类别表决权:类别股股东保护与公司行为自由的衡平——兼评《优先股试点管理办法》第10条

Classified Voting Right:Balancing Protection of Classified Shareholders and Corporate Behavior Freedom

2013年《国务院关于开展优先股试点的指导意见》的颁布意味着我国类别股制度的确立。优先股等类别股与普通股之间存在利益冲突,前者的类别权容易受普通股股东机会主义行为的侵害。类别表决权为类别股股东提供了对不完全的类别股合同进行事后补充和重新缔约的机会,对类别股股东保护具有重要价值。类别表决权实质是对公司行为的类别否决权,类别表决范围过宽将妨碍公司行为自由,因此应对类别股股东保护与公司行为自由进行衡平。文中对类别表决权适用范围的合理确定从法理和比较法两个方面进行分析,认为效率价值优位的公司法应优先保护公司行为自由,类别表决权适用范围应根据此价值判断合理确定。基于上述类别表决权一般原理,文中对我国证监会《优先股试点管理办法》中优先股的类别表决权进行评析,认为该办法过分扩大了强制类别表决事项,妨碍了公司行为自由和适应市场的灵活性,过分侵占了公司内部治理的空间。

In 2013, State council issued an act which push for preferred stock pilot issuing. This means class stock sys- tem has be established. There exists conflicts of interests between class stock （including preferred stock） and common stock, the class right of the former tends to impaired by opportunistic behavior from common stockholders. Class voting right has great value for class stockholders protection： it gives class stockholders chance to supplement incomplete class stock contract, in addition, it can be used by class stockholders to bargain with common stockholders. However, Class voting right means a class veto to corporation behaviorj if its scope is too broad~ corporation behavior freedom will be impaired. So it is necessary to balance class stockholders protection and corporation behavior freedom. This thesis will analyze the application scope of class voting right from jurisprudence and comparative law aspects. We think that corporation law that cherishes efficiency value supe- rior to justice value should protect corporation behavior freedom preferentially. The application scope of class voting right should be decided reasonably by this value judgment. According to legal theory analysis above, we will comment on class voting right of preferred stock provided by SEC regulations about preferred stock. In my opinion, the regulations exaggerates peremp- tory class voting scope, as a result it will undermine corporation behavior freedom and market flexibility, which occupy internal governance of corporation.