企业同股不同权结构研究  

Research on the Structure of Equal Shares with Different Rights in Enterprises

作　　者：刘尚达 LIU Shangda(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730000,China)

机构地区：[1]兰州财经大学会计学院,甘肃兰州730000

出　　处：《商业观察》2025年第9期113-116,共4页BUSINESS OBSERVATION

摘　　要：伴随着高新技术企业的迅猛发展,著名企业家进入了人们的视线。他们是公司发展的领头羊,他们的言行举止就是公司发展的风向标,可谓是“人企合一”。从市场角度来看,企业的开创者具有独特且重要的意义,他们在创业过程中所处地位稳定,将有助于公司的发展,而这些企业尤其是科创企业的诞生和发展,必然要有巨额资本投资的支持,这就要求企业进行一轮又一轮的融资活动,过度的融资行为会使公司的股份不断被稀释,直到创始人失去对公司的控制权。同股不同权结构也就是双重股权结构,能够很好地解决公司在融资过程中出现的股权稀释问题,使公司既能得到运营资本,又能确保创始人对公司的绝对控制权。但是同股不同权的使用也会造成对中小股东利益的侵害,加剧公司掌权矛盾等问题,文章对同股不同权结构的优缺点以及公司治理下存在的潜在问题进行分析,提出相应建议,以完善我国双重股权结构的发展。With the rapid development of high-tech enterprises,a large number of famous entrepreneurs have also attracted people's attention.They are the leaders of the development of the company,and their words and deeds are the vane of the development of the company,which can be said to be"the integration of people and enterprise".From a market perspective,the enterprise pioneer has unique and important significance,and their stable position in the process of starting a business will help the development of the company.These enterprises,especially science-based enterprises'birth and development,must be backed by huge capital investment,which requires enterprises to conduct rounds of financing activities.Excessive financing behavior will make the company's shares constantly diluted until the founder loses control of the company.The structure of equal shares with different rights is also called dual-class share structure,which can well solve the equity dilution problem in the financing process of the company,so that the company can not only get the working capital,but also ensure the absolute control of the founder over the company.However,the use of different rights of the equal shares will also cause the infringement of the interests of minority shareholders,aggravating the contradiction of the company's power.This paper analyzes the advantages and disadvantages of the different rights structure of the equal shares and the potential problems under the corporate governance,and puts forward corresponding suggestions,so as to complete the development of dual-class share structure in China.

关 键 词：同股不同权结构 中小股东权益保护 公司治理 

分 类 号：F271[经济管理—企业管理]