A Study On The Legislation Of The Classified Shares

In the traditional company law’s theories, shareholders’ rights were the combination of voting rights and cash flow rights. The good distribution of these two kinds of rights can make the company to realize efficient management.But at the mean time, in the real market, there are also such condition exists that the voting rights diverges from the cash flow right and the classified shares concerning the multiple voting shares have been created to satisfy the investors different kinds of needs.Based on the USA and Japan’s legislation concerning the multiple voting shares, the paper try to discuss the possibility and way to build the classified shares system in China.There are 5 Chapters in this paper.Chapter 1 compares and defines the different kinds of classified shares and focuses on the explanation of the multiple voting shares.Chapter 2 points out the disadvantages of the multiple voting shares and the multiple voting rights structure.And therefore, during the process of legislation,those disadvantages should be paid attention on.Chapter 3 and Chapter 4 study the legislation and actual practice concerning multiple voting sharesChapter 5 is the conclusion part.Based on the former chapters, this part try to discuss the possibility and way to build our country’s classified system. And the suggested ways are that:play the role of the professional institution and improve and detail the listing rules;fulfill the information disclosure system;fulfill the protection systems of the classified shareholders.