期刊文献+

股份投票权与收益权的分离及其法律规制 被引量:27

On the Separation between Voting Rights and Shares Ownership and Its Legal Regulation
原文传递
导出
摘要 在金融创新的冲击之下,禁止股份投票权与收益权分离的默示性规则被打破,分离的主要表现是空洞投票与隐性(变异)所有权,由此导致作为公司治理核心机制的股东投票制度失灵。股份投票权与收益权的分离,其实施主体以市场驱动型的机构投资者为主,在行为外观上表现为合同行为与技术操作行为的联结,在责任机制方面受到合同责任与侵权责任的双重制约。股份投票权与收益权的法律规制,需要引入合作规制的理念,将合约规制与公权规制进行合理搭配,通过对机构投资者的股东投票资格限制或剥夺条款、不当利益追回条款、信义义务条款的制度安排以及"实质主义"信息披露准则的确立,维护资本市场的法治秩序,实现金融创新与公司治理的竞争性平衡。 Under the impact of financial innovation, the rule of prohibiting separation between voting rights and shares ownership has been broken. Empty voting and hidden/morphable ownership are mainly performance of the separation between voting rights and shares ownership, which leads to failure of shareholder voting system as the core mechanism of corporate governance. The implementers of the separation are market- driven institutional investors, the behavioral manifestations of the separation include contract behavior and technical operation behavior, and the liability mechanism of the separation include contract liability and tort liability. In order to maintain legal order of capital market and achieve competitive balance between financial innovation and corporate governance, we need to introduce the concept of co-regulation during the process of regulating the separation between voting rights and shares ownership, reasonably deploy contract regulation and public rights regulation, establish legal provisions of limiting or depriving voting qualifications, recovering improper benefits and fiduciary duty towards institutional investors, and establish information disclosure guidelines with substance doctrine.
作者 李安安
机构地区 武汉大学法学院
出处 《比较法研究》 CSSCI 北大核心 2016年第4期18-35,共18页 Journal of Comparative Law
基金 教育部哲学社会科学研究重大课题攻关项目"我国债券市场建立市场化法制化风险防范体系研究"(批准号:14JZD008)的阶段性成果 2015年武汉大学自主科研(人文社会科学)青年项目"金融创新与公司治理法制的结构性变革"资助
关键词 金融创新 投票权与收益权分离 空洞投票 隐性/变异所有权 financial innovation separation between voting rights and shares ownership emptyvoting hidden/morphable ownership
  • 相关文献

参考文献59

二级参考文献254

共引文献374

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部