科创板差异化表决权安排制度略论

A Brief Discussion of the Arrangement System of Differential Voting Right in Science and Technology Innovation Board

我国科创板引入了差异化表决权安排制度,其内涵丰富,包括但不限于双重股权结构。公司自治理念、股东平等内涵的演变及效率价值为差异化表决权安排的设定和存续提供了充足的理论基础。通过分析评价我国相关文件和法律法规对差异化表决权的时间要求、企业准入模式与市值要求、持股主体资格、特别表决权倍数、自动转换机制、信息披露要求、控股股东的信义义务、监督模式、中小股东利益保障和司法保障的规定,提出相关建议,以期进一步完善差异化表决权安排制度。

Science and technology innovation board of China introduced the arrangement system of differential voting right,which bears rich connotations,including but not limited to dual ownership structure.The concept of corporate autonomy,the evolution of the connotation of shareholder equality and the value of efficiency provide a sufficient theoretical basis for the establishment and survival of differential voting right arrangement.To further improve the arrangement system of differential voting right,related suggestions are put forward by ways of analyzing and evaluating the time requirements,the entry model and market value requirements of enterprises.Meanwhile,the qualification of shareholders,the multiple of special voting rights,automatic conversion mechanism,information disclosure requirements,fiduciary obligations of controlling shareholders,supervisory pattern,the protection of the interests of minority shareholders and the provisions of judicial protection for differential voting right are also utilized according to the relative documents and laws and regulations of China.