从科创板上市规则分析我国双重股权制度

Analysis of China's Dual Equity System from the Rules of Listing of Science and Technology

在公司治理结构上,我国《公司法》一直坚持“同股同权”的运作模式,这种模式一直被认为是投资者保障的重要内容,但近年来,随着资本市场法治环境的完善,经济的发展推动各类型企业的诞生,“同股同权”的公司治理模式似乎不能够满足部分新型企业的运营模式,我国也需要适时去探索公司治理结构的新途径。2019年4月,域外发展已达百年的双重股权制度正式引入我国资本市场,这种赋予同种类的股权不同的权能和价值的双重股权结构,开启了我国公司治理的里程碑。

In the corporate governance structure,China's"Company Law"has always adhered to the"shares with the same power"mode of operation,this model has always been considered an important part of investor protection,but in recent years,with the improvement of the rule of law environment in the capital market,The development of the economy promotes the birth of all types of enterprises.The corporate governance model of"shares with the same power"does not seem to be able to meet the operating model of some new-type enterprises,which has led the theoretical and practical circles to re-examine China's equity system arrangements.In February 2019,the dual-equity system of extra-territorial development has been officially introduced into China's capital market.This dual-equity structure that gives different powers and values of the same type of equity has opened a milestone in corporate governance in China.