类别股及其公司治理价值分析

摘要

Classified shares are a system innovation in the process of corporation management. The types of classified shares are mainly based on the standard of their different inherent property rights and voting rights. Differ-ent types of stocks have different functions, so when setting the rules of classified shares, the corporation shall focus on their financing needs and the interests of corporation governance. Classified shares are benefit for balanced deci-sion-making made by stockholder meeting when arranging stockholder meeting. A good capital structure and corpo-ration governance arrangement can benefit from different stocks. Preferred stocks could stabilize the structure of cor-poration control power. In order to fully play its role in corporation governance, the Corporation Law of China should define the rules about classified shares clearly.%类别股是公司经营过程中的一种制度创新。类别股的类型主要是根据其蕴含的财产性权利和表决权的不同为标准进行划分的。不同类别的种类股具有不同的功能，因此类别股的具体设置，应由公司根据自己的融资需求以及公司治理的利益衡量而定。类别股在股东权利配置上，有利于实现股东会的决策均衡，并在公司资本结构优化和公司治理安排方面具有重要价值，而且也有利于公司控制权结构的稳定。我国公司法应当对类别股加以明确规定，以便充分发挥其在公司治理方面的重要价值。