日本复数表决权股份制度及发行公司上市规制——兼谈对我国种类股制度的启示  

Japaneseplural-voting Sharessystem and the Securities Listing Regulations

作　　者：樊纪伟[1] 

机构地区：[1]天津财经大学法学院,天津300222

出　　处：《证券市场导报》2017年第4期67-72,77,共7页Securities Market Herald

基　　金：天津市哲学社会科学研究规划项目"拉动消费内需背景下的信用卡法律制度研究"(项目号TJFX16-005)的阶段性成果

摘　　要：日本《公司法》限定了公司能够发行的种类股份类别,并严格禁止公司发行每一股具有多个表决权的种类股。现实中,日本公司利用单元股制度,达到与发行复数表决权股份同样的目的,成为日本版的复数表决权种类股制度。为满足公司融资多样化需求,东京证券交易所修改上市规程,确立了复数表决权股份有限公司的上市规则。鉴于公司融资多元化的现实需要及域外经验,我国立法有必要承认复数表决权种类股,并从发行条件、发行程序、持有人权利与义务等方面加以规制。同时,将发行复数表决权股份的公司公开发行上市的规则及其审查内容交由交易所制定,由交易所具体负责公开发行审查。Japanese Corporate Law sets limits on the categories of classifi ed shares corporations can issue, and the issuance of shares with plural-voting rights on each share is also prohibited. Nevertheless, Japanese corporations have, in practice, employed the unit share system to attain the same objective of plural-voting shares. To meet the demand of corporate fi nancing diversifi cation, through modifying the previous Securities Listing Regulations and Its Related Rules, the Tokyo Stock Exchange came to admit the right of corporations which issued plural-voting shares to be listed by fi rst public offering. In view of the practical regulatory needs of corporate fi nancing diversifi cation in China, by reviewing the advantageous experiences drawing from relevant Japanese legal practices, it is necessary for China＇s Corporate Law to establish system of plural-voting shares and provisions stipulating the issuing term, issuance procedure, the rights and duties of holders should be included explicitly. Meanwhile, the Exchanges should be authorized to make the concrete rules and excise the power of review concerning issuance of shares.

关 键 词：一股一权 复数表决权 种类股 公开发行审查 

分 类 号：DF411.91[政治法律—经济法学]