双层股权结构本土化的潜在风险与防范制度研究——兼评科创板特别表决权规则

The Risks Caused by the Introduction of the Dual-Class Share Structure and the Prevention System:with Comments on the Special Voting Right Rules of the Science and Technology Innovation Board

继新加坡、香港地区破冰之后,内地科创板的特别表决权安排将双层股权结构的研究重点引向本土化问题。类型化是双层股权结构研究的逻辑起点,本文依据表决权集中形态将其分为排外型、共治型与集中型三种类型,对企业治理需求、资本市场成熟程度、实施机制有效与否等本土化影响因素进行了深入分析,并考察了特别表决权规则的设计与实践。研究发现,本土化过程中的潜在风险包括控制权垄断异变,内部监督机制失衡,市场定价机制不完全以及监管规则逐底竞争。最后,本文提出了与表决权集中方向相对的类型化风险防范策略,建议完善股东大会分类表决机制,引入控制股东信义义务,健全监事会和独立董事的职能,明确任期表决权配置标准等。

China's Mainland has introduced the dual-class share structure after Singapore and Hong Kong.The Logic starting point of studying it is its classification.This paper classifies the dual-class share structure into three types according to the concentration of voting rights,namely,the excluding type,the sharing type,and the concentrating type.We then study the factors affecting the localization of the dual class share structure such as the demand for corporate governance,the maturity of the capital market,and the effectiveness of the implementation,etc.,and inquire the design and practice of the special voting rules.This paper concludes that the risks of the localization of the dual-class share structure include the monopoly of the controlling power,the imbalance of internal supervision,the distortion of the market prices,and the competition of de-regulation.Finally,this paper proposes risk preventing measures against the concentrating type of the dual-class share structure,and recommends perfecting the voting mechanism of shareholders'meetings,introducing the credit obligation to the controlling shareholders,perfecting the functions of the supervisory committee and independent board members,and delimiting the criteria for voting rights allocation for each term.