我國優(yōu)先股表決權機制研究
發(fā)布時間：2018-08-14 12:45
【摘要】：我國優(yōu)先股制度的試點,意在構建多層次的資本市場。優(yōu)先股的表決權是優(yōu)先股制度的內容之一,其雖屬于股東表決權的一種,但是與普通股東也存在很多區(qū)別,例如權利性質、表決權范圍、行使要件存在諸多不同。優(yōu)先股表決權存在多個制度層次,包括一般情形下無表決權的狀態(tài)、優(yōu)先股表決權恢復機制和優(yōu)先股分類表決機制,恢復機制側重于對優(yōu)先股利益進行事后補救,分類表決機制則注重事前預防。這種多層次性的制度架構,構成了優(yōu)先股權表決權制度獨有的特點,包括限制性、事前救濟性、表決權存續(xù)時間的短暫性、表決權存在的反復性。而且這些特點和制度內容是以股東平等原則、資本多數(shù)決原則、公司自治理念為基礎的。在實際運行中優(yōu)先股表決權機制能滿足不同投資者的需求,完善公司治理結構,改善企業(yè)一股獨大的局面,同時優(yōu)先股表決權的構建有利于維護優(yōu)先股股東的利益,間接促進多層次資本市場的構建。試點階段我國優(yōu)先股表決權機制還存在諸多問題,首先在表決權恢復機制中,其時間條件和比例條件規(guī)定的并不合理,沒有具體考慮不同類型優(yōu)先股的具體情況。因優(yōu)先股表決權機制在維護其股東利益方面具有先天的遲滯性,在一些情況下還可能導致優(yōu)先股表決權恢復機制的失靈。其次優(yōu)先股分類表決權的內容或者范圍雖然也有劃分,但是標準模糊,條款設計并不合理,而且在召開優(yōu)先股股東專門大會時,其程序設置也比較混亂。當前我國很多企業(yè)已經開始發(fā)行優(yōu)先股,對試點階段問題的解決利于優(yōu)先股制度的良性發(fā)展。優(yōu)先股在英美等國家有更長的制度發(fā)展歷史,其表決權制度發(fā)展的相應也更加完善。大陸法系以法定式的立法模式將優(yōu)先股表決權機制規(guī)定在成文的法律中,其中《日本公司法典》以對種類股東的權利有損害或者損害之虞為標準進行分類表決,并詳細列舉了 13項需要種類股召開專門會議進行分類表決的情形。德國則規(guī)定了較為即時的表決權恢復策略。英美法系以授權式的立法例為主,授權公司章程自主約定優(yōu)先股表決權機制,其相關法律法規(guī)為公司章程提供一定程度的指引。英美兩國均規(guī)定了類別表決范圍的劃分標準,并適用于優(yōu)先股分類表決權范圍的劃分。英國以"類別權利"的變更為標準,美國則以"公司章程的修改涉及、影響或者改變"類別股權利為標準。我國可以采取以下幾個方面的措施完善優(yōu)先股表決權機制。第一,必須合理設置優(yōu)先股股東表決權恢復的條件。在時間條件上,采取相對即時恢復的策略。在比例條件上,試點階段以模擬轉股價格為標準,按比例恢復優(yōu)先股股東的表決權,不利于優(yōu)先股權益的保護,應按照優(yōu)先股出資額的比例恢復其表決權。第二,優(yōu)先股表決權恢復機制在維護優(yōu)先股權益時可能產生制度失靈。為此優(yōu)先股股東必須積極行使異議股東回購請求權或股利分配請求權,同時采取累積性優(yōu)先股的股利計息方式,彌補優(yōu)先股的損失。第三,優(yōu)先股分類表決范圍的劃分標準應以權利變更為標準,但是對于權利變更要采取限制性解釋,嚴格確定變更的邊界,以列舉式的立法模式具體規(guī)定優(yōu)先股分類表決的事項。第四,優(yōu)先股專門會議的召開,不應設置最低比例的限制,在召開模式上應該選擇"先后召集,分類表決",從保護優(yōu)先股股東權益的角度來設置優(yōu)先股專門會議的程序。
[Abstract]:The voting right of preferred stock is one of the contents of the preferred stock system. Although it belongs to one of the voting rights of shareholders, it is also different from ordinary shareholders in many aspects, such as the nature of the right, the scope of voting rights, and the elements of exercise. Institutional level, including the non-voting state under general circumstances, the restoration mechanism of the voting rights of preferred shares and the classification voting mechanism of preferred shares, the restoration mechanism focuses on the remedy of the interests of preferred shares after the event, and the classification voting mechanism focuses on the prevention in advance. These characteristics and system contents are based on the principle of equality of shareholders, the principle of capital majority decision and the concept of corporate autonomy. At the same time, the construction of voting rights of preferred shares is conducive to safeguarding the interests of preferred shareholders and indirectly promoting the construction of multi-level capital market. Because the voting right mechanism of preferred shares has inherent lag in safeguarding the interests of its shareholders, it may also lead to the failure of the voting right restoration mechanism of preferred shares in some cases. At present, many enterprises in China have begun to issue preferred shares, and the solution to the problems in the pilot stage is conducive to the sound development of the preferred shares system. The continental law system stipulates the voting right mechanism of preferred shares in the statutory law, and the Japanese Company Code classifies the voting rights of different types of shareholders according to the criterion of damage or damage to the rights of different types of shareholders. Thirteen special types of stocks are listed in detail. In Anglo-American law system, the voting rights of preferred shares are authorized by authorized legislation, and the relevant laws and regulations provide a certain degree of guidance for the articles of association. The United Kingdom regards the change of "class rights" as the criterion, while the United States regards the modification of the articles of association as the criterion. China can take the following measures to improve the voting mechanism of preferred shares. First, the preferred shares must be rationally set up. On the condition of time, we should adopt the strategy of relative instant recovery. On the condition of proportionality, we should restore the voting rights of preferred stock shareholders according to the simulated convertible stock price in the pilot stage, which is not conducive to the protection of preferred stock rights and interests. Secondly, the preferred stock list should be restored according to the proportion of preferred stock contribution. For this reason, the shareholders of preferred shares must actively exercise the right of repurchase or dividend distribution of dissident shareholders and adopt the dividend accrual method of cumulative preferred shares to make up for the loss of preferred shares. Thirdly, the criteria for dividing the voting range of preferred shares should be rights. Fourth, the convening of a special meeting of preferred shares should not set a minimum proportion of the restrictions, in the convening mode should choose "call one after another, vote by classification" to insure. The procedure of special meeting of preferred stock is set up from the perspective of protecting shareholders' rights and interests of preferred stock.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.291.91
本文編號：2182903
[Abstract]:The voting right of preferred stock is one of the contents of the preferred stock system. Although it belongs to one of the voting rights of shareholders, it is also different from ordinary shareholders in many aspects, such as the nature of the right, the scope of voting rights, and the elements of exercise. Institutional level, including the non-voting state under general circumstances, the restoration mechanism of the voting rights of preferred shares and the classification voting mechanism of preferred shares, the restoration mechanism focuses on the remedy of the interests of preferred shares after the event, and the classification voting mechanism focuses on the prevention in advance. These characteristics and system contents are based on the principle of equality of shareholders, the principle of capital majority decision and the concept of corporate autonomy. At the same time, the construction of voting rights of preferred shares is conducive to safeguarding the interests of preferred shareholders and indirectly promoting the construction of multi-level capital market. Because the voting right mechanism of preferred shares has inherent lag in safeguarding the interests of its shareholders, it may also lead to the failure of the voting right restoration mechanism of preferred shares in some cases. At present, many enterprises in China have begun to issue preferred shares, and the solution to the problems in the pilot stage is conducive to the sound development of the preferred shares system. The continental law system stipulates the voting right mechanism of preferred shares in the statutory law, and the Japanese Company Code classifies the voting rights of different types of shareholders according to the criterion of damage or damage to the rights of different types of shareholders. Thirteen special types of stocks are listed in detail. In Anglo-American law system, the voting rights of preferred shares are authorized by authorized legislation, and the relevant laws and regulations provide a certain degree of guidance for the articles of association. The United Kingdom regards the change of "class rights" as the criterion, while the United States regards the modification of the articles of association as the criterion. China can take the following measures to improve the voting mechanism of preferred shares. First, the preferred shares must be rationally set up. On the condition of time, we should adopt the strategy of relative instant recovery. On the condition of proportionality, we should restore the voting rights of preferred stock shareholders according to the simulated convertible stock price in the pilot stage, which is not conducive to the protection of preferred stock rights and interests. Secondly, the preferred stock list should be restored according to the proportion of preferred stock contribution. For this reason, the shareholders of preferred shares must actively exercise the right of repurchase or dividend distribution of dissident shareholders and adopt the dividend accrual method of cumulative preferred shares to make up for the loss of preferred shares. Thirdly, the criteria for dividing the voting range of preferred shares should be rights. Fourth, the convening of a special meeting of preferred shares should not set a minimum proportion of the restrictions, in the convening mode should choose "call one after another, vote by classification" to insure. The procedure of special meeting of preferred stock is set up from the perspective of protecting shareholders' rights and interests of preferred stock.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.291.91
【參考文獻】
相關碩士學位論文 前2條
1 陸順祥;類別股東表決制度研究[D];華東政法大學;2014年
2 吳漳平;中國優(yōu)先股的發(fā)行策略研究[D];廈門大學;2013年
，本文編號：2182903
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