特殊管理股制度与优先股制度比较探析

A Comparative Analysis of the Special Management Share System and the Preferred Stock System

特殊管理股制度和优先股制度都是股权结构的分支,两者在国外发展已久,但在我国尚处在襁褓时期。通过比较探析特殊管理股和优先股在追求目标效果一致、运行机制等方面的相似点以及在理论溯源、侧重对象等方面的不同点,探讨实施特殊管理股制度和优先股制度有赖于完善法律基础、法人治理结构以及突破原有的体制锁定状态和路径依赖困境等对策。

The special management share system and the preferred stock system are the branches of the shareholding structure, the two have been developing abroad for a long time, but are still in their infancy in China. The special management share and preferred stock have similarities in the pursuit of the target effect, the mechanism of operation, etc., and they are different in theory traceability and object oriented. This paper discusses that the implementation of the special management share system and the preferred stock system depends on the improvement of legal basis, corporate governance structure and the breakthrough of the original system lock status and path dependence dilemma.