定向股:一种新的资本运营方法

Tracking Stock:A New Method of Capital Operations

定向股是由美国通用汽车公司于1984年11月首创的,自1991年以来得到了稳步发展,目前已扩展到世界许多国家.它有许多优点,也有一些不足的地方,需要用相应的制度加以规范.我国那些从事多元化经营的公司,可以考虑在适当的时候引入定向股这种新的资本运营方法.

Tracking stock,of which alphabet stock is a special class,is a separate class of shares in a company which tracks and reflects economic performance of a distinct part of that companys business.It was first created by General Motors on November of 1984,and has got a steady development since 1991,and has been expanded to many countries.It not only has a lot of advantages and several distinct disadvantage,but also is very complicated,and requires relevant institutional regulation.Those diversified corporations in our country can consider adopting the new capital-operations method of issuing tracking stock in due course.