股份公司股东权利多元化配置的域外借鉴与制度建构

Plural Allocation of Stockholders' Rights in Joint-Stock Corporation: Draw on Extraterritorial Experiences for Legislation of China

与中国股份公司单一股份类型不同,域外股份公司(公众公司)在股份类型上样态丰富。这种多元化股东权利配置模式具有坚实的理论基础。从立法上看,域外的相关规范表述不尽相同,但从内在机理上说,其实现机制都是通过多种形式的权利或利益交换。交换的效果将通过股东权利结构的统一或分离、权利行使的优先或劣后、权利计量的放大或限缩、权利内容的增加或减少加以体现。中国股份公司对于股东权利多元化配置有着紧迫的制度需求,公司立法应当修改妨碍股东权利多元化配置的强行性规范,引入类别权利等核心概念,并通过多层次立法为股份公司直接进行股东权利多元化配置提供规范路径。

Extraterritorial public corporations have abundant stocks types, which are different from single stocks＇ type in joint-stock corporations of China. In legislations, articles of different corporate acts are various, but their mechanisms to realize plural allocation of stockholders＇ rights are all by means of multiple rights or benefits exchange. Its effects will take the forms of unified or separated rights structure, preferred of inferior rights exercise, enlarged or narrowed rights calculation and added or reduced rights content. It is urgent to introduce plural allocation of stockholders＇ rights into joint-stock corporations of China. Corporation law of China should modifies mandatory rules which hinder plural allocation of stockholders＇ rights and bring in such as class rights and provide normative path for plural allocation of stockholders＇ rights in joint-stock corporations by multilevel legislations.