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\u53cc\u91cd\u80a1\u6743\u67b6\u6784\u662f\u7f8e\u56fdInternational Silver\u516c\u53f8\u57281898\u5e74\u7684\u521b\u4e3e\u3002\u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f31980\u5e74\u4ee3\u4e2d\u671f\uff0c\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u4e00\u5411\u9650\u5236\u4e0a\u5e02\u516c\u53f8\u53d1\u884c\u53cc\u91cd\u80a1\u6743\u7684\u80a1\u4efd\uff0c\u4ee5\u964d\u4f4e\u5916\u90e8\u6295\u8d44\u8005\u9762\u4e34\u7684\u6295\u8d44\u98ce\u9669\u3002\u4f46\u65f6\u79fb\u4e16\u6613\uff0c\u6b64\u4e00\u673a\u5236\u5374\u56e0\u80fd\u591f\u6709\u6548\u9632\u6b62\u6536\u8d2d\uff0c\u800c\u57281980\u5e74\u4ee3\u9010\u6e10\u5927\u884c\u5176\u9053\uff0c\u6b64\u7b49\u516c\u53f8\u7684\u8868\u8868\u8005\u5305\u62ec\u798f\u7279\u6c7d\u8f66\u516c\u53f8\u3001\u300a\u7ebd\u7ea6\u65f6\u62a5\u300b\u3001\u5df4\u90e1\u54c8\u6492\u97e6\uff08Berkshire Hathaway\uff09\u3001\u8c37\u6b4c\u3001\u8138\u4e66\u7b49\u3002 2009\u81f32013\u5e74\u671f\u95f4\uff0c\u7f8e\u56fd\u9996\u6b21\u516c\u5f00\u62db\u80a1\u7684\u516c\u53f8\u4e2d\u5c31\u670916%\u91c7\u7528\u53cc\u91cd\u80a1\u6743\u67b6\u6784\u3002\u81f3\u4e8e\u6b27\u6d32\uff08\u4f8b\u5982\u745e\u5178\u3001\u4e39\u9ea6\u3001\u745e\u58eb\u3001\u610f\u5927\u5229\u3001\u82ac\u5170\uff09\uff0c\u53cc\u91cd\u80a1\u6743\u67b6\u6784\u867d\u7136\u4f20\u7edf\u4e0a\u6bd4\u7f8e\u56fd\u66f4\u4e3a\u98ce\u884c\uff0c\u4f46\u603b\u7684\u8d8b\u52bf\u662f\u9010\u5e74\u4e0b\u964d\u3002\u6839\u636e\u673a\u6784\u80a1\u4e1c\u670d\u52a1\uff08Institutional Shareholder Services\uff092007\u5e74\u572816\u4e2a\u6b27\u6d32\u56fd\u5bb6\u8fdb\u884c\u7684\u4e00\u9879\u8c03\u67e5\uff0c\u7ed3\u679c\u663e\u793a\u91c7\u7528\u53cc\u91cd\u80a1\u6743\u67b6\u6784\u516c\u53f8\u7684\u5360\u6bd4\u7ea6\u4e3a24%\u3002\u867d\u7136\u8fd9\u4e00\u67b6\u6784\u5728\u52a0\u62ff\u5927\u3001\u4ee5\u8272\u5217\u3001\u5df4\u897f\u7684\u516c\u53f8\u4ee5\u81f3\u5728\u7f8e\u56fd\u4e0a\u5e02\u7684\u4e2d\u56fd\u79d1\u6280\u516c\u53f8\uff08\u5982\u767e\u5ea6\u3001\u4eac\u4e1c\u3001\u5fae\u535a\uff09\u4e5f\u540c\u6837\u5e7f\u6cdb\u4f7f\u7528\uff0c\u4f46\u5728\u4e9a\u6d32\u4e0a\u5e02\u7684\u516c\u53f8\u56e0\u4e3a\u540c\u80a1\u9700\u540c\u6743\u539f\u5219\u7684\u9650\u5236\u5374\u9c9c\u6709\u91c7\u7528\u3002<\/p>\n
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<\/p>\n
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Baran, L., A. Forst, and M. T. Via, “Dual class share structure and innovation”, Available at SSRN 3183517 (2019).<\/p>\n
Hauser, S., and B. Lauterbach, “The value of voting rights to majority shareholders: Evidence from dual-class stock unifications”, Review of Financial Studies 17.4 (2004): 1167-1184.<\/p>\n
Howell, J. W., “The dual class stock structure in the United States”, PhD thesis, University of Georgia (2010).<\/p>\n
Howell, J. W. “The survival of the US dual class share structure”, Journal of Corporate Finance 44 (2017): 440-450.<\/p>\n
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Maury, B., and A. Pajuste. “Private benefits of control and dual-class share unifications.” Managerial and Decision Economics 32.6 (2011): 355-369.<\/p>\n
<\/p>\n
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