公司上市中的差异表决权规则及法律完善——以证券交易所竞争为视角  

The Rule of Differential Voting Rights in the Process of Company Listing and Its Legal Improvments-From the Perspective of Stock Exchange Competition

作　　者：李东方[1] 李耕坤 Li Dongfang;Li Gengkun(Civil,Commercial and Economic Law School,China University of Political Science and Law,Beijing 100088,P.R.China)

机构地区：[1]中国政法大学民商经济法学院,北京100088

出　　处：《山东大学学报（哲学社会科学版）》2023年第3期168-181,共14页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家社科基金后期资助项目“证券监管法论”(16FFX020)。

摘　　要：双层股权结构具有理论与实践的重要价值,这一制度产生的重要原因在于证券交易所之间的竞争,是一种实践需求推动理论革新的结果。从世界范围看,已经形成突破传统“同股同权”而采纳“同股不同权”的双层股权结构的趋势和现实。我国为回应现实需求以及应对国际上证券交易所之间的竞争而已经引入该制度,但实践结果与理论预期产生了偏离。通过比对发现,我国上交所、深交所、北交所以及新三板之间,以及与美国、新加坡和我国香港地区证券交易所对该制度的规定有所差异,这种差异是造成实践与预期发生偏离的原因。我国证券交易所对该制度的限制过于严格,为满足实践需要以及应对竞争,应当在严格与放松限制之间作出良好的平衡。因此,需要对双层股权结构制度下的差异表决规则进行完善和突破,突破的重点在于事前放宽准入标准,完善的重点在于事中细化信息披露制度及相关规则,事后完善普通股东的保护机制。Beijing Stock Exchange is the first corporate stock exchange in China,and it aims at serving innovative small and medium-sized enterprises.The relation between company-based Beijing Stock Exchange and other exchanges such as the Shanghai Stock Exchange,Shenzhen Stock Exchange,and the exchanges of other countries and regions can be descrbed as“cooperation and competition”.There is not only a mutual reference,a dislocation development relationship but also a competitive relationship.Therefore,on the basis of maintaining the overall consistency of China’s regulatory standards,it is necessary to fit the characteristics of Innovative Small and Medium-Sized Enterprises,to improve the relevant system design,to better serve Innovative Small and Medium-Sized Enterprises,to protect the rights and interests of common shareholders,and to improve the competitiveness of China’s stock exchanges.The Dual Class Shares Structure is important both in theory and in practice.The important reason for the construction of this system is that the competition between stock exchanges is the result of theoretical innovation driven by practical needs.From a global perspective,there has been a trend and reality of breaking through the traditional“same share and same vote”system and adopting the“same share and different votes”system.China has introduced the latter system to respond to the actual needs and the competition with the stock exchanges from extraterritorial countries and regions,but the actual results have deviated from the theoretical expectations.Through comparison,it is found that there are different regulations for DESS between the SSE,the SZSE,the BSE,and the National Equities Exchange and Quotations of China,as well as with the stock exchanges of the United States,Singapore,and Hong Kong.This difference is the reason for the deviation between practice and expectation.Although China permits the IPOs of companies with the Dual Class Shares Structure,it adopts strict protection rules to reduce potential agency cost

关 键 词：上市公司 证券交易所 上市规则 表决权差异安排 双层股权结构 

分 类 号：D922.287[政治法律—经济法学] F832.51[政治法律—法学]