股权相对分散化趋势下双层股权制度的适用问题

双层股权制度有助于改善缺乏弹性的股权结构，保障公司创始人对公司管理权的控制。由于违反了“一股一权”原则，双层股权制度造成公司管理权与公司现金流量请求权的分离，可能诱发更大的公司道德风险，使中小股东的权益保护面临更为严峻的挑战。当前公司股权结构呈现出相对分散化的大趋势，使中小股东进行联合维权的难度进一步加大，有必要完善双层股权制度中保护中小股东的相关规范，切实保障中小股东的合法权益。

Theory of Dual Class Share Structure in the Perspective of Equity Relatively Scattered Trend

Dual class share structure is helpful to improving rigid and inflexible ownership structure of the com-pany, and safeguarding the control of the company management of its founder. Since dual class share structure deviates from“One Share One Vote” principle, it has caused the separation of the cash flow rights and the com-pany management rights, which may induce the company’ s greater moral risks and the protection of the interests of minority shareholders will face more serious challenges. Currently, the company’ s ownership structure pres-ents the trend of relative diversification, making the small and medium-sized shareholders have more difficulties to defense their profits, and therefore in dual class share structure, it is necessary to perfect the relevant specifi-cation and to protect the legitimate rights and interests of minority shareholders.