摘要
特质愿景理论支持双层股权结构,双层股权结构会增加代理成本,而日落条款则是降低相应代理成本的重要制度。从功能分析的视角来看,日落条款可划分为三类:第一类是缩小现金流权与投票权分离程度的日落条款;第二类是由企业家特质愿景所支持的日落条款;第三类是基于企业生命周期理论与双层股权结构公司的治理弱点与隐患,为了定期审查与转换无效率的双层股权结构而产生的固定期限日落条款。为实现不同类型日落条款的功能,应采取不同的立法方式。对于前两类日落条款,可采取法律强制性规定的方式;对于固定期限日落条款,可采取自由市场派与法定强制派二者中间的“遵守或解释”方式,并可通过此种方式化解相关批评。
The theory of idiosyncratic vision is the one of theoretical bases of the dual-class share structure.The dual-class share structure increases agency cost,whereas sunset provisions are an important system to reduce the cost of the dual-class share structure.From the functional perspective,sunset provisions can be divided into three types.The first type is one that can make cash-flow rights and voting rights less separated.The second type is one supported by the entrepreneurial idiosyncratic vision.The third type,namely fixed-term provisions,is based on the enterprise life cycle theory and the weakness and hidden trouble of dual-class share structure corporate governance and aimed at periodically reviewing and transforming the inefficient dual-class share structure.Different legislative approaches should be adopted to achieve different functions of different sunset provisions.For the first two types of sunset provisions,the mandatory provisions of law can be adopted.For the fixed-term provisions,“comply or explain”approach,which is an approach between the free market school and statutory mandatory school,can be adopted,by which the related criticismscan also be resolved.
出处
《环球法律评论》
CSSCI
北大核心
2020年第3期71-84,共14页
Global Law Review
基金
作者参与的2016年度国家社会科学基金一般项目“创新驱动国家发展战略下双层股权结构的基础理论与制度构建研究”(16BFX112)的研究成果。
