If a company that you own stock in goes bankrupt, as a common shareholder, you won't receive money until the creditors, bondholders and preferred shareholders have all been paid off.

假如你所持股票的所属公司破产了，除非是债权人、债券持有人及大股东获得了赔偿，否则你作为普通股票持有者将无法将钱收回。

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The fundamental reason is the difference of the rights between the shareholders of preferred stock and the common stock, which leads to complex of the internal interests in company.

究其原因在于优先股与普通股之间股东权利的差异，导致公司各方之间利益关系复杂化。

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Preferred stock compensates investors for diminished voting rights by giving them priority over common shareholders for dividends and typically by paying higher comparative yields.

FORBES: Why Warren Buffett Prefers Preferred Stock