“黄金股制度”的本土化法律设计--基于优化国企混合所有制改革路径的思考

A Paper on the Localized Legal Design of Golden Share System——From the Perspective of Coupling of Golden Share System and Mixed Ownership Reform

"黄金股制度"系欧洲国企私有化进程中的特殊股制度设计,其内生逻辑在于股份剩余索取权与剩余控制权的分离,突破"一股一权"的原则,在政府持有极小份额股份的同时,赋予政府对于国企运营重大事项的特殊决定权,有力地防止在国有股份稀释过程中,非国有资本股东利用"资本多数决"原则使国企陷入利润导向的泥潭。其制度设计与国有企业混合所有制改革的目标具有高度契合性。于此基础上,文章就国内外已有的相关文献入手,剖析"黄金股制度"的法律特性。结合《公司法》《国有资产管理法》等具体法律规定,探索黄金股在我国的立法空间,并试图从基本原则、权利范围等多个角度构建起我国的黄金股制度架构,力求推动国企混改合理性发展。

The"Golden Share System"is a special type of stock system design in the process of privatization of European state-owned enterprises.Its endogenous logic lies in the separation of the residual claim and the residual control,breaking through the principle of“one share,one right”.The government holding a small portion of the shares is endowed with a special decisive right on the major issue of the state-owned enterprises’operation.In such a way,we can effectively avoid the problem that the non state capital shareholders utilize the principle of“capital majority”to make the state-owned enterprises fall into the profit-oriented mire in the process of state-owned shares dilution.The design of the system highly complies with the goal of the mixed ownership reform of state-owned enterprises.On this basis,the paper analyzes the legal features of the"Golden Share System"by means of the related literature both at home and abroad.Combining with the specific legal provisions of Company Law and State-owned Assets Management Law,the paper explores the legislative space golden stocks in China,and tries to construct a framework system of Golden Shares in China from various angles like basic principles,scope of rights and so on in order to promote the rational development of mixed reform of state-owned enterprises.