Research On The Dual-Class-Equity-Structure Of China's Stock Companies

China's financial system reform has become deepened,currently the stock ownership structure of the legal system has been difficult to adapt to the changing of the financial market's demands,to get rid of the legislative limit of single stock ownership structure in law,respect the autonomy and flexibility of corporate financing is very important.Dual-Class-Equity-Structure has highly developed for a long time in the foreign country's development history.Especially Germany once is a country which strictly abide by the principle of "one share one vote",has gradually change his attitude of stock ownership structure in the reform of the financial system,to pursuit a more flexibility way of joint-stock company financing,which has great reference value to the improvement of the China's financial system reform.The academic circles have disputes on basic concepts and the scope of application of Dual-Class-Equity-Structure,and widely questioned the Dual-Class-Equity-Structure violate the basic principle of fairness.In reality,there are also many emerging Internet corporations are more preference to this structure when it list in the market,the reason of this phenomenon is still unknown.The Alibaba group "listing incident" has caused a huge dispute.This paper discusses on the legal issue of the joint-stock company's dual class equity structure.The full text is divided into four parts altogether:The first part is the basic value of Dual-Class-Equity-Structure.Delimits the basic concepts of the Dual-Class-Equity-Structure,and discusses the scope of application of the law system.Further analyzes the emergence and development background of the Dual-Class-Equity-Structure on abroad,elaborates Alibaba group as the representative of Internet companies on the needs of stock structure alienation in China,as well as the Dual-Class-Equity-Structure's main advantages and disadvantages,and explore the basic value of Dual-Class-Equity-Structure system.The second part is the study of the stock ownership structure of foreign countries and regions.Mainly through the comparative analysis of the two legislative mode,one of which is the relatively prohibited as representative of the mode in Germany and Japan,and another one is relative openly as representative of the mode in England and America.And summarize the foreign legislative experience which provides a useful reference to China's law system reform.The third part expounds the existing problems of dual class equity structure in China.For protecting the legitimate rights and interests of small shareholders,to discusses the existing main problems for our country to exercise the system from the angle of legislative defects,obstacle in the reality and the defective law system.The fourth part discusses the construction of the system of dual class equity structure in China.Briefly discuss the necessity and feasibility of the construction of the dual class equity structure system,also talked about the construction of the"international board",etc.And put forward detail suggestions to solve the issue in the construction of the dual class equity structure system,set the principle of emphasizing both efficiency and equity in the legislation,establish the regulation of voting power,improve the information disclosure and other relative law systems,to clear legislation and practical obstacles for establish the dual class equity structure in China.