双重股权结构在中国资本市场的适用性研究  

Research on the applicability of dual share structure in Chinese market

作　　者：任潇艺 贾敬全 REN Xiao-yi;JIA Jing-quan(School of Economics,Huaibei Normal University,Huaibei 235099,China)

机构地区：[1]淮北师范大学经济学院

出　　处：《科技与管理》2019年第4期69-75,共7页Science-Technology and Management

基　　金：安徽省自然科学基金项目(1808085MG227)

摘　　要：香港联交所对于“同股不同权”的逐渐接纳让中国内地资本市场疑惑“同股不同权”到底是否应该被完全禁止。通过对不同投票机制的分析发现:当内部管理层资质出众而且利用控制权获得私人控制权利益的动机较小的时候,“同股不同权”比“一股一权”更能发挥投票权的价值,更有利于公司价值最大化。因此,当公司的投资者保护程度较高,市场信息披露充分的时候,证监会应当尊重投资者对于不同股权结构的选择和定价。The gradually change of Stock Exchange of Hong Kong’s attitude to dual-class share structure make mainland capital market confuse that whether dual-class share structure should be completely prohibited.By the analysis of different voting mechanism,we found that:when the internal managements have outstanding qualifications and have little motivation to exploit the control right to acquire the private control benefits,dual-class share structure will develop more advantages of the voting rights and be more conducive to company value maximization than one share one vote.Therefore,when degree of investor protection is high and the information of capital market disclosure adequately,the CSRC should respect the investors’choice of different equity structure and their voluntary pricing of them.

关 键 词：同股不同权 一股一权 公司价值最大化 

分 类 号：F830.9[经济管理—金融学]