双层股权结构在中国:市场需求与立法认可

Dual-Class Share Structure in China:Market Demand and Legislative Recognition

双层股权结构以及其他类似的制度安排是经营者与股东争夺公司控制权的一种结果,认可此类特殊的股权结构是相关法律适应公司运作需求而作出的适应性变革。因此,对法律移植而言,制度是否被需求永远是第一位的。在当下的中国,工业化与信息化的交错并行以及持续深化的经济体制改革,使得民营企业以及混合改革中的国有企业成为这一制度的需求者,公司法与证券法应当为满足市场需求提供制度支持,作出适应性变革。

Dual-class share structure and other similar institutional arrangements are one of the results that operators and shareholders compete for the control of the company. The recognition of such special share structure is the adaptive change that the relevant laws adapt to company＇s business needs. Therefore,whether the system is needed is always the first for legal transplant. In the present China,the parallelization and integration of industrialization and informazation, and the continually deepening economic system reform have made the private enterprises and the stateowned enterprises in the mixed-ownership reform become the demanders of the dual-class share structure. Corporate law and securities law should provide a institutional support to meet the market demand and make adaptive changes.