优先股的市场实践与制度建构

The Market Practices and System Construction of Preferred Stocks

优先股是一种同时呈现出债权和股权的某些特征的混合型证券。优先股类型创新是围绕着股权经济性权利展开的,收益权与处分权构成了优先股类型创新的基本维度。优先股制度设计的灵活性造就了其股东权利构造的特殊性。这种特殊的权利构造能够对公司治理产生积极的影响。中国风险投资领域的市场实践彰显出构建优先股制度的现实需求。相应的规范设计需要从多方面加以考虑。

Preferred stock is a mixed security which shows some characteristics of stockholder＇s rights and creditor＇s rights. The innovation of preferred stock is along economic rights and takes proceeds right and deposition right as its innovation dimensions. The flexibility to design preferred stock brings up the particularity of its stockholder＇s rights, which can affect corporate governance actively. Market practice in VC shows needs to establish preferred stock institution, which should consider from some aspects.