科创型企业双重股权结构对企业绩效的影响-以京东为例

科创型企业需要大量的资金来不断发展壮大，但在这个融资的过程中由于股权会被不断稀释，很可能会导致企业创始人逐渐丧失对企业的控制权；双重股权结构的出现在一定程度上解决了这个问题，通过分离现金流量权和控制权，使企业在按照预期的战略发展中获得资金支持。本文选取实行双重股权结构上市的京东为案例研究对象，先阐述了双重股权结构和企业绩效的基础理论和衡量方法，梳理分析了京东实行双重股权结构的原因和优点，然后根据京东的历年财务数据，分析了京东上市后的财务绩效和市场绩效，得出结论双重股权结构对企业绩效的积极影响和弊端。双重股权结构使企业按照之前预定的发展战略稳步向上发展,对企业绩效有明显的提升。不好的一面是，由于双重股权结构使企业创始人权利过度集中，这就必然会使其个人行为对企业产生巨大影响，这就需要我们合理构建持股比例，约束管理层的个人行为。
关键词：科创型企业；双重股权结构；绩效；京东

Abstract

Scientific and innovative enterprises need a large amount of capital to continue to grow, but in the process of financing, due to the continuous dilution of equity, it is likely that the founder of the enterprise will lose the control right of the enterprise. The emergence of dual-class ownership structure solves this problem to a certain extent. By separating the right of cash flow and the right of control, the enterprise can obtain financial support in accordance with the expected strategic development, while the holder of power can continue to have actual control over the enterprise, so that the enterprise can develop better. This article selects with dual share structure of listed jingdong enterprise as the object of case study, first elaborated the dual share structure and the basic theory and measure of enterprise performance, combed the jingdong enterprises implement the reasons and advantages of dual share structure, and then according to the calendar year of jingdong enterprise financial data, after analyzed the jingdong enterprise listed the development of the situation, The conclusion is that the dual ownership structure has a positive impact on corporate performance. However, due to the excessive concentration of corporate founders' rights in dual-class share structure, it is inevitable that their personal behaviors will have a huge impact on the enterprise. In addition, the concentration of rights may lead to corruption in the management and damage the interests of shareholders and affect the development of the enterprise.
Keywords: Science and innovation enterprises; Dual-class share structure; Performance; Jingdong;

目　录

引言 1
一、基础理论概述 1
(一)科创型企业 1
(二)双重股权结构 2
(三)企业绩效 3
二、京东双重股权结构的案例分析 3
（一）京东简介 3
（二）京东股权结构状况 4
（三）京东实行双重股权结构的原因分析 6
1.保障创始人对企业的控制权，降低企业被恶意收购风险 6
2.使企业创始人以较低成本来获得企业控制权 6
3.解决融资过程中企业创始人和投资人之间的矛盾 6
三、双重股权结构对京东绩效的影响 7
（一）京东上市后营业收入表现 7
（二）京东获利能力分析 8
（二）京东盈利能力分析 8
（四）京东市场绩效分析 9
（五）双重股权结构对企业绩效的影响整体分析 10
四、结论与建议 10
（一）结论 11
（二）建议 11
结束语 12
参考文献 13
 

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