【摘要】 多年来，中国的资本市场一直遵循着“同股同权”的制度，但这种制度很容易造成股权结构分散，从而导致公司最大股东不能完全掌控公司，引来外来资本的觊觎。截至2021年年底，只有九号公司、优刻得、汇宇制药和精进电动四家公司在中国科创板采用双层股权结构上市。基于以上背景，文章选取优刻得和精进电动两个企业作为案例研究对象，运用双案例对比分析法探讨两家公司采用双层股权结构制度与设置不同表决权比例的动因，得出以下结论：（1）科创型企业采取双层股权结构的一致动因有保障创始人对企业的控制权，实现企业长期战略目标；最大限度地发挥创始人的才能，充分利用人力资本；满足企业中股东的异质化需求。（2）科创型企业采用双层股权结构上市后，可有效地降低公司的代理成本，改善公司的财务绩效。（3）不同类型的企业应该根据自身组织架构、企业文化、企业价值观等各种因素综合考量自身的特殊表决权设置比例。更多还原

【Abstract】 For many years, China’s capital market has been following the system of “one share, one vote”.However, this system can easily lead to the dispersion of share structure, making the largest shareholder not being able to fully control the company, thus enticing the covetousness of foreign capital. As of the end of 2021, only Ninebot Limited, UCloud, Huiyu Pharmaceutical, and Jingjin Electric were listed on the China STAR market with a dual-class share structure. Based on the above background, this paper selects UCloud and Jingjin Electric as research objects,and employs dual case analysis to explore the motivations of the two companies in adopting a dual-class share structure system and setting up different voting rights ratios, and draws the following conclusions: Firstly, the consistent reason for sci-tech innovation enterprises to adopt a dual-class share structure is to safeguard the founders’ control over enterprises, in order to achieve long-term strategic goals; Bring the founder’s talents into full play and fully utilize human capital; Meet the heterogeneous needs of shareholders. Secondly, the adoption of a dual-class share structure serves to effectively reduce the agency costs of the corporate and improve its financial performance. Thirdly, different types of enterprises should take various factors such as organizational structure, corporate culture and corporate values into consideration to determine voting ratios.更多还原