认真对待优先股的合同性

Taking the Contractual Nature of Preferred Stock Seriously

《优先股试点管理办法》力推优先股,但具体规定却限制重重,优先股的作用难以充分发挥。股权性、优先性和合同性均是优先股的性质。优先股的合同性,强调优先股发行上的意思自治,从而释放优先股的活力。合同性在股权性和优先性上均有体现,但合同性不能突破股权性,不能放弃优先性。优先股规则要具有适应性就必须认真对待其合同性,在立法上将优先股的合同性贯彻到底。

The motive of Pilot Test Rule of Preferred Stock is to promote the issuance of preferred stock, but the specific provisions do not support, so it is hard to make the system work. Preferred stock is a kind of equity which is special in its contractual nature and preference. When we talk about the contractual nature of preferred stock, we want to say that there should be more autonomy in the issuance of preferred stock. It allows preferred stock to rejuvenate in the market. The reflection of contractual nature can be seen both on the equity nature and preferred nature, but contractual nature can not break through the equity nature or give the preferred nature up. The adaptability of preferred stock rules requests us to take the contractual nature seriously and to carry it out to the end in legislation.