摘要
双层股权治理结构使初创企业在获得外部融资的同时,保住了创始人股东对企业的控制权,提升了公司治理的效率。但这种治理模式可能导致对公众投资者利益的侵害以及公司内部人控制等问题。总体而言,轻资产类的互联网科技企业采用双层股权结构利大于弊。鉴于目前我国互联网科技企业迅猛发展的态势,我国有必要借鉴美国双层股权结构的立法经验,考虑在未来引入双层股权的相关制度来破解互联网科技企业普遍存在的股权融资与稀释的难题与困境。
The governance structure of dual-class equity enables start-ups to obtain external financing while the founding shareholder still keeping control of the company, which enhances the efficiency of corporate governance. However, this model of governance may lead to such issues as infringing public investors＇ interests, insider control. For the internet technology companies with light assets, the advantages of utilizing the governance structure of dual-class equity outweigh the disadvantages. Given the current situation of the rapid development of internet technology in China, drawing lessons from the US legislative experiences of the governance structure of dual-class equity, it is necessary for China to consider introducing the governance structure of dual-class equity in future to solve the problems and difficulties of internet technology companies in equity financing and dilution.
出处
《证券市场导报》
CSSCI
北大核心
2016年第7期69-78,共10页
Securities Market Herald
关键词
双层股权治理结构
控制权
投票权
同股同权
dual-class equitystructure, controlling right, voting rights, equal shares with equal rights
