公司治理之下的双层股权结构:正当性基础与本土化实施路径

Dual Share Class Under Corporate Governance: the Basis of Legitimacy and the Implementation Path of Localization

科创板允许采用双层股权结构的公司上市,使得公司治理中双层-股权结构本土化的问题进一步被摆上台面。股东异质化理论、国内各类市场主体的个性化需求是我国公司治理中引入双层股权结构的正当性基础。通过梳理域外双层股权结构立法模式与具体规则以及解读我国科创板上市规则,我国公司治理中的双层股权结构可以从公司内部治理、外部治理以及救济机制等方面具体实施。内部治理包含,设计合理的双层股权结构、限制超级表决权的行使、建立系统完备的公司治理规章制度等;外部治理可通过重塑注册制改革背景下的发行信息披露规则实现;救济机制可以围绕异议股东股份评估权建立。

Science and Technology Innovation Board allows companies with dual share class to go public,which makes the localization of dual share class in corporate governance further put on the table.The theory of shareholder heterogeneity and the individual needs of various domestic market subjects are the legitimate basis for the introduction of dual share class into corporate governance in China.By combing the legislative model and specific rules of the extraterritorial dual share class and interpreting the listing rules of Science and Technology Innovation Board in China,this paper argues that the dual share class in China’s corporate governance can be implemented from the aspects of internal governance,external governance and relief mechanism.Internal governance includes designing reasonable dual share class,restricting the exercise of super voting rights,establishing systematic and complete rules and regulations of corporate governance,etc.External governance can be realized by reshaping the rules of issuing information disclosure under the background of registration system reform;relief mechanism can be established around the right to evaluate the shares of dissenting shareholders.