【作者】 张磊；

【导师】 赵金龙； 周英；

【作者基本信息】 河北大学 ， 法律硕士（专业学位）， 2020， 硕士

【摘要】 近年来,新经济公司的崛起推动了双重股权结构IPO的又一次热潮。为实现创新型国家发展战略,推动新经济发展,我国允许双重股权架构公司在科创板上市。双重股权结构公司中存在着管理层固化与内部人控制损害外部投资者利益的问题,因而协调创始股东与外部投资者的利益关系重要。相较于其他平衡规则,“日落条款”能够有效约束控制股东行为,能够构建适当的控制权移转机制。为充分发挥“日落条款”的功能,我国应当修改现有规则,确立“日落条款”惩罚性条款地位,明确股东资格,删除“控制权变更”事项,增设诚信义务型日落条款,明晰主动稀释与被动稀释,构建“日落”审查机制。论文主要分为五大部分,第一部分阐释“日落条款”的界定,阐明双重股权制度中的“日落条款”内涵、分类、法律属性。第二部分以双重股权结构的法律属性为切入点,探讨“日落条款”的理论逻辑,并结合实证研究成果,明晰设置“日落条款”的政策考量。结合双重股权结构中出现的利益失衡新样态,对“日落条款”进行功能分析,明确其法律地位。第三部分介绍美国、加拿大、日本、新加坡、我国香港地区的日落条款实践,为“日落条款”的本土化构造提供借鉴。第四部分分析我国公司以及立法实践,阐明“日落条款”设计的不当之处。第五部分分析我国法律环境、市场环境对于“日落条款”构造的影响,阐明“日落条款”本土化构造的原则,为“日落条款”的完善提出可行性建议。更多还原

【Abstract】 In recent years,the rise of new economy companies has driven another boom in dual-class ipos.In order to realize the development strategy of innovational nation and promote the development of new economy,China has permitted companies with dual-class share structure to list on the Sci-Tech innovation board of Shanghai Stock Exchange.The entrenchment of management and the damage to the interests of external investors brought by the internal control do exist in companies with dual share structure,and it is of significance to coordinate the interest between the founder and the outside investors.Compared with other rules,‘sunset clause’ could restrict the behavior of controlling shareholders effectively,and construct an appropriate transferability mechanism of corporate control.In order to give full play to the function of ‘sunset clause’,Chinese should revise and perfect the existing provisions,including establishing penalty clause of "sunset clause",clarifying shareholder qualification,deleting the item of "change of control",adding fiduciary duty sunset,specifying voluntary and involuntary dilution,and construct the "sunset" Prosecution Censorship.The paper is divided into five parts.The first part focuses on the definition of ‘sunset clause’ and the practice of department law,and further clarifies the connotation,classification and legal attribute of ‘sunset clause’ in dual share system.The second part takes the legal attribute of dual share structure as the starting point,discusses the theoretical logic of "sunset clause",and combines the empirical research results to clarify the policy considerations for setting "sunset clause".Combined with the new pattern of interest imbalance in dual share structure,this paper analyzes the function of "sunset clause" to clarify its legal status.The third part mainly introduces the practice of sunset clauses in the United States,Canada,Japan,Singapore and Hong Kong,so as to provide reference for the localization construction of "sunset clauses".The fourth part expounds the corporate and legislative practice in China,and emphatically analyzes the inappropriateness of the design of "sunset clause" in China.The fifth part analyzes the influence of China’s legal environment and market environment on the construction of "sunset clauses",expounds the principles that should be adhered to in the localization construction of "sunset clauses",and then puts forward feasible Suggestions for the improvement of "sunset clauses".更多还原