双层股权结构上市公司普通股东权益保护制度研究  

Protection System of Common Shareholders’Rights and Interests in Dual-class Share Structure Listed Company

作　　者：章道润 张宇润[1] 蒋辉宇[2] ZHANG DaoRun;ZHANG YuRun;JIANG HuiYu(Law School, Anhui University, Hefei 230601;School of Law, Anhui University of Finance and Economics, Bengbu 233030)

机构地区：[1]安徽大学法学院,安徽合肥230601 [2]安徽财经大学法学院,安徽蚌埠233030

出　　处：《财贸研究》2021年第8期68-81,共14页Finance and Trade Research

基　　金：教育部人文社会科学研究青年项目“我国金融科技‘监管沙盒’法律制度构建研究”(19YJC820020);安徽省哲学社会科学规划项目“我国国际板境外上市公司监管的法律规则冲突与协调研究”(AHSKY2016D02)的阶段性研究成果之一。

摘　　要：在双层股权结构公司被逐渐接受和采用的形势下,保护双层股权结构上市公司普通股东权益则成为保障内地资本市场有效运行的重要环节。为此,可以借鉴境外发达国家(地区)双层股权结构上市公司普通股东权益保护制度的设计经验,通过采用完善针对性信息披露制度、细化“日落”条款、引入类别股东表决制度、强化外部市场监管职能以及完善配套救济机制等措施来健全内地双层股权结构上市公司普通股东权益保护制度。Under the situation that dual-class share structure companies are gradually accepted and adopted in China,protecting the common shareholders’rights and interests of dual-class share listed structure companies has become an important link to ensure the effective operation of China’s capital market.Therefore,on learning from the foreign developed countries and regions of dual-class share structure listed company shareholders’rights and interests protection system design experience,it is necessary to improve the protection system of common shareholders’rights and interests of listed companies with dual-class share structure in China by perfecting our country’s targeted information disclosure system,specifying the“sunset”clause,introducing the voting system of class shareholders,strengthening the supervision function of external market,and improving supporting relief mechanism,etc.

关 键 词：双层股权结构 普通股东权益保护 “穿透式”信息披露 “日落”条款 类别股东表决权制度 

分 类 号：F830.91[经济管理—金融学]