表决权差异安排的类型化思考

Research on Differential Arrangement of Voting Rights

《公司法(修订草案)》的出台,在国内立法中正式确立非上市公司的表决权差异安排,类别股的制度设计将推动全国商事制度的重大变革。比较区分不同商业组织形式,缩短规则供求差距,探寻公司法改革的未来走向,为类别股立法提供理论支持和路径指引。围绕中国科创板和创业板为表决权差异安排提供的不同治理安排,反思上市公司治理监管的强度。坚持非上市股份有限公司的类型化思考,趋利避害,抵御控股股东滥权风险。尊重公司章程自治,为有限责任公司设置差异化表决机制“扫清障碍”。金字塔结构、交叉持股、循环控股与表决权差异安排叠加,加大了实际控制人、控股股东与中小投资者的利益分歧,企业集团的治理风险加剧。在差异化表决机制下,必须限制特殊表决权股的设置时间和存续时间,提供中小投资者行权的司法保障,完善中小投资者退出的股份回购请求权,使其“进入”有保障,“退出”有方法。

The promulgation of Company Law(Revised Draft)of University,Changchun differential arrangement of voting rights of non-listed companies in domestic legislation,and the system design of class shares will promote major changes in the national commercial system.This law compares and distinguishes different forms of business organizations,narrows the gap between supply and demand of rules,explores the future direction of company law reform,and provides theoretical support and path guidance for category stock legislation.Focusing on the different governance arrangements provided by“SSE STAR MARKET”and“Second-board Market”for the arrangement of voting rights differences,we reflect on the intensity of governance supervision of listed companies.Adhering to the type of thinking of unlisted joint stock companies can help to seek advantages and avoid disadvantages and resist the risk of abuse of power by controlling shareholders.Respecting the autonomy of the articles of association can“clear the way”for limited liability companies to set up a differentiated voting mechanism.The overlapping of pyramid structure,cross-shareholding,circular holding and voting rights difference arrangement increases the interest differences among actual controllers,controlling shareholders and small and medium investors,and aggravates the governance risks of enterprise groups.Under the differentiated voting mechanism,it is necessary to limit the setting time and duration of special voting shares,provide judicial guarantee for small and medium-sized investors to exercise their rights,and improve the right of small and medium-sized investors to withdraw from share repurchase,so as to ensure their rights of rights ofthe inter.