The Reconstruction of Autonomy Space of Class Shares Created by Listed Companies
At present,the autonomous space for creating classified shares for listed companies is not entirely reasonable.Firstly,there is no restriction on special distribution rights classified shares that weaken the company's capital.Secondly,the complete ban on listed companies creating special voting rights classified shares and transfer-restricted classified shares cannot meet the actual needs of the market.In principle,companies have the autonomy to create classified shares,but their autonomy has boundaries,including compliance with the company's capital system,not forcing minority shareholders to dilute their voting rights,and not depriving minority shareholders of the exit channel.Based on this line of thought,the autonomous space for listed companies to create classified shares should be reconstructed as follows:firstly,special distribution rights classified shares should be subject to financial source restrictions;secondly,except for specific matters,minority voting classified shares can be issued;thirdly,listed companies can issue transfer-restricted classified shares to major shareholders and company executives,and transfer restrictions can be set for a determined period of time or an alternative exit mechanism can be provided for small shareholders.
Listed CompanyClass SharesLegal CapitalClass Shares of Different Voting SharesRestrictions on Transfer of Shares
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维普
