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论文编号：	14565
作者编号：	2120223758
上传时间：	2024/6/2 13:26:18
中文题目：	双重股权结构下优刻得公司中小股东权益保护研究
英文题目：	Research on the Interest of Shareholders based on Ucloud''s dual-share structure
指导老师：	古志辉
中文关键字：	双重股权结构；优刻得；中小股东；公司治理
英文关键字：	Dual-share Structure；Ucloud; Minority Shareholders；Corporate Governance
中文摘要：	股权结构作为公司治理的基础，会对公司的运作与发展产生重要的影响。而不断完善公司治理、切实保障中小股东合法权益始终是资本市场改革着重关注的内容。本文以首家在科创板上市的双重股权结构企业——优刻得为例，通过对优刻得双重股权结构设置现状的分析，深入研究该股权结构对中小股东权益的影响，并从实际情况出发，提出相应的中小股东权益保护的优化策略，以期为优刻得提供改进建议的同时，也为计划以双重股权结构上市的其他科创型企业提供借鉴。 本文以委托代理理论、控制权理论和企业生命周期理论作为理论基础，采用案例研究法，以科创板首家以双重股权结构上市的优刻得为研究对象，分析其采用双重股权结构上市后治理结构的变化的基础上，进一步分析现有的治理结构对中小股东权益的影响，并针对存在的问题提出改进策略。 本文通过对优刻得的财务状况、大股东与管理层行为以及公司治理机制三方面对优刻得中小股东权益保护现状的分析发现，在现行规则制度下，优刻得存在两权分离程度突出、经营决策失误风险较高、中小股东分红权难以得到保障、董事会监督作用弱化、内外部机制对管理层约束作用削弱以及信息披露透明度及时性有待提升等问题。后在此基础上分析了问题的成因，包括：内外部监督机制缺乏适应性、现有规则对特别表决权约束性不强、控股股东无法代表企业利益。并从完善优刻得公司治理机制和特别表决权规则设计两方面提出了对应的改进策略。当前，国内对于采用双重股权结构上市公司的研究，多聚焦于其动因、适用性以及治理模式等方面，相对而言针对中小股东权益保护视角的研究较少。因此，从中小股东权益保护的角度出发，深入探讨双重股权结构，有望为双重股权结构细分领域的案例研究增添新的视角和内容，进一步丰富该领域的研究体系。此外，选择在国内上市的优刻得作为案例企业，在案例选取方面具有一定的实践意义和创新性。
英文摘要：	As the basis of corporate governance, the ownership structure will have an important impact on the operation and development of the company.The founders with absolute control are very prone to tunnel behavior and hollowed out the whole company, which is not conducive to the protection of the interests of minority shareholders.The rights protection of minority shareholders has become a big problem of corporate governance. This paper chooses China’s first company which uses the dual-class share structure in STAR Market, UCloud as the case study object. This paper is based on principal-agent theory, theory of control right of capital structure, enterprise life cycle theory. Based on the analysis of the change of its governance structure after the dual-class share structure is adopted for listing, the influence of the existing governance structure on minority shareholders' equity is further analyzed, and the improvement strategies are proposed in view of the existing problems. By analyzing the financial situation of Ucloud, the behavior of major shareholders and the corporate governance mechanism, this paper finds out the current situation of the protection of minority shareholders' rights and interests has got some problems, such as the prominent degree of separation of ownership and control，the risk of business decision-making errors, the difficulty in securing the right of minority shareholders to receive dividends, the weakening of the restraint effect of internal and external mechanisms on the management, and the need to improve the timeliness of information disclosure system. On the basis of the analysis, this paper also finds out the causes of those problems, including: the lack of adaptability of internal and external supervision mechanism, the rules on the Super-voting Share need to be perfected, the founders can not represent the interests of enterprises. At last, this paper also puts forward corresponding improvement strategies, including perfecting the corporate governance mechanism and the design of Super-voting Share rules.
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