趋同抑或路径依赖:双层股权结构立法改革的比较与前瞻  

Convergence or Path Dependence:Comparison and Prospect of Legislative Reform of Dual-class Share Structure

作　　者：高菲 Gao Fei(Guangdong University of Finance,Guangzhou 511400,China)

机构地区：[1]广东金融学院法学院,广东广州511400

出　　处：《政法学刊》2023年第4期112-120,共9页Journal of Political Science and Law

基　　金：教育部人文社会科学研究青年基金项目(20YJC820014);广东省哲学社会科学规划一般项目(GD19CFX03)。

摘　　要：近年来,双层股权结构逐渐成为新经济公司普遍采用的公司治理模式。各国(地区)交易所相继修改上市规则,允许采用双层股权结构的公司上市。从制度变迁的视野看,尽管形式上趋同于事前限制模式,但实质上是路径依赖的结果,各国(地区)仍然通过差异化的上市规则开展制度竞争。我国应吸收事前限制和事后救济模式的优势,减少双层股权结构的法定限制,建立激励约束机制,鼓励自愿性的信息披露,完善中国特色的集体诉讼制度,以吸引更多的新经济公司在内地资本市场上市。The dual-class share structure has been widely adopted by new economy companies recently.Exchanges in various countries(regions)have revised the listing rules,allowing companies with dual-class share structure to be listed.From the perspective of institutional change,although it tends to be unified to the ex-ante mode in form,it is essentially the result of path dependence.Countries(regions)still carry out institutional competition through differentiated listing rules.China should learn from both the advantages of the ex-ante to ex-post mode,reducing statutory restrictions on dual-class share structures,establishing incentive and restraint mechanism to encourage voluntary information disclosure,and improving the class-action system with Chinese characteristics,in order to attract more new economy companies to list on the mainland capital market.

关 键 词：双层股权结构 事前限制 事后救济 趋同 路径依赖 

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