差异化表决权制度下投资者利益保护——科创板表决权差异安排规则的引入与完善  

Protection of Investors'Interests Under the Differentiated Voting Rights System——Introduction and Improvement of Rules for Difference of Voting Rights on Science and Technology Innovation Board

作　　者：李宇 Li Yu(School of Law,Zhongnan University of Economics and Law,Wuhan,Hubei 430073,China)

机构地区：[1]中南财经政法大学法学院,湖北武汉430073

出　　处：《黑龙江工业学院学报（综合版）》2021年第1期113-118,共6页Journal of Heilongjiang University of Technology(Comprehensive Edition)

基　　金：中南财经政法大学中央高校基本科研业务费专项资金资助“差异化表决权机制下投资者利益保护——兼评科创板表决权差异安排规则”(编号:202110677)的阶段性成果。

摘　　要：差异化表决权制度较好地解决了新经济企业发展初期融资需求与创始人(控股股东/管理层)控制权集中愿景间的矛盾,赢得了众多科技创新型企业的追捧。但表决权差异安排与股权平等理念存在明显乖离,中小投资者的管理性权利受到特别表决权的削弱。在科创板上市规则后续修订过程中应立足我国投资者利益保护偏弱的现状,对特别表决权股的运用采取必要限制以平衡保护中小投资者利益。The differentiated voting rights system has better resolved the contradiction between the initial financing needs of the enterprises and the vision of the founders(controlling shareholders/management)centralized control rights,and has won the pursuit of many technological innovation enterprises.However,there is a clear deviation between the voting rights difference arrangement and the concept of equity equality,and the management rights of small and medium investors are weakened by the special voting rights.In the follow-up revision process of the Science and Technology Innovation Board’s listing rules,we should base ourselves on the status quo of weak investor interest protection in my country,and adopt necessary restrictions on the use of special voting shares to balance the protection of the rights and interests of small and medium investors.

关 键 词：差异化表决权制度 股东异质化 控制权锁定 日落条款 信义义务 

分 类 号：D912.29[政治法律—民商法学]