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段晓辉 · 2024年05月23日

pre-emptive righes

  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."

优先购买权不是对机构投资者的利益保护措施吗？

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已采纳答案

王岑 · 2024年05月24日

嗨，爱思考的PZer你好：


A选项中的双重股权结构是指公司发行两种不同投票权的股票，一种股票通常有更多的投票权。这种结构通常会使控制权集中在少数手中，而不是保护少数股东权益。因此，这种结构往往让少数股东感到被剥削。所以A选项是不正确的。

优先购买权（pre-emption rights）是一种有效的保护少数股东的机制，确保他们在公司发行新股时有权按其持股比例购买新股，防止其持股比例被稀释。机构投资者通常是指那些在公司中持有大量股份但不是控制股东的投资者。事实上，许多机构投资者往往是少数股东，他们关心的是确保其投资不被控制股东的行为所剥削。虽然机构投资者在公司中的持股数量较高，但在通常情况下不是控股股东，因为机构投资者更注重分散化效果，他们依赖于保护少数股东的机制来确保其投资不被控制股东滥用，而优先购买权是保护少数股东的，因此可以保护机构投资者的利益。




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白石 · 2024年08月29日

双重股权结构可以保护公司初期股东吧，后续公司继续发行股票，初期股东每股的投票权是比较高的。这样的话，双重股权结构在某种程度上，也算保护少数股东的权益吧，只不过对于后来购买公司少部分股票的投资者（小股东），没什么作用。这样理解对吗？

王岑 · 2024年08月29日

嗨，从没放弃的小努力你好：


同学的理解是正确的。双重股权结构通常包括两类股票：A类股票和B类股票。A类股票通常赋予持有者更高的投票权（可能是每股10票或更多），而B类股票的投票权较低（通常是每股1票）。这种结构使得持有A类股票的初期股东（如创始人、核心管理团队）能够在公司决策中保持较大的影响力。因此，投资者可能会对双重股权结构持谨慎态度，因为这种结构可能会增加管理层利用控制权损害小股东利益的风险，采用这种结构的公司可能需要在市场信任和透明度方面做出更多努力。

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