论类别股东表决制度

本文指出在进行类别表决时,若是一种类别股份没有表决通过,即使其他类别股份表决通过,议案也不算是有效通过。类别表决制度提供了一种不同于股份股东之间相互制约的机制。其中的类别股份是指在公司的股权设置中,因认购股份时间、价格不同以及认购者身份和股份交易场所不同,而在流通性、权利及义务上有所不同的股份。     

试论我国类别股东表决制度的完善

目前,我国已在试行类别股东表决机制度.其对解决大股东肆意侵犯中小股东利益的问题具有一定的作用.就我国现行的相关法律规范而言,该制度尚有不少不够完善之处,特别要在对类别股东的分类界定、类别股东表决的有效条件和表决方式等方面加以完善.     

类别股东表决制的局限性及其克服

类别股东表决制是保护中小股东利益的一项新举措,实践表明目前类别股东表决制自身仍存在诸多局限性。本文旨在分析类别股东表决制度局限性的基础上,力求找到克服局限性的途径和方法,不断完善我国的类别股东表决制,从而使类别股东表决制能够真正起到保护中小流通股东权益的作用。     

说是说否都难——试析类别投票的应用

在国有股强大的前提之下,允许社会公众股通过类别投票发表不同的声音,还是有点积极意义的     

构建上市公司股东大会网络通讯表决制度的法律思考

我国上市公司股东大会已演变成“大股东会”。随着信息技术的发展,国际上已经出现了通过电子网络以方便股东行使表决权的趋势。构建股东大会网络通讯表决制度,能有效避免现行制度的局限性,最大限度保护投资者利益。股东大会网络通讯表决是股东大会现场表决的补充手段,其制度设计的目标、适用范围、操作程序及信息披露均有其特殊性。基于控股股东的义务,应当禁止控股股东通过网络通讯方式行使表决权。     

简论全国人大及其常委会的表决制度

本文对表决原则、方式、法定人数、计算基准等我国现行的全国人大及其常委会的表决制度进行了分析 ,提出了一些学术上的个人见解。     

浅议上市公司的股东分类表决机制

按照同股同权的基本原则,在股东大会的表决中一般适用一股一表决权制度,由此形成的资本多数决也被认为是风险与收益相适应的结果。但在股份之间明显出现差异时,容易引起占多数股份的股东对占少数股份股东的侵害,出现实质上的不平等。在我国证券市场上,流通股股东就面临如此情况。因此,在存在不同种类的股份或互相之间利益有明显差异的股份时,应引入股东分类表决制度。     

论我国上市公司小股东表决权的行使与保护

本文从分析我国目前的股权结构特征出发,认为在一股独大的股权结构的特点下,小股东表决权的行使汲汲可危,突显了公司法对小股东表决权保护的不足。继而对现行的保护小股东表决权行使的措施进行了分析与评价,包括网络投票制度、公众股股东表决制度和表决权征集制度。     

论立法委托表决

人大代表和人大常委会委员缺席时能否通过委托的方式行使立法表决权?我国现有立法制度并无明确规定。鉴于代议民主政治的本质和立法实践中表决率不高的状况,本文探讨了我国确立有限立法委托表决制度的必要性、可行性以及实践操作中的限度。     

浅议类别股份制度

类别股份制度指的是把股份划分为不同的类别,以此实现公司股权结构多样化的这样一种制度.这样的制度,表面上是对拥有不同权利和义务的类别股份的保护和规范,其实质上更是对类别的权利进行保护和规范,使其在法制的市场环境中健康合理的发展.类别股份制度于我们国家而言,还是一种创新和摸索,但是其较强的融资能力、针对不同的客户需求定位和为社会主义市场经济体制推动前进的巨大作用还是不言而喻的.我们所需要做的,就是在法律法规、制度建设和环境氛围等多管其下的措施中,来促进类别股份制度的完善与发展.     

A Regulation of Bids for Dual Class Shares. Implication: Two Shares—One Price

This paper examines the consequences of a specific regulatory restriction on bids for dual class shares. Shares of different classes are often argued to have different prices because a premium will be paid to the superior voting shares in the case of a tender offer. This paper assumes a setup where regulations require that a tender offer pays the same relative premium to both classes of shares. In this setup, it is shown that both classes will sell at the same price as long as there is a strictly positive probability that either the current management is sufficiently strong or that a sufficiently strong rival will show up. Furthermore, under this weak condition the regulation is socially optimal in the sense that the management that provides the highest total firm value will be the management of the firm. Finally, the regulation is shown to favor (or protect) the holders of restricted voting shares and this is not necessarily at the expense of the holders of superior voting shares.The practical interest of this paper derives from the fact that some European countries have adopted different regulatory restrictions on bids for dual class shares. This has more or less occurred due to proposed EU Directives. The regulation examined in this paper applies to tender offers in Denmark. Empirical results on the voting premium in Denmark are shown to be consistent with the theoretical results in this paper.     

国际组织中的多数决新解

多数决系一种被国际组织广为采用的表决机制，学界对它的褒贬相别相异。从国际民主的视角出发，深入分析简单多数决与绝对多数决对于提高国际组织决策正确概率的差异，并导入“变动多数原则”。对于国际组织有效发挥全球共治之机构载体的功效，以及构筑和谐的国际组织文化，具有重要的理论和现实意义。     

论表决权信托

表决权信托作为获取公司控制权的一种重要手段 ,是美国公司法上比较活跃的制度。但是 ,它的命运经历了从否定到争议再到肯定的过程。表决权信托的成立要符合三个要件 ,即采取书面形式、不能超期并进行登记、公示。通过对表决权信托证书持有人及受托人权利和义务的分析 ,对表决权信托的构造进行了深入研究 ,并首重分析了事实上的虚假表决权信托。针对表决权信托的特性 ,我国应通过适当立法途径建立起相应的表决权信托制度。     

Electoral reform and the British MEP

After many years in which the subject was of marginal concern, electoral reform has recently become of central importance to politics in the UK. In this paper we examine the consequences for political representation of the electoral reform introduced in Britain for the 1999 elections to the European Parliament. We find that the immediate consequences of reform for the partisan balance and ‘representativeness’ of the British contingent in the EP were very much as expected. However, both qualitative and quantitative evidence suggest that the impact of reform on the representative priorities of British MEPs has been more partial, as parliamentarians have sought to adapt to the challenge of representing multi-member regions.     

Crime and punishment: an expressive voting view

Incarceration rates in many countries (the US and Australia among them) have risen spectacularly over the last twenty years and are only partially explicable by increases in crime rates. Moreover, in some countries where crime rates have shown a comparable time-path, incarceration rates have not shown the same spectacular increase. The aim of this paper is to explore the politics of punishment. The claim is that the US and Australian experiences are best understood in terms of political considerations; and that this fact lends some support to the “expressive” as distinct from the “interest” approach to electoral behaviour.

新经济下的双层股权结构:理论证成、实践经验与中国有效治理路径

新世纪以来选择双层股权结构成为新经济公司的一种新趋势。坚持一股一票的传统公司治理理论主要从公司民主、最优表决权结构和代理成本三个方面反对双层股权结构,认为双层股权结构将降低上市公司价值。股东的共同目标是股东利益最大化而非公司民主;最优表决权治理结构是因公司而异多元化的,一股一票虽普遍然非最优;表决权监督机制非唯一治理成本的约束机制,双层股权结构比一股一票更有助于公司关注长期利益和科技创新。从经验研究来看,双层股权结构与上市公司价值并不存在确定的负相关关系,甚至存在正相关关系。契合新经济公司的双层股权结构有助于在“轻资产、重人力资本”的新经济公司中根据合同而非物质资本进行控制权分配,有助于激励创始股东/管理者进行专属人力资本投资,有助于满足新经济公司的特殊治理结构需要。我国科创板已经引入双层股权结构,为实现中国的有效治理,除目前科创板集中于事前治理外,还应强化事中治理和完善事后治理,最终对双层股权结构进行有效治理实现兴“利”除“弊”。     

Voting Powers and the Efficiency of the Decision-Making Process in the European Council of Ministers

We analyse the efficiency effects in combination with some accepted fairness criteria for the voting games in the European Council of Ministers (ECM) under the qualified majority voting (QMV), before and after the Nice new scheme, in comparison with hypothetical simple majority voting rules (SMV), by jointly examining voting weights and voting powers. The differences between the voting weights and the voting powers increase considering the attitude of the Governments of the Member States of the ECM, to form voting-blocs'—historically that among France, Germany and Belgium and, more recently, the bloc between the United Kingdom and Spain. Their voting powers by blocking proposals result in stalemates and weak compromise with likely benefits for existing well organised interest groups. Unexpectedly, the enlargement of EU from 12 to 15 States, with the diminution of the voting weights of the member countries has not reduced the decisional deficit of QMV, basically because the incentive toward blocs' formation has been reinforced. And, while the power of getting a proposal approved has diminished, the veto-power has remained very high. The effects of the new dual QMV rule, based on a new distribution of votes and correcting the unbalance against the big countries with their demographic weights, for the enlargement to 27 States, seems to go in the same direction. The adoption of a dual SMV, would solve the problems of decision efficiency, with a fairness constraint to protect the major countries. To make this voting rule acceptable one might adopt the Buchanan and Tullock (1962) distinction between constitutional principles to whom the unanimity or QMV might be reserved and post constitutional rules suitable to SMV. Clubs of enhanced co-operation among countries with more homogeneous preferences could also ease the application of SMV.     

优先股之无表决权质疑

认为优先股无表决权的观点在理论上和实践中均无法成立。优先股与表决权并不存在必然关系,既存在无表决权的优先股,也存在有表决权的优先股。优先股的表决权有两种立法模式,一是授权公司决定模式,二是法定无表决权模式,优先股有无表决权既取决于其所处的法域,叉受到当事人约定的影响。授权公司决定模式较法定无表决权模式为优,应是我国优先股立法的理想选择。     

Disputes about corporate expression absorption and their legal remedies

Corporate expression is the expression that a company gives to the outside in its capacity as a legal entity. Often referring to resolutions made by shareholder meetings and the board of directors, based on good faith and bound by contractual spirit, a company must be held liable for its expression. Corporate expression absorption refers to the corporate behaviors and situations wherein the majority voting shareholders and directors replace the will of the minority voting shareholders and directors within their own will. Among them, the majority voting shareholders at a shareholders’ meeting (shareholders’ general meeting) are decision-making shareholders, and directors, managers and other senior management staff that decide corporate affairs are called decision-making members. Corporate expression absorption consists of two sorts: absorption by shareholders’ meeting and absorption by the board of directors. Shareholders’ meeting is a company’s authoritative organization; when the voting rights of some shareholders exceed the statutory limit, they will be able to manipulate the expression of shareholders’ meetings and replace the will of other shareholders with that of their own. The expression absorption by the board of directors refers to the practice wherein the majority directors decide on important corporate matters in accordance with the majority rule. Thus, it can be seen that the corporate expression absorption is a double-edged sword, not only capable of uplifting operational efficiency but also likely to help decision-making shareholders achieve personal gains and transfer corporate interests. As for the disputes of corporate expression absorption, the following legal remedies might be adopted: (1) Limit the voting rights of decision-making shareholders. (2) Provide shareholders with veto power over specific events. (3) Ask the chambers of commerce (industry associations) to arbitrate specific events. (4) Preserve the market value of shares held by dissenting directors. (5) Expand cumulative voting; (6) Provide shareholders the right to exit. (7) Legal remedies for corporate deadlock. (8) Shareholders’ derivative lawsuits. __________ Translated from China Law, No. 4, 2005     

A theory of identification

This paper analyzes the phenomenon of “identification” by an individual with actors in his environment. It argues that individuals interpret their environment according to “frames,” which they, as recipients of a message, derive by a complex process of interpretation of the communication setting. The paper also argues that individuals identify with actors in their environment, because this identification increases their utility vis-à-vis a “neutral” watching of their environment. The paper applies this approach to a variety of real life examples, in particular to voting.