The Research On Voting Rights Of The Classified Shares

The category stocks voting rights is one of the category rights that attached to category stocks substantially.It is a concrete manifestation of category stocks rights,and the categorization of basic voting rights for shareholder.The category stocks voting rights,is the expansion or restriction of the voting rights of ordinary stockholders on the basis of the voting rights that belongs to ordinary stockholders,it is a breakthrough in the distribution of voting rights of "one share,one right" for ordinary stockholders with increasing new voting rights of shareholders,which differ from “one vote for each share” in ordinary stockholders.It is theoretically recognized that the economic rights and control rights of equity with different proportions and diversified portfolio,and the company and its shareholders are capable to set up and select the voting rights of category stocks freely,based on the further development of corporate contract theory,the equality principle of shareholders,and the concept of corporation autonomy.And there is a breakthrough of shareholder homogeneity and shareholder standard theory under the impact of financial innovation,in view of equality principle of shareholders in traditional company's theory.At present,a category stock voting system should be set up on the basis of the advantages of foreign category stocks,which is suitable for our national conditions,economic development and stock market running,on account of the economic globalization increased the identity of corporation law.The voting rights of category stocks in our country should be constructed with the combination of legalism and corporate autonomy.To conduct corporate autonomy for LLC and Non-public company and arrange the autonomous content for voting rights by authorized company articles after listing several common types of stock voting rights abstractly.It authorizes to set up statutory scope for category stocks voting right and prohibit the establishment of category stocks out of statutory scope through company articles for Non-listed Public companies.It is allowed to issue more than two kinds of category stocks voting right.It adopts a more stringent statutory model on voting rights of listed companies.It is allowed to issue a kind of category stocks voting right within the statutory scope when it is allowed initial public offering,and it is forbidden to issue two or more kinds of category stocks voting right,and design its own category stocks voting right.There will be some inevitably conflicts of interest between shareholders with differentvoting rights due to the introduction of category stocks voting rights.Thus,a matched procedural rule and relevant relief system should be established to balance the conflicts of interest among shareholders and maintain the stable operation of the capital market.