Research On Legislative Protection Of Dual Ownership Structure

This paper mainly studies the controversial double-equity system in recent years.The ownership structure is to reflect the will and the rights of each shareholder in the course of the company's management.The initial exercise of the right to vote depends on the number of shares held by them and the principle of the same rights of the same shares to show the equality between the shareholders.With the improvement of the corporate governance structure,in order to solve the contradiction between the control right and the usufruct right in the process of the company's development,the dual-equity principle comes into being.A general survey of the legal system of the company's equity structure in the European and American countries has gradually evolved into two principles.double-equity structure It is beneficial to solving the contradiction between the right to vote and the right of cash flow,to stabilize the management,and to be beneficial to the long-term development of the company.However,because of the deviation of the economic benefit and control right of the high-voting shareholders due to the double-equity structure,the problems such as the abuse of control right and the infringement of the minority shareholder's rights and interests can be caused.In general,the advantage of the system is greater than the defect,and the application in practice is becoming more and more extensive,so it is necessary to regulate it.In our country,however,all relevant laws and regulations follow a one-right principle by default,and the legal status of the dual-equity system is not very clear It's over.As a result,many excellent domestic enterprises have gone to the overseas listing of the reality.The new IPO rules,which came into effect on April 30,2018,allow dual equity structure companies to list in Hong Kong,causing Xiaomi Group,Meituan Dianping and other emerging technology companies to set off an upsurge in listing in Hong Kong.This has once again stimulated the attitude of the mainland of China to the dual ownership structure,and the relevant policies of our country have gradually strengthened the protection of the dual ownership structure.For the application of dual ownership structure in mainland China,the legislative research of this controversial system needscomprehensive and scientific systematization research,so this paper will analyze the concept of the case.In this paper,the legislative problem of the double-equity structure is discussed by combining the methods of analysis and comparative analysis.The author thinks that the dual-equity system,like the same-share system,is the choice of the company's equity system,and it should be stipulated in the legal system.First,it should establish the equity model and the basic principle of the "With the same rights as the shares,the dual equity is the subsidiary.",and then the specific content and the conditions for admission should be specified in detail.In this way,the protection of the dual-equity structure is legal and efficient in the mainland.