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《Reform》 2017-01
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The Relationship between the Operation of Dual-class Share Structure and the Innovative Development of Enterprises

Gao Chuang;Zhang Qing;  
The actual control right of the company consists of two aspects: equity control and social capital control.Based on the perspective of dual-class share structure, this paper constructs the right analysis framework and model of the actual control of the company, analyzes how to use social capital to grasp the actual control, and through the case of Alibaba confirmed the change of the actual control of the company. The study found that: in the same stock with the right conditions, obtain a high stake in the company can ensure that the right to control the company concentrated by the actual controller. In the dual-class share structure, the low proportion of shares and high return on social capital can also make the actual controller has the control of the company. Among them, high social capital returns obtained by the actual controller comes from mutual trust between investors.
【Fund】: 国家自然科学基金项目“真实控制权、社会资本与上市公司终权股东剥寻行为研究”(批准号:71372200)
【CateGory Index】: F271
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