【作者】 王晓芳；

【导师】 朱雪珍；

【作者基本信息】 苏州大学 ， 会计专硕（专业学位）， 2019， 硕士

【摘要】 随着我国经济的转型升级和互联网企业这一科技创新型产业的迅速发展,近年来大量的互联网企业奔赴海外上市,2018年港交所、科创板开始逐渐接纳“同股不同权”股权结构,引发了社会各界对双重股权结构的关注和讨论。双重股权结构区别于传统的同股同权的股权结构,自出现以来主要被家族企业及新闻媒体行业采用,但随着互联网企业的迅速崛起,越来越多的互联网企业采用双重股权结构,互联网企业已经逐渐成为实施双重股权结构的主体。互联网企业为何纷纷采纳双重股权结构,该股权结构如何发挥公司治理效果,该股权结构又给互联网企业带来了怎样的效果及风险,这一系列问题都值得我们去探究。本文梳理了关于双重股权结构合理性、选择双重股权结构的动机以及双重股权结构的利弊的文献综述之后,从互联网企业的“个性”特征出发,结合融资特征、人力资本以及股东异质性的视角详细分析了双重股权结构在互联网企业的适用性,并通过双重股权结构产生公司治理效果的作用路径分析该股权结构在互联网企业的可行性。在案例部分,选用京东作为互联网企业的典型,详细研究了京东的上市背景、京东实施双重股权结构的具体内容以及京东能够顺利实施双重股权结构的因素,进一步具体分析探究京东选择双重股权结构的动机及给京东带来的效果,并通过财务指标分析其公司治理效果的变化。最后,指出双重股权结构给互联网企业带来的潜在风险,并提出应对措施以及完善我国相关制度的建议。更多还原

【Abstract】 With the rapid transformation of China’s economy and the rapid development of Internet technology enterprises,a large number of Internet companies have gone overseas to list recently,the Hong Kong Stock Exchange and Kechuang Board began to accept the Dual-Class Share Structure in 2018.It has triggered the attention and discussion in various sectors of the society.Since its appearance,the Dual-Class Share Structure has been mainly adopted by the family industry and the news media industry.However,with the rapid growth of Internet companies,more and more Internet companies have adopted the dual shareholding structure,and Internet companies have gradually become the main body of the companies that adopt the Dual-Class Share Structure.Why do Internet companies adopt the Dual-Class Share Structure,how the shareholding structure exerts the effect of corporate governance,and what effect and risk the Dual-Class Share Structure brings about.This series of questions is worth exploring.After reviewing the literature review on the rationality of the Dual-Class Share Structure,the motivation of choosing the Dual-Class Share Structure and the advantages and disadvantages of the Dual-Class Share Structure,starting from the"personality" characteristics of Internet companies,combining financing characteristics,human capital and shareholder heterogeneity,this paper analyzes the applicability of the Dual-Class Share Structure in Internet enterprises in detail,and analyzes the feasibility of the equity structure in Internet enterprises through the role of the Dual-Class Share Structure in generating corporate governance effects.In the case part,Jingdong is selected as a typical example of Internet enterprises.Researching the background of Jingdong’s listing,the specific content of Jingdong’s Dual-Class Share Structure,and the factors that Jingdong can successfully implement the Dual-Class Share Structure in detail,the motivation of Jingdong’s choice of the Dual-Class Share Structure and the effect that brought to Jingdong is further analyzed.Finally,it points out the potential risks that brought by the Dual-Class Share Structure to Internet companies,and proposes countermeasures and suggestions for improving relevant systems in China.更多还原