Dual Equity Institution System And Its Introduction

Dual Equity Institution System is the product of the development of Corporate Law and the innovation of corporate governance structure.Dual Equity Institution System breaks the basic structure of "one share,one right",does not set voting rights by equity,allows different shareholders to issue different voting rights.Its unique way of setting up has solved the contradiction between the demand for equity financing and management control rights,reduced the risk of shareholders' investment,and conformed to the new type of enterprise.Demand for corporate governance.Dual Equity Institution System is adopted by more companies.Based on the study of the Dual Equity Institution System,this paper explores the dilemma faced by the introduction of Dual Equity Institution System in China.On the basis of overseas investigation and reference,it puts forward relevant suggestions on the introduction and construction of dual ownership system in China,in order to promote the perfection of the company law system in China and meet the actual needs of corporate governance.This paper is divided into four parts,the specific contents are as follows: The first part is an overview of the Dual Equity Institution System.Through the definition of the concept,characteristics and nature of dual ownership,we have a more in-depth understanding of the Dual Equity Institution System.On this basis,we discussed the advantages and disadvantages of dual equity at the level of corporate governance,and focus on the advantages of dual equity listing.The second part is to discuss the problems faced by the introduction of dual equity into China.Firstly,the defects of dual equity in China's legislation are demonstrated.At present,there is no dual equity system in China's legislation.Secondly,the practical problems faced by introducing Dual Equity Institution System are discussed: firstly,the basic principles of "one share,one right" and "the same share and the same right" conflict with dual ownership;secondly,the defects in corporate governance lead to the difficulties in introducing Dual Equity Institution System;thirdly,the introduction of Dual Equity Institution System lacks effective remedies.The third part introduces the extraterritorial legislation and practice and the enlightenment to our country.From the analysis of the compatibility of Dual Equity Institution System with representative countries and related systems,this paper reveals how foreign countries establish Dual Equity Institution System and preserve the balance between various interests.At the same time,the feasibility of dual structure equity in foreign countries and regions as well as the innovation of corporate governance system are deeply investigated.Finally,the legislative attitude and the change of dual structure equity system in China are reflected.The fourth part lists the construction of China's Dual Equity Institution System.Firstly,the feasibility of introducing Dual Equity Institution System is elaborated,and the feasibility of introducing Dual Equity Institution System is analyzed from the legal and practical levels.Secondly,the suggestions of establishing Dual Equity Institution System are put forward: on the one hand,the legal status of Dual Equity Institution System is clarified;on the other hand,the independent director system in corporate governance is improved.The preferred stock control and information disclosure system should be improved.Finally,the compensation measures for establishing group action system should be put forward to cooperate with the introduction and implementation of dual equity system.