欧洲“黄金股”制度评析与启示

摘要

The development of internal market of European Union is based on free movements of goods, persons, services and capital. The free movement of capital is the essential element of the other three free movements. Ever since the 1980s the Member States of European Union have been raising the privatization reform of public undertakings, while the “Golden Share” has been the most used method. By adopting “Golden Share”, the Member States of European Union could hold the special power concerning equity allocation and decision making of privatized undertakings. In opinions of European Commission and European Court of Justice, the “Golden Shares” are contrary to the free movement of capital, thus hinder the development of internal market. Meanwhile, the European Court of Justice has formed substantivejudicial precedent of “Golden Share” cases over the years. This paper contains an analysis on the “Golden Share” cases of European Court of Justice and points out the strategy for Chinese investors.%欧盟建立内部市场的终极目标是在货物、人员、服务和资本自由流通的基础之上构建强有力的经济与货币联盟，而资本自由流通是保证其他三个自由流通的关键条件。欧盟成员国于20世纪开启国有企业私有化改革后，通过“黄金股”制度赋予本国政府限制私有化企业股权结构和干预企业日常管理事务的特殊权利。欧盟理事会和欧洲法院认为“黄金股”制度损害了欧盟的资本自由流通，进而阻碍欧盟内部市场和经济与货币联盟的发展。欧洲法院作为解释欧盟法的官方机构，在其司法实践过程中通过判例法的形式给出了对“黄金股”制度的司法指导意见。通过介绍欧洲“黄金股”制度和评析欧洲法院的“黄金股”案件，为中国投资者指出应对欧洲“黄金股”制度的策略。