【摘要】：股權(quán)結(jié)構(gòu)作為一個(gè)企業(yè)的奠基石,對(duì)一個(gè)企業(yè)發(fā)展的重要程度顯而易見(jiàn)�？茖W(xué)合理的股權(quán)結(jié)構(gòu)是優(yōu)秀企業(yè)的基礎(chǔ)。而在新經(jīng)濟(jì)常態(tài)下,股權(quán)結(jié)構(gòu)也在不斷變化和發(fā)展。本文從雙重股權(quán)結(jié)構(gòu)出發(fā),從而分析其對(duì)京東公司的績(jī)效產(chǎn)生的影響。當(dāng)今,雙重股權(quán)結(jié)構(gòu)一般適用于互聯(lián)網(wǎng)企業(yè)和家族式公司。雙重股權(quán)結(jié)構(gòu)的產(chǎn)生對(duì)企業(yè)的績(jī)效發(fā)展帶來(lái)了一定的好處,幫助創(chuàng)始人團(tuán)隊(duì)或者是家族企業(yè)掌權(quán)人在融資過(guò)程中免受由于股權(quán)的稀釋而導(dǎo)致控制權(quán)的喪失,有利于企業(yè)長(zhǎng)期發(fā)展。但雙重股權(quán)結(jié)構(gòu)同時(shí)也有許多弊端,因?yàn)殡p重股權(quán)結(jié)構(gòu)的控制權(quán)集中在管理層手中,會(huì)產(chǎn)生監(jiān)督問(wèn)題、代理成本的問(wèn)題、企業(yè)可能出現(xiàn)獨(dú)裁的可能性等等,有利也有弊。本文首先介紹了有關(guān)雙重股權(quán)結(jié)構(gòu)的理論和概述,也羅列概括了國(guó)內(nèi)外雙重股權(quán)結(jié)構(gòu)的理論研究和股權(quán)結(jié)構(gòu)與公司績(jī)效之間的關(guān)系。其次選取了京東在美國(guó)成功上市的案例,分析上市前后的股權(quán)結(jié)構(gòu)的變化,然后結(jié)合京東的績(jī)效作為案例來(lái)分析,并與同類(lèi)企業(yè)的績(jī)效情況進(jìn)行對(duì)比分析,得出結(jié)論。同時(shí)也從案例中歸納利弊,提出建議和思考,認(rèn)為我國(guó)要辯證看待雙重股權(quán)結(jié)構(gòu)對(duì)公司經(jīng)營(yíng)的影響。雖然目前我國(guó)還未允許使用雙重股權(quán)結(jié)構(gòu),但出現(xiàn)了許多強(qiáng)大的公司遠(yuǎn)赴海外上市的現(xiàn)象,這無(wú)疑對(duì)我國(guó)的市場(chǎng)發(fā)展是很大的損失,如何留住這些企業(yè)在國(guó)內(nèi)上市,這一種股權(quán)結(jié)構(gòu)無(wú)疑可以帶給我們一些啟示,并引發(fā)思考。
[Abstract]:As the cornerstone of an enterprise, the ownership structure is of great importance to the development of an enterprise. Scientific and reasonable ownership structure is the foundation of excellent enterprises. And in the new economy normal, the ownership structure is also changing and developing. This paper analyzes the effect of dual ownership structure on JingDong performance. Nowadays, dual ownership structure generally applies to Internet enterprises and family companies. The emergence of dual ownership structure has brought some benefits to the performance development of the enterprise, helping the founder team or the authority of the family business to avoid losing control rights due to the dilution of the equity in the financing process. It is conducive to the long-term development of enterprises. But the dual ownership structure also has many disadvantages, because the control right of the dual ownership structure is concentrated in the hands of the management, which will lead to the problems of supervision, agency cost, the possibility of dictatorship and so on. This paper first introduces the theory and overview of dual ownership structure, and also summarizes the theoretical study of dual ownership structure at home and abroad and the relationship between ownership structure and corporate performance. Secondly, we select the case of JingDong listed successfully in the United States, analyze the change of stock structure before and after listing, then combine the performance of JingDong as a case to analyze, and compare with the performance of similar enterprises, draw a conclusion. At the same time, the author sums up the advantages and disadvantages from the case, puts forward suggestions and thoughts, and thinks that our country should treat dialectically the influence of dual ownership structure on the management of the company. Although China has not yet allowed the use of dual equity structure, there have been many strong companies going overseas to list on the stock market, which undoubtedly has a great loss to the market development of our country. How to keep these enterprises listed on the domestic market? This kind of ownership structure can undoubtedly bring us some enlightenment, and trigger thinking.
【學(xué)位授予單位】：南京信息工程大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F724.6;F715.5;F831.51

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