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阿里巴巴以同股不同权方式于美国东岸时间2014年9月19日在纽约证券交易所上市。阿里巴巴在赴美上市之前,曾经尝试申请香港上市,但最终告吹。最主要的原因是包括香港联交所在内的香港监管机构坚持同股同权理念。那到底同股不同权对公司而言存在哪些风险呢?本文旨在梳理以往学术界对同股不同权影响的研究,希望借此推动市场对同股不同权的讨论。一、基本概念平等对待股东,作为保障投资者的重要内容,是经济合作与发展组
Alibaba listed on the New York Stock Exchange on September 19, 2014 in the United States on the same rights issue basis. Before Alibaba went public in the United States, it tried to apply for a listing in Hong Kong, but eventually ruled out. The main reason is that Hong Kong regulators, including the Hong Kong Stock Exchange, adhere to the same-rights concept. In the end what kind of risk does the company have in common? The purpose of this paper is to sort out the past academic research on the influence of different rights in the same shares, hoping to promote the discussion of different rights of the same shares in the market. First, the basic concept Equal treatment of shareholders, as an important part of investor protection, the Organization for Economic Co-operation and Development