双层股权结构本土化发展的潜在风险及预防机制研究

Research on Potential Risks and Prevention System of Localization Development of Dual Class Structure

《上海证券交易所科创板股票上市规则》的颁布,使双层股权结构研究的重点转移到了本土化方面。分析双层股权结构的概念、内涵及其发展史和自身价值,发现双层股权结构在引进并适配过程中具有一定的潜在风险,主要包括控制权集中异变、内部监督机制失效、外部监督机制失效、现行规则集中于事前规制等。根据双层股权结构引进并本土化可能产生的风险提出相关的防范建议,包括引入固定期限日落条款及强化控制股东信义义务等。

After breaking the ice in Hong Kong and Singapore,and with the promulgation of the Listing Rules of Science and Technology Innovation Board of Shanghai Stock Exchange,the focus of the research on dual class structure has been shifted to localization.By analyzing the concept,connotation,development and self-value of double-layer ownership structure,this paper has found that there are some potential risks in the process of introduction and adaptation of double-layer ownership structure,mainly including the change of control right concentration,the failure of internal supervision mechanism,the failure of external supervision mechanism,and the current rules focusing on prior regulation,etc.According to the risk of introducing and localization of double-layer equity structure,the paper sets forth some relevant preventive suggestions,including introducing fixed term and date clause and strengthening the fiduciary obligation of controlling shareholders.