我国双重股权结构的争论问题和完善路径

Controversial Issues and Improvement Pathways for China’s Dual-Class Share Structure

摘要: 在中国香港和新加坡等发达经济体进行改革以适应差异化投票权安排后，我国内地也已经允许采用双重类别股权结构(DCSS)上市，但关于双重类别股权结构的争论在国内远未结束，就像其他将要引进双重类别股权结构或正在考虑引进此类股权结构的司法管辖区一样。许多国内学者呼吁制定更严格的监管保障措施以及基于时间的日落条款，以应对与DCSS相关的潜在增加的治理风险。本文通过揭示我国内地国内的主流观点，同时从全球视角审视该领域的最新发展。

Abstract: Following reforms in developed economies like Hong Kong SAR and Singapore to accommodate differentiated voting rights arrangements, China has also introduced listings permitting dual-class share structures (DCSS). However, the debate surrounding DCSS in China is far from over, much like in other jurisdictions that are introducing or considering such structures. Many domestic scholars advocate for stricter regulatory safeguards and time-based sunset provisions to address the potential increase in governance risks associated with DCSS. This paper reveals the prevailing domestic perspectives while examining the latest global developments in this field.