Two studies of American firms by Paul Gompers, Joy Ishii and Andrew Metrick, covering theyears from 1994 to 2002, found that dual-class firms perform worse than comparablefirms where all shares confer equal voting rights.
1994年到2002年,从Paul Gompers,Joy Ishii 和 Andrew Metrick主持的两个关于美国公司的研究发现双重结构的公司比那些实行平等投票的企业,表现要糟糕。
Dual-class firms are fonder of debt than equity, to prevent the dilution of controllingstakes.
双重阶级公司比起普通股更热衷债权,以防止所控股被削弱。
Yet surprisingly, their shares do not trade at a big discount on stockmarkets.
但让人惊讶的是,他们的股票并未在证券市场受到贱价售卖的待遇。
A study by Chad Zutter and Scott Smart found that dual-class initial public offeringsachieved only slightly lower price-earnings and price-sales ratios than comparablesingle-class IPOs.
由Chad Zutter和Scott Smart所做的一项调查发现,双阶级公司首次公开发售的股份,比起单阶级公司,本益比和营收比只稍微低了一点点。
Nor does this strange ownership model show any sign of going out of fashion.
这种陌生的所有权形式也没显露出任何过时的信号。
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