双重股权结构对互联网平台型企业价值的影响机制分析  

An Analysis of Influence Mechanism of Dual-Class Share Structure on Value of Internet Platform Enterprises

作　　者：颜剩勇[1] 邓峡隽 Yan Shengyong;Deng Xiajun(School of Business,Hunan University of Science and Technology,Xiangtan Hunan 411100,China)

机构地区：[1]湖南科技大学商学院,湖南湘潭411100

出　　处：《衡阳师范学院学报》2023年第5期67-75,共9页Journal of Hengyang Normal University

摘　　要：数字经济时代,互联网平台型企业在整个经济社会的价值创造中具有关键性的作用。其中,部分互联网平台型企业选择以双重股权结构形式上市。为研究双重股权结构在互联网平台型企业中的适用性,选取2008-2021年上市的中国互联网平台型企业为样本,从企业价值角度对其进行分析,并探究其影响机制。研究结果表明:双重股权结构通过减少管理者短视行为、降低企业融资约束,对互联网平台型企业发挥“价值增值效应”;但双重股权结构所引发的代理成本增加,削弱了其对企业价值的提升作用。研究得到的启示为:双重股权结构有利于互联网平台型企业的价值创造,但双重股权结构企业需要加强在股权激励政策等方面的信息披露,以便更大限度地发挥双重股权结构对企业价值的促进效应。In the era of digital economy,Internet platform enterprises play a key role in the value creation of the whole economy and so-ciety,and some of them choose to list in the form of dual-class share structure.In order to study the applicability of dual-class share structure in Internet platform enterprises,a sample of Chinese Internet platform enterprises listed from 2008 to 2021 is selected to ana-lyze from the perspective of enterprise value and explore its influence mechanism.The results of the study show that the dual-class share structure has a“value-added effect”on Internet platform enterprises by mitigating managerial myopia behavior and reducing cor-porate financing constraints.However,the increase in agency costs triggered by the dual-class share structure has weakened its value-enhancing effect on the companies.The research findings suggest that a dual-class share structure is conducive to the value creation of Internet platform enterprise,but at the same time,dual-class share structure enterprises need to strengthen the disclosure of informa-tion on equity incentive policies,in order to maximize the promotional effect of dual-class share structure on enterprise value.

关 键 词：双重股权结构 互联网平台型企业 企业价值 

分 类 号：F272[经济管理—企业管理]