Research On Sunset Clauses Under The System Of Differentiated Voting Rights

When the assumption of shareholder homogenization is questioned,the one share one right structure based on it is also difficult to meet the diverse needs of shareholder heterogeneity.With the introduction of the Listing Rules of the science and innovation board,the differentiated voting right system is introduced.At this time,the corresponding regulatory path should also be adjusted in time,so as to better protect the interests of minority shareholders and respond to the changes of corporate governance in time.For the problems brought by the differentiated voting right system,such as the mismatch between the cash flow right and the voting right proportion of shareholders holding special voting rights,the solidification of corporate control,serious agency and so on.And when the special vision of shareholders holding special voting rights disappears,the continued application of differentiated voting rights system will seriously limit the growth of the company.The statutory fixed-term sunset clause is a powerful entry point to break the deadlock of the company.By introducing the governance rules of "compliance or interpretation",the fixed-term sunset clause is amended to make it more flexible to meet the needs of the market,and establish a communication channel between the regulatory authority and the company.Supplemented by the exchange inquiry letter system to restrict the company.So as to form a complete set of solutions to deal with the natural defects of the differentiated voting right system,and make up for the loopholes in the Listing Rules of China's current scientific innovation board.In this way,we not only protect the majority of small and medium-sized investors,but also fully respect the autonomy of private law,promote the development of innovative enterprises,and truly achieve the "rule of law and time"(Han Feizi Xindu).