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随着万科管理层改组,持续一年之久的万科股权之争接近尾声,双重股权结构在公司控制中的作用引发热议。双重股权结构以“同股不同权”的路径争夺公司控制权,有利于抵御恶意收购,并使得少部分股东的控制权得以延伸,降低了管理层的人力资本成本,还有效地平衡了证券市场中不同投资者的投资目的,提高了资本市场效率。但与此同时它破坏了传统的“一股一权”和决策多数决制度,理论上不利于投资者利益的保障,可能带来降低企业治理效率、弱化外部市场监督以及影响企业融资成本等问题。论证双重股权结构不仅有完善公司治理体系的理论意义,也为我国在今后的实践发展提供了指导。
With the restructuring of Vanke management, the one-year-long dispute over the ownership of Vanke is coming to a close. The dual ownership structure has caused heated discussions in the company’s control. The dual ownership structure competing for control of the company with the path of “different shares with the same rights ” will help resist hostile takeover and extend the control of minority shareholders, reduce the management cost of human capital and effectively balance The investment purpose of different investors in the stock market has raised the efficiency of the capital market. At the same time, however, it undermines the traditional system of “one share, one power” and the decision-making majority system, which is theoretically not conducive to the protection of investors’ interests. This may lead to the lowering of the efficiency of corporate governance, the weakening of external market supervision and the impact on corporate finance costs And other issues. To demonstrate that dual ownership structure not only has the theoretical significance of perfecting the corporate governance system, but also provides guidance for our country’s future practice.