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Dual-class share structures The cost of control 双重股份制结构 控制的代价 The trouble with non-voting shares 无选举股份的麻烦 SHAREHOLDERS in News Corporation have only themselves to blame. When they entrustedRupert Murdoch with their money, they knew he would not let them tell him what to do withit. The Murdoch family owns about 12% of the company but controls almost 40% of the votes,through a special class of shares which have superior voting rights. Such dual-class sharestructures are quite common, especially at media firms. They can shield managers from stockmarket short-termism and hostile takeovers.But they cause problems, too. 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。 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. | 
