电商企业双层股权模式对市场营销的影响

The Impact of the Dual-Class Share Structure of E-Commerce Companies on Marketing

摘要: 电商企业的轻资产特性与用户争夺的激烈性，需要依赖坚定且快速的营销策略。双层股权模式通过“同股不同权”保障创始人控制权，既为电商营销提供了战略稳定性与创新试错空间，也因控制权过度集中、监督失灵等问题埋下营销决策偏差、品牌信任受损等风险。本文基于委托代理理论、管家理论与股东异质性理论构建分析框架，梳理双层股权影响营销决策的具体路径与机制，并以此框架贯穿全文，分析其对营销战略持续性、创新落地效率、资源调配的积极影响，以及对决策合理性、品牌形象、中小股东与用户利益平衡的消极作用，并提出针对性建议，平衡公司治理结构与市场营销的关系。

Abstract: The asset-light nature of e-commerce companies and the fierce competition for users require a firm and fast marketing strategy. The dual-tier equity model guarantees the control of founders through “WVR”, which not only provides strategic stability and innovation trial and error space for e-commerce marketing, but also buries risks such as marketing decision-making deviation and damage to brand trust due to problems such as excessive concentration of control and supervision failure. Based on the principal-agent theory, the steward theory and the shareholder heterogeneity theory, this paper constructs an analytical framework, sorts out the specific path and mechanism of double-layer equity affecting marketing decision-making, and analyzes its positive impact on the sustainability of marketing strategy, innovation implementation efficiency, resource allocation, as well as its negative effect on decision-making rationality, brand image, and the balance of interests between minority shareholders and users, and puts forward targeted suggestions to balance the relationship between corporate governance structure and marketing.