国外同股不同权制度研究进展

A Research Advance in Foreign Weighted Voting Rights

同股不同权制度虽然存在上百年,但国内尚缺乏系统梳理和研究。文章通过回顾所有权和控制权分离的理论和实践,系统梳理了同股不同权制度发展演变的历史和现状,发现同股不同权作为一种制度规则经历了由简单到复杂、由单一到多元的曲折演化过程;同股不同权制度的演化是企业内部经营者和外部股东等各种力量博弈的结果。在此基础上,文章从同股不同权的形式和利弊、主要影响因素、与企业绩效的关系以及同股不同权公司的治理等方面对同股不同权研究的既有成果进行了整理分析,并指出了现有研究的不足和未来研究方向,以期引起国内有关决策和研究部门对同股不同权问题的关注。

As an institutional arrangement,weighted noting rights have existed for more than one century,but there has been a lack of comprehensive overview and research on them.This paper studies the evolutionary process of weighted voting rights by reviewing the literature about separation of ownership and control rights,and finds that the evolution of bi-power separation from simplicities to complexities is the result of the game between managers and shareholders.From this consideration,the paper reviews and analyzes the literature about weighted voting rights,including their merits and demerits,influencing factors and determinants,correlations with firm performance and corporate governance.It also indicates the defects and deficiencies in the currently research and studies the development direction of future research,in order to provide reference for administration and enterprises.