新《公司法》下双层股权结构制度的反思与优化  

Reflection and Optimization of Dual-Class Share Structure System Under the Background of the New Company Law

作　　者：胡婷 Hu Ting(Law School,Leiden University,Leiden 2334EW,Netherlands)

机构地区：[1]莱顿大学法学院,莱顿2334EW

出　　处：《天津大学学报(社会科学版)》2025年第2期113-124,共12页Journal of Tianjin University:Social Sciences

摘　　要：双层股权结构被正式引入新《公司法》,标志着其在中国资本市场的发展进入新阶段。然而,自科创板引入该结构以来,数据显示我国市场的适用率相较于美国等法域显著偏低。在新《公司法》背景下,审视我国资本市场的双层股权制度可以发现,其在内部监督机制、特别表决权股东的信义义务、信息披露规范等方面的配套建设仍显不足。鉴于此,建议通过加强内部监督、明确股东信义义务、完善信息披露制度和提升民事救济措施的有效性,以构建系统化的法律框架,充分发挥双层股权结构制度的优势,并实现配套机制的协同效果。The formal introduction of the dual-class share structure into the new Company Law signifies that its development within China’s capital market has entered a new stage.However,since the initial adoption of dual-class share structures on the SSE STAR Market,data indicate that their usage in China is significantly lower compared to jurisdictions such as the United States.In the context of the new Company Law,this paper examines the dual-class share framework in China’s capital markets reveals ongoing deficiencies in supporting measures,particularly in areas such as internal supervision mechanisms,fiduciary duties of shareholders with special voting rights,and information disclosure standards.In light of this,it is recommended to strengthen internal supervision,clarify shareholder fiduciary duties,optimize the information disclosure system,and improve the effectiveness of civil remedies.These measures aim to construct a systematic legal framework that fully leverages the advantages of the dual-class share structure and achieves synergistic effects with supporting mechanisms.

关 键 词：新《公司法》 双层股权结构 特别表决权股东 信息披露 信义义务 

分 类 号：DF411.91[政治法律—经济法学]