摘要
双层股权结构是一种为了防范恶意资本收购、平衡异质化股东权利、提高资本配置效率和优化营商环境而产生的特殊股权结构。国外对双层股权机构持有禁止、允许、限制三种态度,而我国科创板突破“一股一权”的固有原则,允许双层股权结构公司在境内上市。但《科创板股票上市规则》的表决权差异安排中,双层股权结构的表决权设计,特别表决权股转让限制、“日落条款”时限以及其他方面存在代理成本较高的问题。为了降低代理成本,我国应当采取增加股息优待策略、细化时限性规定、建立独立董事委员会等优化措施。未来可以将研究重点放在防范敌意收购的本土化条款、特别表决权股份现金流权的标准、股东诉讼制度的落实等方面。
The two-tiered equity structure is a specialized equity structure.It arises from the prevention of malicious capital acquisitions,the balance of heterogeneous shareholder rights,the improvement of capital allocation efficiency,and the enhancement of the soft power of the business environment.Foreign countries hold three attitudes of prohibition,allowance,and restriction on two-tier equity institutions.China's science and technology innovation board breaks through the inherent principle of“one share,one right”and allows domestic listing of companies with a two-tier equity structure,which is a further optimization of the business environment.However,in the“Variation of Voting Rights Arrangement of the Science and Technology Board Listing Rules”,the design of voting rights for the double-layer equity structure,restrictions on the transfer of special voting rights,the“sunset clause”time limit,and other aspects have high agency costs.Based on the consideration of reducing agency costs,it is necessary to increase the dividend treatment strategy,refine the time limit regulations,and establish an independent board committee and other perfect mechanisms.In the future,we should focus on the localization provisions to prevent hostile takeovers,the standard of cash flow rights for special voting rights,and the implementation of shareholder litigation systems.
作者
董振南
DONG Zhen-nan(XI'AN UNIVERSITY OF FINANCE AND ECONOMICS)
出处
《当代金融研究》
2020年第2期55-63,共9页
Journal of Contemporary Financial Research
关键词
双层股权结构
科创板股票上市规则
代理成本
Dual-class Share Structure
Listing Rules of Stocks on the Science and Technology Innovation Board
Agency Costs
