我国科创企业双层股权结构的制度优化  

Institutional Optimization of the Dual-Class Share Structure of China's Science and Technology Enterprises

作　　者：范若珊 FAN Ruoshan(School of Law,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学法学院,北京100070

出　　处：《经济论坛》2025年第3期141-152,共12页Economic Forum

摘　　要：科创板上市之后,双层股权结构也逐渐为我国资本市场所接纳。然而,双层股权结构在我国资本市场的应用现状并不理想。通过对双层股权结构规则的重新检视,我国囿于双层股权结构存在的固有弊端,采取较为严苛的事前管制,存在双层股权规制事中控制不足,事后保障机制不健全的问题,降低了对科创企业创始人的吸引力。综观域外双层股权结构的实践,其自身具有的独特价值不容忽视。我国应遵循股东意思自由的法律理念,适当放松事前监管。与此同时,应完善相关事中、事后的制度设计,实现投资者保护和市场开放之间的平衡。After the listing of the Science and Technology Boardm,the dual-class share structure has also been gradually accepted by China’s capital market.However,the current status of the application of dual-class share structure in China’s capital market is not satisfactory.A re-examination of the rules on dual-class share structure reveals that the rule makers have adopted more stringent ex ante controls due to the inherent drawbacks of the dualclass share structure,which results in the problem of the inadequancy of in-process control and the incompleteness of ex-post security mechanisms in the regulation on dual-class share structure,reducing the attractiveness to founders of start-ups.Its unique value should not be ignored through an overview of extraterritorial practices of dualclass share structure.The ex-ante control measures should be relaxed in accordance with the legal concept of freedom of intent of shareholders.At the same time,we should improve the design of the relevant in-process and expost systems to achieve a balance between investor protection and market opening.

关 键 词：双层股权 股东意思自由 规则体系 科创企业 

分 类 号：D923.99[政治法律—民商法学]