2015考研英语阅读双重股份制结构
<p> <span word="Dual">Dual</span>-<span word="class">class</span> <span word="share">share</span> <span word="structures">structures</span> <span word="The">The</span> <span word="cost">cost</span> <span word="of">of</span> <span word="control">control</span></p><p> 双重股份制结构 控制的代价</p><p> <span word="The">The</span> <span word="trouble">trouble</span> <span word="with">with</span> <span word="non">non</span>-<span word="voting">voting</span> <span word="shares">shares</span></p><p> 无选举股份的麻烦</p><p> <span word="SHAREHOLDERS">SHAREHOLDERS</span> <span word="in">in</span> <span word="News">News</span> <span word="Corporation">Corporation</span> <span word="have">have</span> <span word="only">only</span> <span word="themselves">themselves</span> <span word="to">to</span> <span word="blame">blame</span>. <span word="When">When</span> <span word="they">they</span> <span word="entrustedRupert">entrustedRupert</span> <span word="Murdoch">Murdoch</span> <span word="with">with</span> <span word="their">their</span> <span word="money">money</span>, <span word="they">they</span> <span word="knew">knew</span> <span word="he">he</span> <span word="would">would</span> <span word="not">not</span> <span word="let">let</span> <span word="them">them</span> <span word="tell">tell</span> <span word="him">him</span> <span word="what">what</span> <span word="to">to</span> <span word="do">do</span> <span word="withit">withit</span>. <span word="The">The</span> <span word="Murdoch">Murdoch</span> <span word="family">family</span> <span word="owns">owns</span> <span word="about">about</span> 12% <span word="of">of</span> <span word="the">the</span> <span word="company">company</span> <span word="but">but</span> <span word="controls">controls</span> <span word="almost">almost</span> 40% <span word="of">of</span> <span word="the">the</span> <span word="votes">votes</span>,<span word="through">through</span> <span word="a">a</span> <span word="special">special</span> <span word="class">class</span> <span word="of">of</span> <span word="shares">shares</span> <span word="which">which</span> <span word="have">have</span> <span word="superior">superior</span> <span word="voting">voting</span> <span word="rights">rights</span>. <span word="Such">Such</span> <span word="dual">dual</span>-<span word="class">class</span> <span word="sharestructures">sharestructures</span> <span word="are">are</span> <span word="quite">quite</span> <span word="common">common</span>, <span word="especially">especially</span> <span word="at">at</span> <span word="media">media</span> <span word="firms">firms</span>. <span word="They">They</span> <span word="can">can</span> <span word="shield">shield</span> <span word="managers">managers</span> <span word="from">from</span> <span word="stockmarket">stockmarket</span> <span word="short">short</span>-<span word="termism">termism</span> <span word="and">and</span> <span word="hostile">hostile</span> <span word="takeovers">takeovers</span>.<span word="But">But</span> <span word="they">they</span> <span word="cause">cause</span> <span word="problems">problems</span>, <span word="too">too</span>.</p><p> 资讯出版公司的股东只能为他们的行为买单。当将自己的钱委托给鲁伯特默多克时，他们知道他不会让他们告诉他该怎样处理这些钱。默多克家族拥有公司12%的股份，却控制着40%的股权，这更高的表决权就是通过一种特殊的股份标准实现的。这种 双重标准 股份制结构相当常见，特别是在传媒公司中。。他们可以使经理人免受由股票市场短期损益和敌对的收购带来的损失。</p><p> <span word="Two">Two</span> <span word="studies">studies</span> <span word="of">of</span> <span word="American">American</span> <span word="firms">firms</span> <span word="by">by</span> <span word="Paul">Paul</span> <span word="Gompers">Gompers</span>, <span word="Joy">Joy</span> <span word="Ishii">Ishii</span> <span word="and">and</span> <span word="Andrew">Andrew</span> <span word="Metrick">Metrick</span>, <span word="covering">covering</span> <span word="theyears">theyears</span> <span word="from">from</span> 1994 <span word="to">to</span> 2002, <span word="found">found</span> <span word="that">that</span> <span word="dual">dual</span>-<span word="class">class</span> <span word="firms">firms</span> <span word="perform">perform</span> <span word="worse">worse</span> <span word="than">than</span> <span word="comparablefirms">comparablefirms</span> <span word="where">where</span> <span word="all">all</span> <span word="shares">shares</span> <span word="confer">confer</span> <span word="equal">equal</span> <span word="voting">voting</span> <span word="rights">rights</span>.</p>
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