双重股权结构对京东公司的绩效影响研究

发布时间：2018-07-20 21:52

【摘要】：股权结构作为一个企业的奠基石,对一个企业发展的重要程度显而易见。科学合理的股权结构是优秀企业的基础。而在新经济常态下,股权结构也在不断变化和发展。本文从双重股权结构出发,从而分析其对京东公司的绩效产生的影响。当今,双重股权结构一般适用于互联网企业和家族式公司。双重股权结构的产生对企业的绩效发展带来了一定的好处,帮助创始人团队或者是家族企业掌权人在融资过程中免受由于股权的稀释而导致控制权的丧失,有利于企业长期发展。但双重股权结构同时也有许多弊端,因为双重股权结构的控制权集中在管理层手中,会产生监督问题、代理成本的问题、企业可能出现独裁的可能性等等,有利也有弊。本文首先介绍了有关双重股权结构的理论和概述,也罗列概括了国内外双重股权结构的理论研究和股权结构与公司绩效之间的关系。其次选取了京东在美国成功上市的案例,分析上市前后的股权结构的变化,然后结合京东的绩效作为案例来分析,并与同类企业的绩效情况进行对比分析,得出结论。同时也从案例中归纳利弊,提出建议和思考,认为我国要辩证看待双重股权结构对公司经营的影响。虽然目前我国还未允许使用双重股权结构,但出现了许多强大的公司远赴海外上市的现象,这无疑对我国的市场发展是很大的损失,如何留住这些企业在国内上市,这一种股权结构无疑可以带给我们一些启示,并引发思考。
[Abstract]:As the cornerstone of an enterprise, the ownership structure is of great importance to the development of an enterprise. Scientific and reasonable ownership structure is the foundation of excellent enterprises. And in the new economy normal, the ownership structure is also changing and developing. This paper analyzes the effect of dual ownership structure on JingDong performance. Nowadays, dual ownership structure generally applies to Internet enterprises and family companies. The emergence of dual ownership structure has brought some benefits to the performance development of the enterprise, helping the founder team or the authority of the family business to avoid losing control rights due to the dilution of the equity in the financing process. It is conducive to the long-term development of enterprises. But the dual ownership structure also has many disadvantages, because the control right of the dual ownership structure is concentrated in the hands of the management, which will lead to the problems of supervision, agency cost, the possibility of dictatorship and so on. This paper first introduces the theory and overview of dual ownership structure, and also summarizes the theoretical study of dual ownership structure at home and abroad and the relationship between ownership structure and corporate performance. Secondly, we select the case of JingDong listed successfully in the United States, analyze the change of stock structure before and after listing, then combine the performance of JingDong as a case to analyze, and compare with the performance of similar enterprises, draw a conclusion. At the same time, the author sums up the advantages and disadvantages from the case, puts forward suggestions and thoughts, and thinks that our country should treat dialectically the influence of dual ownership structure on the management of the company. Although China has not yet allowed the use of dual equity structure, there have been many strong companies going overseas to list on the stock market, which undoubtedly has a great loss to the market development of our country. How to keep these enterprises listed on the domestic market? This kind of ownership structure can undoubtedly bring us some enlightenment, and trigger thinking.
【学位授予单位】：南京信息工程大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5;F831.51

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