本文關(guān)鍵詞：京東雙重股權(quán)結(jié)構(gòu)的經(jīng)驗(yàn)及對(duì)我國(guó)國(guó)企混改的啟示　出處：《浙江工商大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)融資 雙重股權(quán)結(jié)構(gòu) 海外上市 國(guó)企混改

【摘要】：在互聯(lián)網(wǎng)科技公司高速發(fā)展的今天,企業(yè)發(fā)展必不可少的資金需求使得股權(quán)融資與保持控制權(quán)之間似乎有一種難以解決的矛盾,特別是近年來(lái)企業(yè)融資帶來(lái)股權(quán)稀釋從而導(dǎo)致企業(yè)控制權(quán)爭(zhēng)奪的案例時(shí)有發(fā)生,在這種背景下,雙重股權(quán)結(jié)構(gòu)得到越來(lái)越多人的認(rèn)可,被認(rèn)為是企業(yè)股權(quán)融資的同時(shí),保證控制權(quán)普遍有效的一種方式。近年來(lái)我國(guó)越來(lái)越多的科技公司選擇海外上市,其中大部分都采用了雙重股權(quán)結(jié)構(gòu)這一制度設(shè)計(jì)。2013年阿里巴巴因其提出的合伙人制度不能在香港實(shí)現(xiàn)進(jìn)而赴美上市,阿里特有的合伙人制度本質(zhì)上也是雙重股權(quán)結(jié)構(gòu)的一種。這也引起了國(guó)內(nèi)外的關(guān)注,讓人們重新審視這一特殊的股權(quán)結(jié)構(gòu),目前我國(guó)內(nèi)地和香港暫時(shí)都不允許采用這種股權(quán)結(jié)構(gòu)。本文在這種背景下,選取中國(guó)第一家成功赴美上市的電商平臺(tái)—京東為例,通過(guò)其雙重股權(quán)結(jié)構(gòu)案例的分析,我們發(fā)現(xiàn):(1)幾輪融資過(guò)后,創(chuàng)始人劉強(qiáng)東在第一大股東控制地位受到威脅的情況下,通過(guò)A型股與B型股的設(shè)計(jì),以近20%的股權(quán)獲得了83.7%的投票權(quán),從而牢牢掌握著對(duì)公司的控制。通過(guò)其上市前業(yè)務(wù)領(lǐng)域和融資情況的分析得出京東實(shí)施雙重股權(quán)結(jié)構(gòu)勢(shì)在必行。(2)從財(cái)務(wù)數(shù)據(jù)上體現(xiàn)出的業(yè)績(jī)超預(yù)期、多品類布局見(jiàn)效、運(yùn)營(yíng)能力出色的正面效應(yīng),得出雙重股權(quán)結(jié)構(gòu)在保證企業(yè)控制權(quán)的同時(shí),也有利于公司經(jīng)營(yíng)戰(zhàn)略的貫徹與執(zhí)行的結(jié)論。(3)分析京東價(jià)格戰(zhàn)的理念帶來(lái)了高投入高成本的負(fù)面效應(yīng),得出享有超級(jí)表決權(quán)的創(chuàng)始人在保有企業(yè)絕對(duì)控制的同時(shí),也承擔(dān)了超出其收益權(quán)的經(jīng)營(yíng)和財(cái)務(wù)風(fēng)險(xiǎn),使企業(yè)存在不能持續(xù)健康發(fā)展的風(fēng)險(xiǎn)。同時(shí)從保護(hù)知情權(quán)原則、限制權(quán)利原則、事后矯正原則三個(gè)方面闡述雙重股權(quán)結(jié)構(gòu)可能帶來(lái)風(fēng)險(xiǎn)的應(yīng)對(duì)措施。(4)通過(guò)其帶來(lái)的正面及負(fù)面效應(yīng)的解讀,為我國(guó)企業(yè)是否選擇雙重股權(quán)結(jié)構(gòu)在海外上市做出參考�；貧w到我國(guó)國(guó)情,在國(guó)企混改中,尤其是涉及到國(guó)家安全、社會(huì)民生等關(guān)鍵領(lǐng)域的企業(yè),針對(duì)國(guó)有資本逐步減持的同時(shí)如何保有必要的控制力來(lái)實(shí)現(xiàn)政策性目標(biāo)的問(wèn)題,從雙重股權(quán)結(jié)構(gòu)的設(shè)計(jì)中轉(zhuǎn)換思路,賦予國(guó)有資本在股東大會(huì)上類似雙重股權(quán)結(jié)構(gòu)的超級(jí)表決權(quán),使國(guó)有資本在減少的同時(shí)仍能在發(fā)展方向、政策目標(biāo)等方面保有對(duì)企業(yè)的控制力,確保國(guó)企政策性目標(biāo)的實(shí)現(xiàn);在董事會(huì)層面上讓民營(yíng)資本和管理層更多地參與進(jìn)來(lái),控制企業(yè)的日常經(jīng)營(yíng)管理,為企業(yè)注入新鮮的活力,改善企業(yè)效益,進(jìn)而實(shí)現(xiàn)共贏。從設(shè)計(jì)理念、法律制度、公司治理、適用范圍四個(gè)方面審慎地分析雙重股權(quán)結(jié)構(gòu)在國(guó)企混改中的可行性,雖然雙重股權(quán)結(jié)構(gòu)思路理念的大方向是可行的,但在目前中國(guó)法律制度和資本結(jié)構(gòu)的大環(huán)境下,引入雙重股權(quán)結(jié)構(gòu)還應(yīng)以更加謹(jǐn)慎的態(tài)度對(duì)待。
[Abstract]:With the rapid development of Internet technology companies, there seems to be a difficult contradiction between equity financing and control rights. Especially in recent years, enterprise financing has brought about stock dilution, which leads to the enterprise control rights competition cases have occurred from time to time. Under this background, the dual ownership structure has been recognized by more and more people. In recent years, more and more science and technology companies in our country choose overseas listing. In 2013 Alibaba listed in the United States because his partnership system could not be realized in Hong Kong. Ali's unique partnership system is also a kind of dual ownership structure in essence, which has also aroused the attention of domestic and foreign people, let people re-examine this special equity structure. At present, China's mainland and Hong Kong are not allowed to adopt this kind of ownership structure for the time being. Under this background, this paper selects JingDong, China's first successful ecommerce platform to list in the United States, as an example. Through the analysis of its dual equity structure case, we find that after several rounds of financing, founder Liu Qiangdong, under the condition that the controlling position of the first largest shareholder is threatened, adopts the design of A-shares and B-shares. With nearly 20% shares, he gained 83.7% voting rights. Through the analysis of its pre-listing business field and financing situation, it is imperative for JingDong to implement dual equity structure. The positive effect of multi-category layout and excellent operation ability leads to the conclusion that the dual ownership structure ensures the control of the enterprise at the same time. Also conducive to the implementation of the company's business strategy and implementation of the conclusion. 3) the analysis of JingDong's concept of price war has brought high investment and high cost of negative effects. It is concluded that the founder who enjoys super voting rights, while retaining absolute control of the enterprise, also bears the operating and financial risks beyond his right to profit. At the same time, we should protect the principle of right to know and limit the principle of right to know. After the correction principle of the three aspects of dual equity structure may bring risk countermeasures. 4) through its positive and negative effects of interpretation. For our enterprises whether to choose dual ownership structure listed overseas to make reference. Return to the national conditions, in the mixed reform of state-owned enterprises, especially related to national security, social and livelihood of the key areas of enterprises. In view of the problem of how to maintain the necessary control to achieve the policy goal while the state-owned capital is gradually reducing, the thinking is changed from the design of dual ownership structure. Giving the state-owned capital the super voting rights similar to the dual ownership structure in the shareholders' general meeting, so that the state-owned capital can still retain control over the enterprises in the direction of development, policy objectives and so on. To ensure the realization of the policy goals of state-owned enterprises; At the level of board of directors, let private capital and management participate more, control the daily operation and management of enterprises, inject fresh vitality for enterprises, improve the efficiency of enterprises, and then achieve win-win. Four aspects of legal system, corporate governance and scope of application carefully analyze the feasibility of dual ownership structure in the mixed reform of state-owned enterprises, although the general direction of the idea of dual ownership structure is feasible. However, under the circumstances of China's current legal system and capital structure, the introduction of dual equity structure should be treated with more caution.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F724.6;F832.51;F276.1;F271

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5 周s，

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