表决权是具有财产价值的权利,但上市公司小股东表决权因制度性、组织性、结构性和目的性等原因被虚化,小股东实际上并不享有股东权中的表决权利益,但却没有与之相对的其他权益补偿,导致小股东权益结构失衡。与其对表决权的虚化进行艰难的防阻,不如果断放弃本就休眠的表决权,换取其他权利的优先,无表决权优先股恰好符合这一目的。在优先股股东权益保护方面,未支付的可累积性优先股股息在有利不分的情形中应当界定为对公司的一种债权;表决权恢复对优先股股东的保护是间接的,其功能具有局限性,应以计息和强制分红作为辅助保护措施;对于可转换优先股,转换权只能由股东享有。 The right to vote is the right to have the value of the property. However, the voting rights of the minority shareholders in the listed company are weakened due to the institutional, organizational, structural and purposive reasons. The minority shareholders do not actually enjoy the voting rights in the shareholders’ rights. However, The relative compensation for other rights and interests led to the imbalance of minority shareholders’ equity structure. Rather than struggle hard to defeat the weakness of voting rights, it is better to give up the dormant voting rights in return for the priority of other rights, and the non-voting preference shares exactly match this purpose. In respect of the protection of the rights of preference shareholders, the dividend of unpaid accumulative preferred shares should be defined as a claim against the company in the case of favorable dividends. The restoration of voting rights to the preference shareholders is indirect and their functions are limited The interest should be based on interest-bearing and mandatory dividends as a supplementary protection; convertible preferred shares, the conversion rights can only be enjoyed by shareholders.