数字化转型下双重股权结构企业融资结构优化研究——以A公司为例

Research on Financing Structure Optimization of Firms with Dual-Class Structure under Digital Transformation—A Case Study of Company A

摘要: 在数字经济与实体经济深度融合背景下，科技制造企业普遍面临企业长期控制权与数字化转型资金需求相平衡的难题，为探究双重股权结构下科技企业融资结构适配难题，本研究依托委托代理、控制权和信号传递理论，结合A公司财务数据分析其融资特征。研究发现，该企业存在三重结构性矛盾，因此，本研究以数字化高质量发展为导向，从三个角度提出优化融资结构路径，为同类双重股权企业统筹数字化转型投入与财务风险提供参考。

Abstract: Against the backdrop of the deep integration of the digital economy and the real economy, technology-based manufacturing enterprises generally face the challenge of balancing long-term corporate control and the capital demand for digital transformation. To investigate the adaptability of the financing structure of technology enterprises under the dual-class share structure, this study, grounded in the principal-agent theory, control right theory and signaling theory, analyzes the financing characteristics of Company A by examining its financial data. This study identifies three structural contradictions within the enterprise. Accordingly, oriented toward high-quality digital development, this study puts forward three paths for optimizing the financing structure, so as to provide a reference for peer enterprises with dual-class share structures to coordinate investment in digital transformation and financial risk management.