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论文题目 ：
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我国科技创新型企业引入双重股权结构制度研究 — 小米公司为例 摘 摘
要 近年来，随着我国科技创新型企业迅速发展，一股一权制度的弊端越来越显露：决策权分散，决策效率不高，并且还面临着股权稀释与恶意并购的风险。对科技创新型企业原控股股东来说，为了防止股权稀释，并保持对公司的控制权，双重股权结构是他们的新选择。因此研究科技创新型企业引入双重股权结构制度对企业多元化发展以及企业股权稳定有重要意义。
本文首先介绍双重股权结构的概念、特征及发展背景。然后从现行“一股一权制度”的缺陷和双重股权结构的有益性两个角度出发分析我国科技创新型企业引入双重股权结构制度的合理性。接着以小米公司为例研究双重股权结构制度对科技创新型企业治理的影响。最后从普通股东、创始人及监督机制三方面讨论对我国科技创新型企业引入双重股权结构的建议。
关键词：
股权结构；科技创新型企业；一股一权；双重股权
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3 Abstract In recent years, with the rapid development of China"s science and technology innovation enterprises, the disadvantages of one share one right system are more and more exposed: the decision-making power is decentralized, the decision-making efficiency is not high, and also faces the risk of equity dilution and malicious M & A. For the original controlling shareholders of scientific and technological innovation enterprises, in order to prevent dilution of equity and maintain control of the company, dual equity structure is their new choice. Therefore, it is of great significance for the diversified development of enterprises and the stability of enterprise equity to study the introduction of dual equity structure system in scientific and technological innovation enterprises. This paper first introduces the concept, characteristics and development background of dual equity structure. Then from the defects of the current "one share one right system" and the benefits of the dual equity structure, this paper analyzes the rationality of introducing the dual equity structure system into China"s technological innovation enterprises. Then take Xiaomi company as an example to study the influence of dual ownership structure system on the governance of science and technology innovation enterprises. At last, the paper discusses the suggestion of introducing the dual ownership structure to China"s science and technology innovation enterprises from three aspects: ordinary shareholders, founders and supervision mechanism. Key words: Equity structure; science and technology innovation enterprise; one share and one right; dual equity
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5 目 目
录 1 、导论 ................................................................................................................................................................. 1 1.1 研究背景与意义 ......................................................................................................................................... 1 1.1.1 研究背景
.............................................................................................................................................. 1 1.1.2 研究意义
.............................................................................................................................................. 1 1.2 国内外研究现状 ......................................................................................................................................... 1 1.2.1 国外研究述评
...................................................................................................................................... 1 1.2.2 国内研究述评
...................................................................................................................................... 2 2 双重股权结构概述 ............................................................................................................................................ 2 2.1 双重股权结构的概念及特征 ..................................................................................................................... 3 2.1.1 双重股权结构的概念
.......................................................................................................................... 3 2.1.2 双重股权结构的特征
.......................................................................................................................... 3 2.2 我国双重股权结构制度的发展背景 ......................................................................................................... 4 2.2.1 适应国内资本市场的发展需求
.......................................................................................................... 4 2.2.2 满足国有企业的发展需求
.................................................................................................................. 4 2.2.3 抵御融资风险的迫切需求
.................................................................................................................. 4 3 我国科技创新型企业引入双重股权结构制度的 合理性 ................................................................................ 5 3.1 现行“一股一权制度”的缺陷 ................................................................................................................. 5 3.1.1 不能保证公司的稳定发展
.................................................................................................................. 5 3.1.2 难以抵御恶意收购
.............................................................................................................................. 5 3.1.3 不利于企业文化的传承
...................................................................................................................... 6 3.2 双重股权结构的有益性分析 ..................................................................................................................... 6 3.2.1 有助于公司的稳定与长远发展
.......................................................................................................... 6 3.2.2 有助于管理层各尽其能
...................................................................................................................... 7 3.2.3 有利于抵御恶意收购
.......................................................................................................................... 7 3.2.4 有助于资本市场的多元化
.................................................................................................................. 7 4 双重股权结构对科技创新型企业治理的影响研 究 — 以小米公司为例 ........................................................ 8 4.1 小米公司的发展历程 ................................................................................................................................. 8 4.1.1 发展情况
.............................................................................................................................................. 8 4.1.2 小米公司的创始人及团队
.................................................................................................................. 8 4.2 小米公司上市前融资历程及股权变化 ..................................................................................................... 8 4.2.1 小米公司的融资历程
.......................................................................................................................... 8 4.2.2 小米公司的股权结构变化
.................................................................................................................. 9 4.3 双重股权结构对小米公司治理的影响 ................................................................................................... 10 4.3.1 双重股权结构对小米公司的不利影响
............................................................................................ 10 4.3.2 双重股权结构对小米公司的有利影响
............................................................................................ 10 5 我国科技创新型企业引入双重股权结构制度的 启示与建议 ...................................................................... 11 5.1 完善普通股东保护机制 ........................................................................................................................... 11 5.1.1 合理限制表决权
................................................................................................................................ 11 5.1.2 强制设立累积投票制度
.................................................................................................................... 11 5.1.3 健全赔偿制度
.................................................................................................................................... 11 5.2 提高创始人的战略决策能力 ................................................................................................................... 12 5.3 完善监督机制 ........................................................................................................................................... 12
6 5.3.1 加强独立董事的监督作用
................................................................................................................ 12 5.3.2 加强外部监督
.................................................................................................................................... 12 5.3.3 完善信息披露制度
............................................................................................................................ 12 参考文献 ............................................................................................................................................................. 13 致
谢 谢 ................................................................................................................................................................. 15
1 1、导论 1.1 研究背景与意义 1.1.1 研究背景 企业创始人作为所创办企业的最早的发起者，在企业经营、发展、壮大过程中通常扮演着非常重要的角色。尤其对于科技创新型企业创始者来说，他们创立企业、经营企业，逐步形成自己特有的经营理念、商业模式和独特的企业文化，在企业的持续发展过程中如何将其发展并传承下去，无疑对企业成长非常重要。然而，大多数初创期的企业在发展中都有着相似的特点，他们有一群志同道合的创业者（人力资本），有很多创新的想法和商业模式（知识资本），但往往缺少的就是资金（财务资本），这时候他们面对的首要问题就是融资。伴随着多轮融资的进行，一些创业企业的创始人在迎接机遇的同时也面临着巨大的威胁——创始人的股权被不断稀释，这会导致公司创始人逐渐失去对公司未来发展方向、公司运营模式等等的控制权。企业的经营理念在...