平衡计分卡下双重股权结构实施效果分析--以美团为例

An Analysis of the Effect of the Dual-class Share Structure Based on Balanced Scorecard--Take Meituan as an Example

随着2018年香港交易所宣布接受同股不同权企业上市,适用于中国企业的上市股权结构政策发生了历史性变化。美团作为香港交易所第二家以双重股权结构上市的企业,在一定程度上体现了我国双重股权结构上市企业的绩效管理现状。文章以美团为例,采用“平衡计分卡”这一研究工具,从财务、客户、内部运营、学习和成长四个维度,研究双重股权制度这一创新的控制权结构安排对企业治理效果及水平的影响。研究发现,双重股权结构使美团的治理效果及水平有所提升,促进了美团核心竞争力的形成与可持续发展,保障了美团关键战略的布局与有效推进。

With the announcement of the HKEX in 2018 to accept the listing of companies with the dual-class share structure,the listed shareholding structure policy applicable to Chinese companies has undergone a historic change.Meituan,as the second company listed on the HKEX with the dual-class share structure,reflects the performance management of our country's listed companies with the dual-class share structure to a certain extent.Taking Meituan as an example,this paper uses the“Balanced Scorecard”as a research tool to study the effect of dual-class share structure on corporate governance,an innovative control structure arrangement,from the four dimensions of finance,customers,internal operations,and learning and growth.The study found that the dual-class share structure has improved the governance effect and level of Meituan,promoted the formation and sustainable development of Meituan's core competitiveness,and ensured the layout and effective promotion of Meituan's key strategies.