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YvonneYeh · 2024年03月05日

为什么小股东会再双层股份机制里感到被剥削？

  1. ESG
  2. Governance factors

NO.PZ2022120703000037

问题如下：

Which of the following statements about minority shareholder alignment is most accurate?

选项：

A.Dual-class shares protect minority rights B.Pre-emption rights protect minority shareholders C.Individual institutional shareholders are seldom minority shareholders

解释：

B is correct because a "key area for minority shareholder protection is pre-emption rights."

A is incorrect because an "area in which minority shareholders can feel exploited is through the mechanism of dual-class shares."

C is incorrect because "for minority shareholders – which institutional investors will almost always be – a crucial issue is that they are not exploited by the dominant or controlling shareholders."

minority shareholders can feel exploited is through the mechanism of dual-class shares.


AB股设置的作用就在于，可以让一些持股比例不高的人拥有更高的投票权，以保证公司的实际控制人虽然持股比例小，但是可以实际控制公司，让公司更好的经营，小米就是典型的例子，那么既然如此，为什么小股东可能会被剥削？

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2 个答案

Tina_品职助教 · 2024年03月06日

嗨，爱思考的PZer你好：


是的，AB股的设计就是同股不同权。

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Tina_品职助教 · 2024年03月05日

嗨，爱思考的PZer你好：


在双层股份制度（Dual-class share structure）中，公司发行两种不同类型的股票：一种是具有较多投票权的A类股，另一种是投票权较少或没有投票权的B类股。这种结构使得持有A类股的股东（通常是公司创始人、管理层或特定的大股东）能够控制公司的决策过程，即使他们的股份在经济上不占多数。

小股东可能会感到被剥削的原因主要包括：

  1. 控制权与经济权益的不匹配：即使小股东整体持有较大比例的经济权益，由于他们持有的是投票权较少的B类股，他们在公司决策过程中的影响力非常有限。
  2. 决策不对等：A类股股东可以通过对公司战略和政策的控制，做出有利于自己而不一定最符合所有股东利益的决策。
  3. 利益冲突：控股股东可能会倾向于做出优先考虑他们自身利益的决策，而不是平衡所有股东的利益，这可能会损害小股东的利益。
  4. 信息不透明：控股股东可能不愿意或不需要提供与其决策相关的全部信息，这使得小股东在投资时可能缺乏必要的信息。
  5. 难以纠正不公：即使小股东认为公司的某些行为损害了他们的利益，由于他们的投票权有限，他们很难在股东大会上发起有效的反对意见或行动。


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YvonneYeh · 2024年03月06日

那我是否可以这样理解，双层股份制度（Dual-class share structure）中，不管大股东小股东，其实都有可能会感到被剥削了一定程度的权利，因为A类股股东与B类股股东的设计就导致了决策不可能对等，权利也不可能对等。

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