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论文编号：	11446
作者编号：	2120172923
上传时间：	2019/12/16 14:32:11
中文题目：	科创板拟上市公司同股不同权方案设计研究 ——以优刻得为例
英文题目：	Research on the Design of the Dual-Class Share Structure for Companies to Be Listed in the STAR Market -- Illustrated by the Case of UCLOUD
指导老师：	张玉利
中文关键字：	科创板；同股不同权；创始人；投资者保护
英文关键字：	SSE STAR Market; Dual-Class Share Structure; Founder; Investor Protection Mechanism
中文摘要：	科创板是落实我国创新驱动和科技强国战略的重大举措，而引入同股不同权架构更是助力这一举措的顺利实施。科技创新企业在高速发展阶段需要大量融资，导致创始人股权逐渐被稀释，面临控制权旁落的风险，而通常这些科技创新类企业的创始人对企业长远发展又至关重要。同股不同权可以让科技创新企业在进行股权融资时无需担心控制权旁落，使创始人在持有少量股权的情况下，拥有公司的控制权，引领企业持续、稳定的发展。 但是另一方面，科创板同股不同权可能会在创始人与投资股东之间产生委托代理问题，同股不同权架构使创始人拥有少量股份的情况下，最高可放大10倍表决权，这种情况可能使公司创始人利用不对称信息，侵害投资股东的利益。科创板拟上市公司如何设计兼顾效率与公平的同股不同权方案，是本文研究的问题。面对新板块、新制度、新规则，本文理论与实务相结合，为科创板拟上市公司提供可借鉴的经验具有重要意义。 本文采用的研究方法是文献分析法、案例分析法、访谈法。本文第一章阐述了本文的研究背景、目的及意义，研究内容及方法，引出了本文的研究问题。第二章奠定了本文的理论基础，对同股不同权相关主题的文献进行了综述。第三章分析了科创板放开同股不同权的原因，归纳总结了科创板保护投资者都有哪些制度化安排，为后续的案例分析奠定了基础。第四章、第五章结合科创板下同股不同权的首个案例优刻得，分析其采用同股不同权的可行性及必要性，分析其方案中的投资者保护机制，结合科创板对优刻得同股不同权的反馈意见，总结出对科创板拟上市公司的启示。第六章是结论及建议，结合前述理论基础及案例分析得出共性结论，建立了同股不同权方案设计模型，并向科创板拟上市公司提出建议：首先尽早设置同股不同权，以验证该制度是否能够稳定、有效地运行，积累同股不同权的运行经验；其次，建议科创板拟上市公司建立规范的内部治理结构及有效的投资者保护措施；最后，建议企业基于投资者视角进行信息披露。
英文摘要：	The Sci-tech innovation board (SSE STAR Market) has begun to trade providing Dual-Class Share Structure with corresponding supporting measures: the pilot of the SSE STAR Market has taken registration system with information disclosure as the core and combined with strict delisting system, suitability management of investors and so on. That is how the Dual-Class Share Structure was adopted in the SSE STAR Market. The introduction of the Dual-Class Share Structure has contributed to the smooth implementation of the SSE STAR Market, a key policy for China’s strategies of innovation-driven development through science and technology. In addition, the structure has improved the capital market foundational system to attract more and more scientific and technological innovation enterprises staying in A-share market in the future, promote the companies’ direct financing, and support their sustainable and stable development. Nevertheless, bringing the Dual-Class Share Structure into the SSE STAR Market has been faced with a dilemma. On the one hand, the structure could help founders, with small stakes, stay in the driving seat of the company to steady and continuous development. The reason why the structure attracts increasing enterprises is that, amid emerging enterprises’ demands on significant funding on a high growth path, equity dilution could make founders withstand risks of power grab, while such companies’ development badly needs their entrepreneurial spirit. Wresting control from those entrepreneurs may impose a negative effect on enterprises’ development in the long run. On the other hand, there is a potential risk in the Dual-Class Share Structure of the SSE STAR Market - separating voting rights from rights to profits. In the circumstance, founders may encroach on investments’ interests, such as tunneling, concealment of unfavorable information, and other behaviors resulting in conflict of interests with investment shareholders. Consequently, the discussion will focus on how scientific and technological innovation enterprises, via taking advantage of the Dual-Class Share Structure, plan its implementation and set up an investor protection mechanism to prevent such potential risks. Upon basic theories related to the Dual-Class Share Structure and literature on such theme, the article has come to the conclusion on inspirations and suggestions for companies to be listed in the SSE STAR Market based on the feedbacks of the SSE STAR Market for UCLOUD, public cloud service provider as the first case of the Dual-Class Share Structure in the SSE STAR Market, whose motivation, feasibility and necessity of adopting the structure and its investor protection mechanism are analyzed. The research methodology is based on literature analysis, case study, and interviews. The first chapter includes the research background, purposes and significance, contents, and methods to introduce the research question discussed in this paper. The next chapter reviews and summarizes the literature themed the Dual-class Share Structure, which lays a theoretical foundation of the article. Then, the third chapter analyzes reasons for the STAR market’s adopting the Dual-class Share Structure and sums up institutional arrangements for the market to protect investors, preparing for the following case analysis. Employing the first case of the Dual-class Share Structure in the STAR market, UCLOUD, the fourth and the fifth chapters discuss the feasibility and necessity of using the structure as well as its investor protection mechanism. Based on the feedbacks of the STAR market for UCLOUD, inspirations have been concluded for enterprises to be listed in such market. In the end, the sixth chapter provides research findings and suggestions. It draws a general conclusion upon the above theoretical foundation and case study to advise companies to be listed in the STAR market.
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