科创板双重股权结构优化分析——以小米集团为例
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Analysis on the Optimization of Dual-ownership Structure of Science and Technology Innovation Board:Taking Xiaomi group as an example
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    摘要:

    在国内,由于高科技公司创始人需要保护个人投票权,而双重股权结构能够满足这一需求。在2019年4月,上海证券交易所对《上海证券交易所科创板股票上市规则》进行修订,在“内部治理”中“表决权差异安排”部分,对双重股权结构有了相关制度安排。对于高科技行业而言,双重股权结构的出现保护了创始人的投票权,但也引起信息不对称、创始人忘记“初心”等问题。基于此,通过对小米集团在双重股权结构应用过程中现存问题的分析,对双重股权结构优化提出建议,使该结构在企业得到合理运用,使创始人和普通股东有一个平衡的状态。

    Abstract:

    Dual-class ownership suits the need for high-tech founders to protect individual voting rights. In April 2019, the Shanghai Stock Exchange revised the “Shanghai Stock Exchange Science and Innovation Board listing rules”, in the “Internal governance”part of the “Voting rights difference arrangements”, the dual-ownership structure has a relevant institutional arrangements. For the high-tech industry, the emergence of a dual-class ownership structure protects the voting rights of founders, but also causes problems such as Information asymmetry, where founders forget their “Original”intentions. Based on this, through the analysis of the existing problems in the application of the dual share structure in the Xiaomi group, some suggestions on the optimization of the dual share structure are put forward, so that the dual share structure can be reasonably used in the enterprise, keep the founders and common shareholders in balance.

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刘柏伟.科创板双重股权结构优化分析——以小米集团为例[J].科技与产业,2022,22(05):66-70

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  • 在线发布日期: 2022-05-22