作　　者： (张继德）; (陈昌彧）;

机构地区： 北京工商大学商学院 国有资产管理协同创新中心,100048

出　　处： 《会计研究》 2017年第8期62-67,共6页

摘　　要： 股权结构是现代企业治理结构的核心,是平衡企业权力与利益的重要机制。我国沿用的股权制度为单一的"同股同权"结构,已逐渐难以适应部分现代化企业的发展要求,亟需进行多样化变革。"双重股权"结构在国际上应用已久,而对于国内资本市场仍是一种新生制度。本文对双重股权结构的相关理论进行梳理,剖析该制度在各种理论情境下的适用性,在权衡其利弊的基础上,探讨双重股权结构对推动创新创业企业发展和深化国有企业改革的重要意义,最终提出分类分步推行双重股权制度的建议。 As an important mechanism to balance the control-rights and earning-rights of shares,the shareholding structure is the core of modern enterprise governance.The current single shareholding institution One-Share One-Vote in China has been difficult to meet the development requirements of some parts of modern enterprise gradually.And it’s time to be diversified.Dual-Class Shares Structure has been popular in the international market for a long time but it is new to Chinese Market.In this paper,we will review the relevant theories of Dual-Class Shares and analyze its applicability in these various theoretical contexts.Also,we will further discuss its advantages and disadvantages and analyze its important role in promoting business startups and innovation and reforming state-owned enterprises.Finally,we will offer a proposal that covers classification and stepwise application of Dual-Class Shares.

关 键 词： 双重股权结构 理论综述 创新创业 国企改革