本文選題：雙重股權(quán)結(jié)構(gòu)　切入點(diǎn)：創(chuàng)始人控制權(quán)　出處：《中國(guó)工業(yè)經(jīng)濟(jì)》2017年01期

【摘要】：企業(yè)股權(quán)安排的核心是尋求"控制權(quán)"和"現(xiàn)金流權(quán)"的有效匹配和均衡,基于股東同質(zhì)性假定的"一股一票"投票權(quán)設(shè)計(jì),因其與股東異質(zhì)性現(xiàn)實(shí)的偏離,并不一定是唯一以及最優(yōu)的匹配方式。以股東異質(zhì)性客觀事實(shí)為基礎(chǔ)進(jìn)行投票權(quán)制度創(chuàng)新,或許能提供新的洞見。本文以Facebook收購(gòu)WhatsA pp為研究案例,從股東異質(zhì)性視角,采用案例研究方法探討雙重股權(quán)結(jié)構(gòu)對(duì)創(chuàng)始人控制權(quán)保持和中小投資者利益保護(hù)的治理機(jī)理,及其產(chǎn)生中小投資者利益保護(hù)效應(yīng)的作用路徑。研究表明:創(chuàng)始人與外部股東在投資目的、資源基礎(chǔ),以及風(fēng)險(xiǎn)承擔(dān)方面存在明顯的差異,此時(shí)雙重股權(quán)結(jié)構(gòu)作為適應(yīng)股東異質(zhì)性現(xiàn)實(shí)的制度創(chuàng)新,能通過制度化控制權(quán)來源保持創(chuàng)始人控制權(quán),并通過維持和保護(hù)獨(dú)特的企業(yè)文化、貫徹企業(yè)長(zhǎng)期戰(zhàn)略、提升管理層抗壓能力、提高管理層決策效率路徑產(chǎn)生中小投資者利益保護(hù)效應(yīng)。并且,這種中小投資者利益保護(hù)效應(yīng)的產(chǎn)生依賴于基于心理所有權(quán)和資產(chǎn)專用性投入的創(chuàng)始人自我約束機(jī)制控制以及激烈的產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)約束。本文從股東異質(zhì)性視角深化了對(duì)雙重股權(quán)結(jié)構(gòu)治理機(jī)理的理解,也為化解當(dāng)前企業(yè)發(fā)展過程中的"融資與創(chuàng)始人控制權(quán)保持"矛盾提供了必要的實(shí)踐啟示。
[Abstract]:The core of the enterprise equity arrangement is to seek the effective matching and equilibrium of "control right" and "cash flow right". The "one share, one vote" voting right design based on the assumption of shareholder homogeneity is based on the deviation from the reality of shareholder heterogeneity.It is not necessarily the only and best way to match.The innovation of voting rights system based on the objective facts of shareholder heterogeneity may provide new insights.This paper takes Facebook acquisition of WhatsA pp as a case study, from the perspective of shareholder heterogeneity, using the case study method to explore the governance mechanism of dual ownership structure on the maintenance of founder control rights and the protection of the interests of small and medium-sized investors.And how to protect the interests of small and medium investors.The research shows that there are obvious differences between the founder and the external shareholders in investment purpose, resource base, and risk taking. At this time, the dual equity structure is the institutional innovation adapted to the shareholder heterogeneity reality.Be able to maintain founder control through institutionalized sources of control, and to maintain and protect unique corporate culture, carry out long-term strategies, and enhance management's ability to resist stress,Improving the efficiency of management decision-making has the effect of protecting the interests of small and medium investors.Moreover, the benefit protection effect of small and medium-sized investors depends on the control of the founder's self-restraint mechanism based on psychological ownership and asset specific input and the fierce competition constraints in the product market.From the perspective of shareholder heterogeneity, this paper deepens the understanding of the governance mechanism of dual equity structure, and also provides necessary practical enlightenment for resolving the contradiction between financing and the maintenance of founder's right of control in the process of enterprise development.
【作者單位】： 天津財(cái)經(jīng)大學(xué)商學(xué)院;四川大學(xué)商學(xué)院;
【基金】：教育部人文社會(huì)科學(xué)基金青年項(xiàng)目“制度環(huán)境、公司層面股東權(quán)利配置與中小投資者利益保護(hù)”(批準(zhǔn)號(hào)13YJC630074) 國(guó)家自然科學(xué)基金面上項(xiàng)目“終極控制人、資本市場(chǎng)環(huán)境與企業(yè)風(fēng)險(xiǎn)承擔(dān)”(批準(zhǔn)號(hào)71472096)
【分類號(hào)】：F271;F49

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