类别股的类型化建构及其适用

The Genre Construction and Application of Class Shares

类别股是公司股权结构中权利内容不同的股权。其早已繁盛于域外现代公司的股权结构,在中国公司法中却存长期留白之缺憾。类别股类型化建构的核心,在于突破传统普通股中财产权与表决权等比配置的格局,组合构成类别股权利内容的子权利。类别股子权利可从常规子权利与特殊子权利,财产类子权利与控制类子权利两个层次予以区分。在中国类别股制度建构之初,宜划定试点范围,有限地适用两种类别股:优先股及双层股权结构。伴随资本市场的发展演进,类别股种类衍生下的适用筛选空间将持续拓展。

Classes of shares are equities with different content in corporate shareholding structure. This institution has been widely used in the stock structure of foreign company law, while still does not exist in the company law of China. The essence to the genre construction of class of shares is broke through the relationship between economic interest and voting rights under the circumstance of standard common stock, and separation and recombination of various sub-rights. The sub-rights of Classes of shares can be divided into common or special sub-rights, and economic or controlling sub-rights. At the beginning of constructing the institution of Classes of shares in China, the application of Classes of shares should be limited to as follows ： specified preferred stock and dual class common stock. With the evolution of capitalmarket, the option in selecting Classes of shares would keep on expanding.