【作者】 李海燕；

【导师】 徐卫东；

【作者基本信息】 吉林大学 ， 民商法学， 2014， 博士

【摘要】 类别股是针对普通股而言的，是指在利润分配，剩余财产分配，公司重大问题的决议，董事、监事的选任等方面权利内容不同的股份。类别股与普通股相比，扩大或减少了股份的权利内容。类别股在美国、日本等发达国家的立法已十分完善，公司通过发行多种形态的类别股扩大筹集资本的渠道，防御敌意收购以稳定公司经营权，又可以提高自有资本的比例。我国从2004年开始进行了股权分置改革，2008年之后废除了流通股与非流通股的区分。股份公司股份的全部流通，使我国公司在经营权的稳定、敌意收购等方面面临着危险。因此我国有必要引进类别股制度，促进我国公司发展渠道的多元化。普通股是指章程对股份的内容没有附加特别条件的股份，相反，章程对股份的内容附加特别条件的就是类别股。类别股的发行在筹集资本、防御敌意收购、稳定公司经营权等方面发挥积极作用。类别股具有股份和债券的双重属性，在美国等世界各国发行类别股，首先发行的是在利润分配方面与普通股相比享有优先分配权的优先股，大部分优先股不享有表决权。公司之所以发行这些无表决权的优先股，是因为那些谋划扩大营业的原有股东想在其经营权不受影响的情况下，以有利条件筹集新的资本。我国现行公司法没有直接规定类别股，《公司法》第131条规定：“国务院可以对公司发行本法规定以外的其他种类的股份，另行作出规定。”近几年，我国学术界和立法界也尝试类别股相关问题的研究和立法工作，于是2014年3月21日，证监会公布了《优先股试点管理办法》，主要包括以下几个主要内容：非上市公众公司可以非公开发行优先股；上市公司可以发行优先股；上证50相关企业、涉及并购、回购相关企业等三类上市公司可以公开发行优先股等等。由此，我国开始了有关发行优先股的立法实践。另外，我国《公司法》已经间接地包含了类别股的相关内容。如根据《公司法》第34条和42条规定，我国公司可以在利润分配和表决权方面设置不同的权利内容，即可以设计含有类别股内容的股权。这在一定程度上为我国设置类别股制度奠定了法律基础。我国证券市场已经具备股权集中、所有权与经营权分离、投资者多样化等条件，为设置类别股制度提供了现实基础。进入21世纪之后，世界各国通过公司法的修改，逐渐扩大类别股的类型，授予公司更多的自主权。类别股最早产生于英美法系国家，这些国家的公司法基本不限制股份的权利内容，授权公司根据章程规定发行有关利润分配、剩余财产分配、表决权及董事选任、偿还、转换等方面权利内容不同的各种各样的类别股。近几年，德国、日本、韩国等大陆法系国家也逐渐扩大了类别股的范围，允许公司较自由地决定股份的内容和类型，达到公司所需资本的有效筹集，经营权的稳定，财务结构的调整，敌意收购的防御，股东间支配权的分配等多种目标。比较研究美国、英国、日本、韩国、德国等国家有关类别股制度的立法和实践，对构建我国类别股制度有借鉴意义。目前世界对类别股的立法模式主要有两种：一种是英国、美国的自由模式，公司法基本不限制股份的权利内容，只是概括性地规定股份的种类，具体由公司根据章程规定发行有关利润分配、剩余财产分配、表决权及董事选任等方面权利内容不同的各种类型的股份。第二种是以日本、韩国为代表的法定模式，以成文法典的形式规定公司可发行的类别股的类型，公司只能在法定的类别股类型范围内设定具体的权利内容。根据我国立法现状及证券市场情形，我国适合采用第二种法定的立法模式。公司法可引进的类别股具体包括利润分配与剩余财产分配优先股、限制表决权股、偿还股、转换股，附董事任免权股。公司通过发行利润分配优先股，吸引社会上对公司经营不感兴趣，而只关心投资收益的投资者，以期筹集资本；公司通过发行无表决权股、部分表决权股等有关表决权的类别股，强化对公司的控制权或防御敌意收购；另外，公司通过发行转换股、偿还股等类别股调整公司财务结构、确保投资者的投资利益。类别股的引进，不可避免地发生类别股股东之间的利益冲突问题。类别股股东之间的利益冲突带来的后果，并不仅限于某个类别股股东利益受损，且有可能导致公司经营进入僵局，不利于公司全体股东利益。所以这就需要从保护少数类别股股东利益的角度和打破公司经营上僵局的角度出发采取适当的解决方法。对此有必要利用章程或类别股东大会等利益调整手段予以调整。而且，类别股股东之间的利益冲突直接影响董事的忠实义务，可能引发董事的义务违反和责任的增加，所以有必要限制董事责任。如上所述，发行各种类型的类别股，就要调整类别股股东之间的利益冲突，这就需要有一个调整类别股股东之间的法律原则。根据“类别股是股东平等原则的例外”，或“两者之间没有直接关系”等观点，股东平等原则对类别股之间不发挥作用。从个别国家公司法的规定来看，股东平等原则对类别股而言，并不是例外适用，是根据各种类型的类别股各自的内容及数量平等地对待，换句话说，如果股份的内容不相同，允许不平等对待不同类型的类别股股东。更多还原

【Abstract】 Class stock is directed against common stock. It refers to special conditionalstocks which are set for the content of stocks like distribution of profit, distribution ofremaining property, resolutions of major issues of company, appointment and removalof directors and supervisors, etc. Compared with common stock, it expands or reducesthe rights content. Legislation of class stock is perfect in U.S.A., Japan and otherdeveloped countries. Company expands channels of raising capital and defenseshostile bid to stabilize company management rights through issuing a variety of classstock. China has exercised non-tradable stock reform from2004, and abolished thedistinction of circulating stock and non-tradable stock after2008. All flow of stock ofJoint-stock company makes China’s companies face the danger of stabilization ofmanagement rights and hostile takeovers, and so on. Therefore, it is necessary tointroduce class stock system in China.Common stock refers to the stock without additional special conditions thatArticle of Association rules. On the contrary, class stock is the stock with additionalspecial conditions. Class stock has dual attributes of stock and bonds. In the UnitedStates and other countries around the world, compared with common stock,companies firstly issue preferred stock with preferred distribution right. Mostpreferred stocks do not have the voting rights. Because the existing shareholders whoplan to extend the operation in case of their rights are not affected want to raise newcapital on favorable terms.China’s Company Law does not directly rule class stock. Article131ofCompany Law rules that the Stated Council may make separate stipulations relating toa company’s issuance of stock of classes other than those prescribed herein. In recentyears, China’s academics and legislative sector begin to research the related problemsand legislate. On March21,2014, the CSRC published <the Measures forAdministration of Pilot Preferred Stock>. It mainly includes following contents.Non-listed company can privately issue preferred stock; listed company can issuepreferred stock; SSE50companies, companies which covered M&A, companieswhich covered repurchase can issue preferred stock, and so on. Thus, domesticcompanies which issue preferred stock have legislative support. Additionally, there are indirect relative contents of class stocks in Company Law and other related lawsand regulations. For example, according to Article of34and42of Company Law,China’s companies can set different rights contents in distribution of profits andvoting rights. It means that they can design stock involved class stocks contents.China’s securities market with the conditions which are ownership concentration,separation of ownership and management, diversification of investors provides a basisin reality for setting class stock system.After entering21st century, countries around the world though modification ofthe company law, gradually expand the types of class stock and give companies moreautonomy. Class stock was first produced in common law countries. Those countries’company law basically do not limit the right content of stock and give company rightsthat company can issue all kinds of class stock relating to distribution profits, surplusproperty distribution, voting rights, election of directors, reimbursement, conversionrights according to the Articles of Association. In recent years, Germany, Japan,Korea and other civil law countries gradually expand the scope of class stock and givecompanies more freedom to determine the type and content of stock. Comparativestudy on the legislation and practice of class stock of the United States, the UnitedKingdom, Japan, Korea, Germany and other countries is helpful for constructingChina’s class stock system.There are two main legislation modes on world-wide class stock. One is theUnited Kingdom and the United States’ free mode. Their company laws basically donot limit the right content of stock and only make general provision of type of stock.According to Articles of Association, company specially issues all kinds of stockrelating to different rights content. The other is Japan and Korea’s legal mode. It rulesthe type of class stock in the form of written code. In the statutory range of class stock,company sets special rights content. According to the present situation of China’slegislation and securities market, it is suitable to adopt the legal mode for China.Company Law can introduce class stock which includes stock of profits distributionand remain property distribution, stock with limited voting rights, reimbursementstock, conversion stock, stock with additional director’s right of appointment andremoval. Through issuing profits distribution stock, company could attract investorsand raise capital. Through issuing class stock of related voting right, company couldstrengthen control right of company or defense hostility acquisition. Through issuing reimbursement stock and conversion stock, company could adjust company financialstructure and ensure the investors’ investment interests.Introduction of class stock inevitably brings interests conflict problems amongclass stock shareholders. The consequences of interest’s conflict among classstockholders are not only the damage of special shareholder, but the companydeadlock. So it needs adopt appropriate means to resolve from the view of protectinga few kinds of shareholders and break the company deadlock. For this, it is necessaryto use Articles of Association or class stockholders meeting to adjust. Moreover, theinterest’s conflict of class stockholders directly affects directors’ loyal duty, and itmay lead to a breach of directors’ obligations and increase of responsibility. So it isnecessary to limit the directors’ liability. As noted above, it needs a law principle toadjust interest’s conflict among class stockholders. According to some perspectives,such as “class stock is the exception to the principal of stockholder equality” or “thereis not direct relationship between the class stock and the principal of stockholderequality”, the principal of stockholder equality does not play a role on class stock.From the perspective of other countries’ Company Law, as for class stock, theprincipal of stockholder equality is not exception apply. If the contents of class stockare different, it is allowed to unequally treat different class stockholders.更多还原