Dual Class Shares: a New Area for Family Firm in China
This paper explores the reasons why dual class share structure should be introduced to Private Owned Enterprises (hereinafter POE) in China and analyzes the benefits of this restructuring.Interestingly,the one child policy has brought significant impact on the issues of succession amongst many family firms in China,i.e.the conflict of the ownership and control rights becomes significant between heirs and shareholders of the family firms when the only successor is incompetent to take over the control.As opposed to dual class family firms in other counties where the super-voting shares are distributed to family members,reverse distribution of supervoting shares to the management may resolve such conflicts and improve the corporate governance of Chinese family firms.This consequently provides a model for family firms to achieve sustainable development and assists family firms to raise cheaper capitals.
Chinese private owned enterprises dual class shares corporate governance
Zhang Ronglai
The University of Melbourne, Australia
国内会议
天津
英文
553-568
2007-11-03（万方平台首次上网日期，不代表论文的发表时间）