| 摘要: |
| 双层股权结构是一种特殊化的股权结构。其基于防范恶意资本收购、异质化股东权利平衡、提高资本配置效率、充实营商环境软实力等原因而产生。国外对双层股权机构持有禁止、允许、限制三种态度。我国科创板突破“一股一权”固有原则,允许双层股权结构公司境内上市,是对营商环境的进一步优化。但《科创板股票上市规则》表决权差异安排中,对双层股权结构的表决权设计、特别表决权股转让限制、“日落条款”时限以及其他方面存在代理成本居高的问题。基于降低代理成本的考量,应增加股息优待策略、细化时限性规定、建立独立董事委员会等完善机制。未来应在防范敌意收购的本土化条款、特别表决权股份现金流权的标准、股东诉讼制度的落实等方面重点研究。 |
| 关键词: 双层股权结构;科创板股票上市规则;营商环境;代理成本 |
| DOI： |
| 分类号:F830.91 |
| 基金项目: |
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| The Dual-class Share Structure and “Rules Governing the Listing of Stocks on the Science and Technology Innovation Board” |
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Dong Zhennan
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Xi`an Unversity of Finance and Economics
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| Abstract: |
| The two-tiered equity structure is a specialized equity structure. It arises from the prevention of malicious capital acquisitions, the balance of heterogeneous shareholder rights, the improvement of capital allocation efficiency, and the enhancement of the soft power of the business environment. Foreign countries hold three attitudes of prohibition, allowance, and restriction on two-tier equity institutions. China"s science and technology innovation board breaks through the inherent principle of “one share, one right” and allows domestic listing of companies with a two-tier equity structure, which is a further optimization of the business environment. However, in the "Variation of Voting Rights Arrangement of the Science and Technology Board Listing Rules the design of voting rights for the double-layer equity structure, restrictions on the transfer of special voting rights, the "sunset clause time limit, and other aspects have high agency costs. Based on the consideration of reducing agency costs, it is necessary to increase the dividend treatment strategy, refine the time limit regulations, and establish an independent board committee and other perfect mechanisms. In the future, we should focus on the localization provisions to prevent hostile takeovers, the standard of cash flow rights for special voting rights, and the implementation of shareholder litigation systems. |
| Key words: Dual-class Share Structure; Listing of Stocks on the Science and Technology Innovation Board; Business environment; agency costs |
