差异化表决权结构在我国科创板的最新实践——兼论我国的监管应对

On the Latest Practice of Dual-class Share Structure in China’s Science and Technology Board and China’s Supervision Measures

随着中国建立科创板引入差异化表决权结构,如何对其进行监管以保护中小投资者利益成为焦点。文章通过分析差异化表决权结构的优劣点,借鉴美国、欧洲、中国香港等地对该制度的适用现状,对我国的差异化表决权结构进行概括性评析,最终得出我国应通过建立公司内部监督机构、引入定期日落条款及完善我国司法制度的方法,保护证券市场上中小投资者,以在最大程度上发挥差异化表决权结构的作用。

As China establishes the Science and Technology Board to introduce the dual-class share structure,how to supervise it to protect the interests of small and medium investors has become an issue.By analyzing the advantages and disadvantages of the dual-class share structure,this paper draws on the application status of the structure in the United States,Europe,Hong Kong and other places,and analyzes the structure of China’s dual-class share structure.It concluds that China should establish a company’s internal supervision mechanism,introduce regular sunset clause and perfect the China’s judicial system to protect the small and medium investors in the securities market in order to maximize the role of the dual-class share structure.