创业投资中类别股份的利用与公司法制的完善

Use of Classified Shares in Venture Investment and the Improvement of Corporation Law

在签订创业投资协议之际,创业投资双方尤其是创业投资方通常会在表决权的分配、控制权的分配、利润及剩余财产的分配等方面提出一些特别的条款。可是,由于这些特别条款的内容大都不符合公司法上的既定规则与原则,以非类别股份方式的章程或股东间协议对其进行规定存在着合法性及实效性等方面的问题。而以发行类别股份的方式则可合法有效地实现特别条款的目的,但我国公司法却未对其具体内容进行规定,因此,我国应尽快完善有关类别股份的制度,并对其他妨碍创业投资的公司制度进行变革。

While signing agreement on the venture investment,both parties,in particular the investor side,often proposes some special articles on issues such as allocation of voting rights,allocation of control rights,and allocation of profits and remaining assets.However,the content of these special articles are often inconsistent with the rules and principles of corporation law.If we stipulate the content with corporate charter or shareholder agreements,we face problems with legality and effectiveness.The issuing of classified shares can legally and effectively reach the goal of the special articles.However,the corporation law in China has not stipulated classified shares.Therefore,the Chinese government shall improve the system of classified shares,and reform the corporate system that sets back the venture investment.