双重股权IPO与公司治理--基于中国金融开放背景

China’s dual-class IPO and corporate governance--Against the backdrop of Chinese financial market opening up

公司治理中双重股权结构可以缓解初创公司进行股权融资时,股权稀释对创始人的影响,提升其积极作用,但也会加剧掏空问题。在双重股权结构IPO放开的背景下,文章通过分析两者关系提供优化公司治理的对策,包括:引入落日条款,完善中小股东退出和双重股权取缔机制以及优化证券市场环境。

Dual-class IPO could mitigate the problem of stock ownership dilution which in the end could impair the control of the pioneer and his positive effect on firm growth,while tunneling problems could also take place.Against the back drop of Chinese let go of dual-class IPO,by analyzing the relationship between the two,this article puts forward the method to optimize the corporate governance,including:imposing sunset treaty,providing the mechanism of share withdraw or dual-class ownership termination and improve the environment of security exchange.