The Legal Research On Localization Of The Weighted Voting Right Of The Joint Stock Company

The Weighted Voting Right has been a hot topic in the world.China's attention to this structure has also been sustained for some time.Recently,with the introduction of Special Voting Right on the board of science and innovation,the attention to the Weighted Voting Right has increased.In the current environment,people focus on how to better formulate and improve laws and other rules related to the structure,so that the structure can play its advantages in China's securities market without causing unnecessary losses to the market order and the interests of investors due to its inherent disadvantages.The process of making and perfecting legal rules is the result of the game of interests of all parties.In order to play a positive role in the Chinese market,it is necessary to establish a sound legal system to adjust interest conflicts.This paper,from the perspective of interest conflict and balance,analyzes the possible contradictions and problems in the process of the implementation of the weighted voting right.From these two perspectives,combining with the relevant practical experience of other countries and regions,and using the interest balance mechanism,this paper proposes Suggestions for the improvement of China's legal system in order to ensure the healthy development of the weighted voting right structure in China.From the perspective of internal interest conflicts,this part mainly analyzes the performance of interest conflicts between different types of shareholders,between shareholders and the company,and between shareholders and dong gao,and the reasons for the existence of interest conflicts on the basis of differentiated interest conflicts among various subjects within the company.These conflicts of interest arising from within the different rights structure of the same stock and between the participating parties can be alleviated by improving the securities market and exchange rules,including improving the information disclosure standards,setting reasonable restrictions on special voting rights,and improving the responsibility responsibility rules of special voting shareholders.In the process of the implementation of the weighted voting right structures of the same stock,besides the restraint of the company,shareholders,directors and other subjects through various laws and other normative documents,it is also necessary for the regulatory subject to ensure the implementation of the above rules,that is,it is necessary to improve the regulatory system to ensure the implementation of the system.The existence of external interest conflicts may lead to the perfect system rules become a blank paper.The third part of this paper,from the perspective of external interest conflicts,analyzes the interest conflicts and existing problems in the regulatory process of CSRC,securities exchange and other institutions,including the disadvantages of the concentration of power of CSRC and the financial corruption driven by interests.For external conflicts of interest,Suggestions are put forward to improve the re-regulation system,carry out proper decentralization of supervision,delegate the supervision functions subordinate to the market to the stock exchange,and at the same time increase the crackdown on financial corruption and increase the cost of illegal activities.Finally,aimed at relief of the weighted voting right conflict rules of the structure itself and external conflicts existing in the regulatory environment are proposed,based on the universality of the structure on the applicable significance as well as the requirements of the company law basic principle,on the premise of mature securities market in China and put forward in "company law" to "a right to a" mandatory rules modification Suggestions for the default rules.