“不平等投票权”的股票发行与控制权安排设计制度创新的边界——基于Snap公司三重股权结构的案例研究  

Issuance of Dual-class Stocks and the Border of Institutional Innovations on Corporate Control Arrangements

作　　者：郑志刚[1] 关田田 ZHENG Zhigang;GUAN Tiantian(School of Finance,Renmin University of China,Beijing,100872,China;Business School,Chinese University of Hong Kong,Hong Kong,China)

机构地区：[1]中国人民大学财政金融学院 [2]香港中文大学工商管理学院

出　　处：《金融评论》2018年第3期35-51,123,共18页Chinese Review of Financial Studies

基　　金：国家自然基金面上项目"独立董事激励机制的影响因素和激励效果-来自我国上市公司的证据"(项目批准号:71272159);国家自然基金面上项目"任人唯亲的董事会文化与独立董事更迭的‘逆淘汰’"(项目批准号:71472177);教育部"新世纪优秀人才支持计划"

摘　　要：2017年3月2日在美国纽约证券交易所上市的Snap公司是全球最早发行三重股权结构股票的公司之一。基于对Snap的案例研究,本文认为,发行三重股权结构股票,一方面是Snap基于市场对公司业务模式创新、创业团队自身管理营运能力的认同,向市场传递管理团队对公司发展前景充满信心的信号,因而有其现实合理性。另一方面,三重股权结构股票的发行人为地割裂了没有投票权的A类股票持有人与拥有绝对控制权的C类股票持有人,既没有在二者之间建立长期合作关系以提高管理效率,又没有通过建立控制权状态依存的退出转换机制降低未来营运风险,使公司未来的发展片面依赖持有C类股票的联合创始人,控制权安排的风险陡然增加。我国资本市场目前正在积极探索"同股不同权"构架的上市制度改革,Snap三重股权结构股票发行的相关实践以及近期港交所做出的允许"同股不同权"架构公司上市的改革,可以为我们理解控制权安排设计制度创新的边界带来启发。Snap,listed on the New York Stock Exchange since March 2,2017,is one of the first companies in the world to issue dual-class stocks.Based on the case study of Snap,the research in this paper shows that,on the one hand,the stock structure of Snap is reasonable as the weighted voting rights structure can deliver a signal to the outside investors that the directors of Snap has confidence in their capability of business innovation and operation,and the they have a positive prospect of the company.On the other hand,three-class stock structure separates the A-class stock holders who have no voting right and the C-class stock holder who control the company.The structure not only fails to build a long-term partnership agreement between A-class stock holders and C-class stock holders,but also fails to set up a withdrawal mechanism of corporate control to reduce operation risks,which makes the development of Snap heavily relies on the performance of the co-founders and significantly increases the corporate control arrangement risk.China capital market is actively exploring to establish weighted voting rights scheme for stock issuance.Snap s practice of issuing dual-class stocks and the recent reform of Hong Kong Stock Exchange to allow companies with weighted voting rights scheme to be listed can make us better understand the border of institutional innovations on corporate control arrangements.

关 键 词：不平等投票权 三重股权结构 长期合伙合约 控制权状态依存 

分 类 号：G34[文化科学] K22[历史地理—历史学]