股权分置改革背景下投票权规则与控制权配置效率分析

An Analysis on Voting Right Rule and Control Allocation Efficiency under the Background of Equity Division Reform

股权分置导致上市公司的不同股权具有不同的投票权规则。如果以公司的公共价值最大化作为效率标准,则一股一票制可通过最大化能力较差的一方获得控制权的成本,从而使得控制权的配置是有效的。股权分置改革将使投票权规则趋向于一股一票制,因而是从投票权角度解决上市公司控制权配置无效率的途径。

The equity division results in that the different equities of listed company possess different voting right rules.If we set the maximization of company’s public value as the efficiency standard,one share-one vote system could make the control allocation effective through maximizing the cost of the inferior’s obtaining the control.The reform of equity division,which will make the voting right rule tend to one share-one vote system,is an approach for solving the inefficiency of listed companies’control allocation from the angle of voting right.