实施双重股权结构的动因及经济后果研究综述

Review of the Motivations and Economic Consequences of Implementing Dual-class Share Structure

随着双重股权结构的深入应用,探索双重股权结构的实施动因及经济后果十分必要,而国内相关的研究综述较为匮乏。因此,本文一方面梳理了保留控制权、抵御恶意收购和谋求长期发展三个方面的实施动因;另一方面,梳理了双重股权结构对企业创新、盈余管理、企业业绩、审计影响的相关文献,并针对目前研究存在的不足提出相应建议,以期为企业的股权结构设计提供借鉴。

With the in-depth application of dual-class share structure,it is necessary to explore its implementation motivations and economic consequences,but the domestic related research review is relatively scarce.Therefore,on the one hand,it sorts out the implementation motivations of retaining control rights,resisting hostile takeovers and seeking long-term development;on the other hand,it combs the relevant literature on the impact of dual-class share structure on enterprise innovation,earnings management,enterprise performance and audit,and puts forward corresponding suggestions for the shortcomings of current research,to provide a reference for the design of enterprise share structure.