一股多權與市場流動性－以美國公司為例

Abstract

一股多權公司已成為網路公司的顯學，例如Google和Facebook都採用這種股權結構，這種一股多權的設計讓少數人擁有對公司的直接控制權，可說是公司治理的特例，這影響了投資人的意願。本篇論文探討這種特殊的股權結構對股票市場的流動性是否有正向或負向影響，並以2008年金融海嘯作為分界，加入流動性衝擊（liquidity shock）的討論。目前學者多探討股權結構改變前後流動性的變化，而本論文採用2001年到2014年全美國的公司作為樣本，以時間序列的方式，去分析一股多權公司對整體股票市場流動性的影響。

Dual Class structure are commonly used in internet firms, such as Google and Facebook. This structure gives internal holders a privilege to directly control the firms. It is an extreme case of corporate governance. Also, it would affect the outside investors to involve in the operation of the firms. In this thesis, we want to know the relationship between the dual class structure effect and liquidity. We also put 2008 financial crisis as a liquidity shock into consideration. Recent studies mostly examine on the result and effect before and after dual class structure. In this thesis, we use the sample of US firms from 2001 to 2014 and cross sectional analysis to test how dual class structure affect the market liquidity.