创业板公司引入多重股权架构探讨.PDFVIP

微观结构 创业板公司引入多重股权架构探讨 冯向前 (深圳证券交易所，广东 深圳 518038) 摘要：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。 关键词：多重股权架构；同股同权；创业板；表决权；收益分配权 Abstract: 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. Keywords: multiple shareholding structure, one share one vote, chinext market, voting rights, dividend distribution rights 作者简介：冯向前，任职于深圳证券交易所创业板公司管理部。 中图分类号：F830.9 文献标识码：A 股东(普通股股东)的权利，其承担的风险也比较低，因此 多重股权架构利弊 除非在公司无法分配所承诺的股息情况下，优先股股东一 在理论上，公司的股份可分为优先股和投票权股， 般是没有投票权的。从风险和收益均衡的角度而言，优先 其中投票权股又可分为普通股和多重投票权股(如图1 股其实是介于股票和债券之间的一种权益证券。 所示)。 投票权股又可分为一股一权的普通股和一股多权的 优先股是在股息