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昆明冶金高等专科学校学报 ›› 2025, Vol. 41 ›› Issue (2): 72-.DOI: 10. 3969/j. issn. 1009 - 0479. 2025. 02. 013

• 经济与旅游研究 • 上一篇    下一篇

双重股权结构对企业创新绩效的影响研究 ---- 以优刻得为例

  

  1. 1. 昆明冶金高等专科学校办公室(党委巡察办)办公室,云南 昆明 650033;2. 云南特殊教育职业学院数字经济学院,云南 昆明 650504

  • 收稿日期:2024-12-25 出版日期:2025-04-09 发布日期:2025-09-26
  • 作者简介:高琼华(1975-),女,云南蒙自人,副教授,经济学博士,主要从事经济管理研究。

The Influence of Dual-Class Share Structure on the Innovation Performance of Enterprises: A Case Study of UCloud

  1. 1. President's Office of Kunming Metallurgy College ( Inspection Office of the Party Commitee) ; Kunnming 650033, China;2. School of Digital Economy, Yunnan Vocational College of Special Education, Kunming 650504, China

  • Received:2024-12-25 Online:2025-04-09 Published:2025-09-26

摘要:  创新对国家和企业长期发展至关重要。为减少国内优质企业流失,预防国外企业恶意并购本土企业及 丰富资本市场投资方式,我国允许企业使用双重股权结构上市。通过分析我国首家双重股权企业优刻得的创新 绩效,探究双重股权结构对企业创新绩效的影响,得出结论:1) 双重股权结构具有双面性;2) 双重股权结构 有助于促进高新技术企业的研发投入;3) 双重股权结构的日落条款有助于企业创新绩效的显著提高。基于此, 建议政府建立健全监管机制,加强对双重股权公司的市场准入监管,并鼓励企业实施有效的股权激励、设置合 理的日落条款,以此提高高新技术企业的创新绩效。

关键词:  , font-family:", background-color:#FFFFFF, ">双重股权, 创新绩效, 控制权

Abstract: Innovation is crucial to the long-term development of both nations and enterprise. To reduce the loss of high-quality domestic companies, prevent malicious foreign acquisitions, and enrich invest- ment methods in the capital market, China has allowed companies to adopt a dual-class share structure for listing. By analyzing the innovation performance of UCloud, the first company in China to adopt this structure, this study explores the impact of dual-class share structures on corporate innovation perform- ance. The research conclusions are as follows: 1 ) dual-class share structures have a dual nature; 2) such structures can help promote R&D investment in high-tech enterprises; 3) sunset clauses within du- al-class share structures can significantly enhance corporate innovation performance. Based on these find- ings, this paper recommends that the government establish and improve regulatory mechanisms, enhance market access supervision for dual-class share companies, and encourage enterprises to implement effec- tive equity incentives and set reasonable sunset clauses to improve the innovation performance of high- tech enterprises.

Key words: font-family:", background-color:#FFFFFF, ">dual-class shares, innovation performance, control rights

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