双重股权问题——以公司的种类股设置为视角

Dual Share Issue——In the Perspective of the Setting of Company Species Shares

无论是以美国为代表的经典"双重股权"结构,还是有所创新的以阿里巴巴为代表的"中国合伙人制",它们的实质在于股权的种类设置。分析国内外"双重股权"结构与种类股的设置后,发现特别股的类别化可以分为三个模式:一是表决权不同权重模式;二是表决权不同事项模式;三是无表决权模式。类别化的模式标准是股权的主要要素——表决权与分配权的配置不同。而根据这两要素之间力量强弱的不同,法律应设置对应的限制措施或保护措施。

Whether the classic dual share structure represented by America,or the Chinese Partner system represented by Alibaba,is essentially the setting of company species shares. Analyzing the dual share structure at home and abroad,the setting species shares can be divided into three modes:Firstly,the voting right of different weights mode;secondly,the voting right of different matters mode;thirdly,the non-voting right mode.The standard of this categories is the main elements of equity--the voting and distribution rights.According to different strength between these two elements, the law should be set up corresponding restrictions or protective measures. In this way,we can achieve the topic of corporate autonomy and regulation,so companies can choose their equity model according to their needs achieving their autonomy and financing requirements while the company's shareholders and creditors can obtain appropriate legal protection.