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Olivia.W🌸 · 2024年03月28日

dual class 是什么

NO.PZ2023112701000026

问题如下:

Which of the following best describes dual-class share structures?

选项:

A.Dual-class share structures can be easily changed over time.

B.Company founders can maintain significant power over the organization.

C.Conflicts of interest between management and stakeholder groups are less likely than with single-class share structures.

解释:

Correct Answer: B

B is correct. Under dual-class share systems, company founders may control board elections, strategic decisions, and other significant matters.

A is incorrect, because dual-class share systems are difficult to dismantle once adopted as the voting control within dual-class systems is held exclusively by company insiders or founders.

C is incorrect, because conflicts of interest between management and stakeholders are more likely than with single-class share structures owing to the potential control element in dual-class systems.

dual class 是什么

1 个答案
已采纳答案

王琛_品职助教 · 2024年03月29日

嗨,从没放弃的小努力你好:


1

dual-class structure 是双重股权结构

创始人或高管的 A-share 对应的一股可能投票权有 10 票

而普通投资者 B-share 对应的是一股只有 1 票

2

假设公司有 100 股,创始人只有 10 股

但是这 10 股,可是 1 股对应 10 票投票权,所以创始人有 100 票

剩下的 90 股,被其他投资者持有,但是这些股份是一股一票,所以对应到投票权只有 90 票

3

从股份数占比看,创始人占比只有 10% (10/100)

但是从投票权占比来看,创始人过半数 (100/190)

4

所以在双层股权结构下,创始人可以通过控制更多投票权,来维持对组织的重要控制权,包括董事会选举、战略决策等

请参考基础班讲义墨迹版 P128

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