构的需求以及对其利弊价值的衡量,探究我国上市公司引入双重股权结构的必要性。为使双重股权结构适应我国的实际情况,对其进行本土化路径选择,突破现有的法律制度障碍,明确双重股权结构的适用范围,同时完善相应的配套制度。本文具体包括以下四个部分:第一章为双重股权结构的沿革与立法,本章共三个小结,分别对京东、阿里巴巴双重股权结构,双重股权结构在美国的沿革与立法现状,双重股权结构在我国的立法现状进行详细的阐述与分析,以此阐述双重股权结构的内涵、特征,以及通过比较双重股权结构在中美立法现状,掌握双重股权结构的各种基本问题,从而为文章的进一步写作奠定基础。第二章为双重股权结构的价值争议,本章共两个小结,对双重股权结构进行利弊两方面的剖析,通过对双重股权结构违反“一股一权”原则,侵害中小股东利益等缺陷与防止敌意收购,有助于公司长远发展等优势的具体阐述与比较,探究双重股权结构价值,为双重股权结构的实施提供一定的价值理论依据。第三章为双重股权结构在我国上市公司适用的必要性,本章共两小节,通过研究我国赴美上市公司的现状以及对相关数据的统计,分析我国上市公司对双重股权结构的正当需求,为双重股权结构在我国上市公司的引入提供相关数据依据与支撑。第四章为双重股权结构在我国上市公司的本土化路径选择,本章共三个小结,主要突破我国现有法律障碍,提出双重股权结构本土化路径选择的具体构想,为保护中小股东而进行相关配套制度的构建。
[Abstract]:Dual equity structure is a key research issue for listed companies, which concerns the whole operation and development of the company. Originally originated from the United States and the United States and other countries, it mainly deals with hostile takeovers and solves the problems of stock dilution caused by the continuous financing of companies. In recent years, the dual ownership structure has been widely concerned by all walks of life in our country. In 2014, Alibaba was refused to list in Hong Kong and finally chose to list in the United States. This brought the dual equity structure to its climax. With the introduction of the preferred stock system, the special management stock system, Whether the dual ownership structure can be introduced in China and how to introduce it have become the focus of controversy in all walks of life. Based on the development and evolution of the dual ownership structure in the United States, The requirement of dual ownership structure and the value of its advantages and disadvantages of listed companies in China's relevant legal system and practice. In order to adapt the dual ownership structure to the actual situation of our country, we should make the localization path choice, break through the existing legal system obstacles, and make clear the scope of application of the dual ownership structure. At the same time, perfect the corresponding supporting system. This paper includes the following four parts: the first chapter is the evolution and legislation of dual ownership structure. The evolution and legislative status of dual ownership structure in the United States, and the legislative status quo of dual equity structure in China are elaborated and analyzed in detail, so as to explain the connotation and characteristics of dual equity structure. And by comparing the current legislative situation of dual ownership structure in China and the United States, we can grasp the basic problems of dual equity structure, thus lay the foundation for further writing of the article. Chapter two is the value dispute of dual equity structure. This paper analyzes the advantages and disadvantages of the dual equity structure, by violating the principle of "one share, one right", infringing the interests of minority shareholders, and preventing hostile takeover. It is helpful to elaborate and compare the advantages of the long-term development of the company, and to explore the value of dual ownership structure. The third chapter is about the necessity of applying dual ownership structure in listed companies in China. By studying the current situation of China's listed companies in the United States and statistics of relevant data, this paper analyzes the legitimate demand for dual equity structure of Chinese listed companies. Chapter 4th is the localization path choice of dual equity structure in our country. This chapter has three summary, which mainly breaks through the existing legal obstacles in our country, and provides the relevant data basis and support for the introduction of dual ownership structure in Chinese listed companies. This paper puts forward the concrete idea of the localization path choice of dual ownership structure and constructs the relevant supporting system for the protection of minority shareholders.
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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