表决权差异安排与科创板治理  

Differences in Voting Rights and Governance of the “SSE Star Market”

作　　者：傅穹[1] 卫恒志 FU Qiong;WEI Heng-zhi(Jilin University,Changchun,130012,China)

机构地区：[1]吉林大学法学院

出　　处：《现代法学》2019年第6期91-103,共13页Modern Law Science

基　　金：吉林大学(2018)社科字(409)号哲学社会科学横向科研项目“公司法编纂的全球印象——以股权结构制度设计为视角”

摘　　要：差异化表决安排,是推动新兴经济发展的制度创新,是企业家与投资者之间的一种治理契约机制、风险分配机制、激励机制与自我保护机制。围绕我国首例采纳差异化表决安排的“优刻得公司”的治理安排,引发学者重新反思监事会与独立董事的监督模式、不宜强制性推行时间日落条款、肯定科创板的现实治理安排。立法者应寻求控制股东特质企业愿景与少数股东权益保护之间的最佳平衡。监管者应坚持监管强度与投资者博弈能力相匹配的严格监管机制。司法者应充分尊重差异化表决下的公司自治,兼顾防范控制股东滥用表决权。我国进行差异化表决制度的法律移植过程中,必须立足于我国投资者保护偏弱、监事会与独立董事监督形式化、监管措施仍在摸索中、科创板治理商事裁判刚刚起步的现状,寻求适合本土的科创板治理体系。Differentiated voting arrangements are institutional innovations that promote the development of emerging economies.They are a governance contract mechanism,risk distribution mechanism,incentive mechanism and self-protection mechanism between entrepreneurs and investors.Centering on the governance arrangement of Youkede Company,which adopted the differentiated voting arrangement for the first time in China,scholars should rethink the supervision mode of the board of supervisors and independent directors,should not be forced to implement the time sunset clause,and affirm the characteristic governance arrangement of the“SSE Star Market”(Sci-Tech innovation board).Legislators should seek the best balance between controlling shareholders’pursuit of long-term development of enterprises and protection of minority shareholders’rights.Regulators should adhere to strict supervision that matches the intensity of the supervision and the game ability of investors.Judiciary should fully respect corporate autonomy under differentiated vote and take into account the abuse of voting rights by the controlling shareholders.China must be based on the weak protection of investors,the formalization of supervision by the board of supervisors and independent directors,the fact that regulatory measures are still being explored,and the status of commercial judgments has just started.In the process of legal transplantation of differentiated voting system,we should seek a suitable governance system for the“SSE Star Market”.

关 键 词：表决权差异化安排 公司控制权 科创板治理 

分 类 号：DF411.91[政治法律—经济法学]