차등의결권 구조가 샤오미그룹 창업주의 지배력에 미치는 영향에 관한 사례 연구
A Case Study of Dual-Class Share Structure’s Impact on the Corporate Control of the Founders of Xiaomi Group
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지배력의 유지는 기업 지배구조의 핵심이며, 성공적인 자금조달은 기업발전의 요소 중 하나이다. 중국 본토에서 차등의결권으로 홍콩거래소에 상장한 것은 글로벌 기술 대기업 샤오미그룹이 처음이다. 본 연구는 샤오미그룹을 분석 및 연구 사례 연구로 선정하고 관련 문헌 등을 통해 샤오미그룹의 자금조달 과정과 지분구조 변화, 샤오미그룹이 상장을 위한 차등의결권 구조를 채택함에 따른 긍정적 영향과 잠재적 부정적 영향을 분석한다. 인터넷･기술혁신기업은 전통적인 제조업과 달리 창업주의 창의성과 더불어 엄청난 외부 자본의 투입이 필수적이다. 결국 창업주의 지분은 외부자금조달 과정에서 점차 희석되고, 회사에 대한 지배력이 점차 약화되는데, 이는 창업주가 상장 여부를 선택하는데 있어 주된 걸림돌로 작용하게 된다. 본 고는 샤오미그룹의 차등의결권 적용 사례를 통해 차등의결권 지배구조의 지속 가능하고 건강한 발전과 현지화를 위한 몇 가지 제도적 제안을 하려고 한다.
Abstract
Maintaining control is the core of corporate governance, and successful financing is one of the elements of corporate development. Xiaomi Group, a global technology giant, is the first company in mainland China to be listed on the Hong Kong Exchanges and Clearing Market (HKEC) with Dual-Class Share Structure. We analyze, by collecting and examining relevant literature, the financing process and changes in the equity structure of Xiaomi Group, as well as the positive impacts and potential negative impacts of Xiaomi Group’s adoption of Dual-Class Share Structure for listing. Studies found out that, unlike the traditional manufacturing industry, Internet and technology innovation companies such as the Xiaomi Group need founders with initiative and also enormous amount of external capital which they can’t raise in a pragmatic and incremental manner following corporate developments. Because of the enormous external capital, the equity of the founders would be gradually diluted during the financing process, and the control over the company would also gradually weakened, which would be the main obstacle for the founders to choose whether to go public or not. This study will wrap up with some institutional suggestions for the sustainable and healthy development and localization of Dual-Class Share Structure from the application of Xiaomi group.
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