新经济下的双层股权结构:理论证成、实践经验与中国有效治理路径

新世纪以来选择双层股权结构成为新经济公司的一种新趋势。坚持一股一票的传统公司治理理论主要从公司民主、最优表决权结构和代理成本三个方面反对双层股权结构,认为双层股权结构将降低上市公司价值。股东的共同目标是股东利益最大化而非公司民主;最优表决权治理结构是因公司而异多元化的,一股一票虽普遍然非最优;表决权监督机制非唯一治理成本的约束机制,双层股权结构比一股一票更有助于公司关注长期利益和科技创新。从经验研究来看,双层股权结构与上市公司价值并不存在确定的负相关关系,甚至存在正相关关系。契合新经济公司的双层股权结构有助于在“轻资产、重人力资本”的新经济公司中根据合同而非物质资本进行控制权分配,有助于激励创始股东/管理者进行专属人力资本投资,有助于满足新经济公司的特殊治理结构需要。我国科创板已经引入双层股权结构,为实现中国的有效治理,除目前科创板集中于事前治理外,还应强化事中治理和完善事后治理,最终对双层股权结构进行有效治理实现兴“利”除“弊”。

Dual Class Structure in the New Economy: The Theoretical Argument,Practical Experience and Chinese Effective Governance Access

Preference of Dual Class Structure has been a trend for new economy corporation.The traditional corporation law theory that sticks to one share one vote is opposed to Dual Class Structure from three aspects:the optimal voting structure,the agency cost and the corporation democracy.It alleges that Dual Class Structure will reduce the value of listed corporation.Although one share one vote is universal but not optimal.In addition,there is an alternative constraint mechanism for agency cost except for voting right.At last,the maximization of shareholders’interests,rather than corporate democracy,is the common goal of shareholders.From the empirical research,there not exists a definite negative correlation between Dual Class Structure and the value of the listed corporation,and even exists a positive correlation.The Dual Class Structure is fit for the new economy corporation,which is helpful to encourage the founding shareholders/managers to invest exclusive human capital,which is helpful to distribute of control right by contract rather than material capital,which is helpful to meet the special governance structure need of the new economy corporation.China’s Science and Technology Innovation Board had introduced Dual Class Structure.In order to achieve effective governance of Dual Class Structure in China,we should also strengthen in-process governance and improve post governance except for emphasis of ex ante governance.We should effectively manage Dual Class Structure to enjoy it’s advantages and to remove it’s disadvantages.