歐洲“黃金股”制度評析與啟示

Analysis on the “Golden Shares” Cases of European Court of Justice

歐盟建立內部市場的終極目標是在貨物、人員、服務和資本自由流通的基礎之上構建強有力的經濟與貨幣聯盟，而資本自由流通是保證其他三個自由流通的關鍵條件。歐盟成員國于20世紀開啟國有企業私有化改革後，通過“黃金股”制度賦予本國政府限制私有化企業股權結構和干預企業日常管理事務的特殊權利。歐盟理事會和歐洲法院認為“黃金股”制度損害了歐盟的資本自由流通，進而阻礙歐盟內部市場和經濟與貨幣聯盟的發展。歐洲法院作為解釋歐盟法的官方機構，在其司法實踐過程中通過判例法的形式給出了對“黃金股”制度的司法指導意見。通過介紹歐洲“黃金股”制度和評析歐洲法院的“黃金股”案件，為中國投資者指出應對歐洲“黃金股”制度的策略。

The development of internal market of European Union is based on free movements of goods, persons, services and capital. The free movement of capital is the essential element of the other three free movements. Ever since the 1980s the Member States of European Union have been raising the privatization reform of public undertakings, while the “Golden Share” has been the most used method. By adopting “Golden Share”, the Member States of European Union could hold the special power concerning equity allocation and decision making of privatized undertakings. In opinions of European Commission and European Court of Justice, the “Golden Shares” are contrary to the free movement of capital, thus hinder the development of internal market. Meanwhile, the European Court of Justice has formed substantivejudicial precedent of “Golden Share” cases over the years. This paper contains an analysis on the “Golden Share” cases of European Court of Justice and points out the strategy for Chinese investors.