控制权配置与歧视性类股利政策——基于南方食品案例分析  

Allocation of Control Rights and Discriminatory Dividend Policies——Based on Analysis of Southern Food Case

作　　者：胡明霞[1] 

机构地区：[1]西南政法大学管理学院,重庆401120

出　　处：《税务与经济》2015年第2期16-22,共7页Taxation and Economy

基　　金：国家社会科学基金项目(项目编号:13BJY015);国家社科基金重点项目(项目编号:13AZD002);重庆市教委科学技术研究项目(项目编号:KJ120107);西南政法大学校级科研项目(项目编号:2012-XZQN28)

摘　　要：公司控制权在不同行为主体之间的配置将产生不同的经济后果,也成为影响公司治理有效性的关键因素。以南方食品为代表的歧视性类股利政策实质是控股股东对其他利益相关者利益的损害,违背了《公司法》股东平等的原则。由此建议:一方面从法律层面加强立法保护,适当限制控股股东表决权,对表决权中特定事项及人事任免权的表决机制进行限制,并赋予中小股东股东大会召集权、提案权等特殊权利,减少控股股东滥用控制权的机会;另一方面,建立多元利益相关者参与公司治理的控制权分享机制,使中小股东权益保护实质上得到落实。Allocation of corporate control rights in different actors will have different economic consequences. It also has an impact on the effectiveness of corporate mean to control shareholders so that they could not management. Discriminatory policies such as southern food damage the interests of other stakeholders. But this goes a- gainst the principle of equality of shareholders in ＂Company Law＂. So, in this paper, several proposals are put forward to solve this problem. On the one hand, it is necessary to strengthen the legislative protection from legal perspective. It is essential to restrict shareholder＇s voting rights to some degree. It is still crucial to restrict some specific matters in voting rights and the voting mechanism of appointment and removal of personnel. In addition, it is also important to give minority shareholders the right to convene the shareholders＇ meeting and propose some cases and to reduce the chances to abuse rights of shareholders. On the other hand, control right sharing mecha- nism should be established so that mult-stakeholders could participate in the corporate governance. Thus, the in- terests of minority shareholders could be protected.

关 键 词：歧视性股利政策 控制权配置 现金流权 股利稀释债权 

分 类 号：F832.5[经济管理—金融学]