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类别股制度能够通过对股东参与性权利与经济性权利的特殊安排,实现股权稀释过程中的控制权保持,并在实践中形成了表决权与财产权非等比配置、表决权本身的强化以及特别参与性权利的赋予三种主要类型。虽然类别股的发展同时带来公司内外部治理机制弱化等负面影响,但可以通过设置实施规范及利益平衡机制来予以调和。我国有必要通过修改《公司法》确立类别股制度,并设计规范、明确原则、谨慎尝试,以回应市场需求并平衡股东利益。
The system of class shares can realize the control right in the process of dilution of share rights through the special arrangements for the participation rights and economic rights of shareholders. In practice, the formation of the non-proportional allocation of voting rights and property rights, the reinforcement of the voting right itself and the special participation There are three main types of entitlements. Although the development of the category shares has the negative impact of weakening the internal and external corporate governance mechanisms at the same time, it can be reconciled by setting implementation codes and balancing of interests. It is necessary for our country to establish a system of class shares by amending the “Company Law” and to design norms, clarify the principles and exercise cautious in order to respond to the market demand and balance the interests of shareholders.