双层股权结构信息披露与优化法律对策探析——基于优刻得和京东的案例分析

Analysis on Information Disclosure and Optimization Legal Countermeasures of Du-al-Class Share Structure—Base on the Case Study of UCloud and JD

摘要: 在企业融资需求与股东需求渐趋差异化的现实背景下，双层股权结构应运而生。我国沪市科创板在上市规则中对差异化表决权作出了规范，但我国相关法律法规还存在着不完善、不细致等问题，对企业信息披露程度的要求不够高。对于采用双层股权结构的企业来说，则有可能因为其泛化的信息披露造成外部股东权益得不到保护，本文正是基于此背景和现实要求展开研究，以期对双层股权结构制度的优化问题尽绵薄之力。

Abstract: Dual-class share structure emerges at the historic moment as the financing needs of enterprises and the needs of shareholders gradually become different. China’s Shanghai STAR Market has standardized differentiated voting rights in the listing rules, but there are still some problems in China’s relevant laws and regulations, such as imperfect and not detailed, and the requirements on the disclosure degree of enterprise information are not high enough. For enterprises with dual-class share structure, it is possible that external shareholders’ rights and interests cannot be protected because of its generalized information disclosure. This paper is based on this background and real-istic requirements, in order to make a contribution to the optimization of dual-class share structure system.