双层股权结构的国际经验及其对中国的启示

The International Experience of Double-level Equity Structure and Its Enlightenment to China

双层股权结构是一种非常规股权结构,一方面,它满足了"异质化"股东的多元偏好,有利于防止恶意收购,创新公司治理模式;另一方面,它又背离了股份平等和"一股一票"原则,造成公司监督机制"失灵"。在讨论我国允许双层股权结构的必要性和可行性问题上,美国和加拿大双层股权结构的发展历史及监管经验为我国提供了重要的启示。我国可以在创业板中试行双层股权结构,并采取必要的投资者保护措施,限制双层股权结构的实现方式、实现程序和并购条件,平衡不同表决权股东间的利益,实现融资与投资的"双赢"。

The double -level equity structure is an abnonrelal shalre structmre. On one side, it satisfies the diversified plreferences of ＂heterogenization＂ shalreholders, and plrevents hostile takeover, innovates corporate governance. On the other side, it deviates the shalre equality and ＂one shalre one vote＂ principles, and causes failmre on the company＇ s supervision system. When discussing the necessity and feasibility of dual class shalre structmre in China, the development histoly and supervision experiences of the United States and Canada provide important enlightenments for us. In China, we can adopt dual class shalre structmre in the Growth Enterprise Market and take necessary investor protection measmres to limit the lrealization, the implementation procedmres of the dual-class shalre structmre, and the merger and acquisition conditions in dual class shalre companies. This can balance the intelrests between diffelrential shalreholders, which will achieve a ＂win -win＂ situation for financing and investment.