股权分置改革与分类表决机制

在股权分置情况下,流通股股东的权益得不到保障,社会公众股股东难以对公司进行有效的监督,也不利于上市公司内部治理结构的完善。分类表决机制赋予流通股股东更多自我保护的权益,建立起非流通股股东与流通股股东的对话机制,形成投资者对公司经营层的有效制约,提高上市公司的治理水平,弥补股权分置导致的股市的体制性缺陷,为股权分置改革提供了制度准备,对我国正在进行的股权分置改革起到有力的推动作用。作为一种制度创新,分类表决机制应在实施过程中得到不断完善。

Reform in Stock Right Splitting and Classified Voting System

Because of splitting stocks right,the right of stockholders in circulation could not be protected.It is hard for social public stockholders to effectively supervise quoted companies,and it is adverse for improving the internal formation of quoted companies.Classified voting system gives stockholders in circulation more self-protecting rights and constructs a communication system between non-stocks in circulation and stocks in circulation,which makes investors limit effectively the executive of quoted companies.At the same time, it can improve the level of management of quoted companies and remedy the shortage of stocks market system because of splitting stocks right.Classified voting system provides system preparation for reforming splitting stocks right,and it is playing an important part in reforming splitting stocks right.As a new system,classified voting system should be perfected while practised.