证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2014年
12期
46~50
,共null页
多重股权架构 同股同权 创业板 表决权 收益分配权
多重股權架構 同股同權 創業闆 錶決權 收益分配權
다중고권가구 동고동권 창업판 표결권 수익분배권
multiple shareholding structure, one share one vote, chinext market, voting rights, dividend distribution rights
多重股权架构是指公司股权架构中允许多类股票存在，尤其是附带多重投票权的股票。本文拟就允许在创业板上市的公司存在或向特定对象发行此类股票进行初步探讨。多重股权架构将给企业提供更为灵活的运作空间，允许此类企业在创业板上市将进一步提升资本市场对中小创新企业的服务与支持力度，但同时也给公众投资者保护带来一定风险。在创业板引入多重股权架构的主要法律障碍来自《公司法》一百零三条对“一股一权”的限制，但参照优先股的推出方式可由国务院、证监会、交易所自上而下逐级进行制度制定与创新，同时也应制定相应配套措施以尽可能降低相关风险。
多重股權架構是指公司股權架構中允許多類股票存在，尤其是附帶多重投票權的股票。本文擬就允許在創業闆上市的公司存在或嚮特定對象髮行此類股票進行初步探討。多重股權架構將給企業提供更為靈活的運作空間，允許此類企業在創業闆上市將進一步提升資本市場對中小創新企業的服務與支持力度，但同時也給公衆投資者保護帶來一定風險。在創業闆引入多重股權架構的主要法律障礙來自《公司法》一百零三條對“一股一權”的限製，但參照優先股的推齣方式可由國務院、證鑑會、交易所自上而下逐級進行製度製定與創新，同時也應製定相應配套措施以儘可能降低相關風險。
다중고권가구시지공사고권가구중윤허다류고표존재，우기시부대다중투표권적고표。본문의취윤허재창업판상시적공사존재혹향특정대상발행차류고표진행초보탐토。다중고권가구장급기업제공경위령활적운작공간，윤허차류기업재창업판상시장진일보제승자본시장대중소창신기업적복무여지지력도，단동시야급공음투자자보호대래일정풍험。재창업판인입다중고권가구적주요법률장애래자《공사법》일백령삼조대“일고일권”적한제，단삼조우선고적추출방식가유국무원、증감회、교역소자상이하축급진행제도제정여창신，동시야응제정상응배투조시이진가능강저상관풍험。
Multiple shareholding structure refers to the structure that allows the existence of multiple classes of ordinary shares, especially those with multiple voting rights. This article discusses the feasibility of introducing multiple shareholding structure to ChiNext market, which provides flexible operation space for those small and medium innovative enterprises, and further more enhances the supportive function of capital market. However, risks also need to be strictly controlled to protect public investors. The main legislative obstacles come from the limitation of one hundred and three clause of ＂Company Law＂, in which it proposes the term of ＂one share, one right＂. However, with reference to the instruction of preferred shares, the State Council, CSRC and SZSE may enforce a series of regulations from the top to bottom to support this innovation, in the meanwhile put the public investors under close protection by supportive mechanisms.
