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谷歌股票拆分真相

谷歌股票拆分真相

Miguel Helft 2013-06-21
谷歌在硅谷率先引入了雙重股權(quán)結(jié)構(gòu),確保了創(chuàng)始人對(duì)公司的掌控?,F(xiàn)在,谷歌又想推出不具備投票權(quán)的股票,希望繼續(xù)鞏固這種控制。雖然有人說(shuō)這種安排剝奪了股東的權(quán)利,但實(shí)際上,谷歌股價(jià)的優(yōu)異表現(xiàn)卻給了投資者足夠的回報(bào)。

????我們沒(méi)法責(zé)怪谷歌(Google)首席執(zhí)行官拉里?佩奇出爾反爾。要知道,早就九年前谷歌準(zhǔn)備上市之際,佩奇就在致未來(lái)投資者的信中表示,谷歌將在很多方面特立獨(dú)行,具體包括:谷歌將專(zhuān)注于用戶和長(zhǎng)期結(jié)果;它的管理架構(gòu)將與眾不同;公司將遵守“不作惡”這個(gè)聽(tīng)來(lái)有些古怪的座右銘——至少是遵循該公司對(duì)這一箴言的詮釋?zhuān)欢夜雀柽€有志于使世界變得更美好。即便股東對(duì)此有什么意見(jiàn),他們也沒(méi)有什么辦法:谷歌將采取雙重股權(quán)結(jié)構(gòu),確保佩奇與聯(lián)合創(chuàng)始人謝爾蓋?布林以及時(shí)任首席執(zhí)行官的埃里克?施密特仍然具有投票控制權(quán)。

????一年前,佩奇提出一項(xiàng)股票拆分計(jì)劃。它將創(chuàng)造出一種沒(méi)有投票權(quán)的股票類(lèi)型,旨在強(qiáng)化和擴(kuò)大創(chuàng)始人的過(guò)半數(shù)控制權(quán)。這個(gè)計(jì)劃的細(xì)節(jié)晦澀難解,但效果很明顯,即佩奇和布林將繼續(xù)在谷歌當(dāng)家做主,雖然他們目前僅持有谷歌約15%的股份。

????不出所料,谷歌此舉在主張股東權(quán)利的人士中間遭到了普遍的批評(píng)。畢竟,谷歌的新股股東們除了能賣(mài)掉該股票外,幾乎就沒(méi)別的權(quán)利了。美國(guó)馬薩諸塞州一個(gè)養(yǎng)老基金起訴,阻止這個(gè)股票拆分計(jì)劃,稱(chēng)谷歌創(chuàng)始人及董事會(huì)違反了對(duì)股東的信托責(zé)任。

????上周日晚,谷歌董事會(huì)批準(zhǔn)了和解該案的一項(xiàng)提議。和解的具體細(xì)節(jié)十分復(fù)雜,但本質(zhì)上是要求谷歌在新股價(jià)值低于該公司其它股票的情況下對(duì)新股股東予以補(bǔ)償。如果這項(xiàng)計(jì)劃獲得法院批準(zhǔn),谷歌就有希望繼續(xù)推進(jìn)它的股票拆分計(jì)劃。

????佩奇不民主的公司治理風(fēng)格并沒(méi)有影響到公司的業(yè)績(jī)。如果在谷歌上市時(shí)花1,000美元購(gòu)買(mǎi)這家公司的股票,這筆投資到現(xiàn)在的價(jià)值就會(huì)接近10,500美元。谷歌的股票本周二收盤(pán)價(jià)超過(guò)每股900美元,僅略低于其歷史最高水平——920美元。因此,這家公司的市值已經(jīng)接近3,000億美元。佩奇去年宣布頗具爭(zhēng)議的股票拆分計(jì)劃以來(lái),谷歌的股價(jià)又上漲了38%。谷歌的股東或許是被剝奪了投票權(quán),但他們高興著呢。

????但是,這并不是說(shuō)谷歌樹(shù)立了一個(gè)好榜樣。2004年,谷歌決定采用雙重股票結(jié)構(gòu),而這種安排在當(dāng)時(shí)的科技界可謂聞所未聞。谷歌開(kāi)了這個(gè)先河之后,團(tuán)購(gòu)網(wǎng)站Groupon、社交游戲公司Zynga以及社交網(wǎng)絡(luò)Facebook等公司紛紛效仿,使創(chuàng)始人和早期投資者得以掌控公司的命運(yùn)。然而,這些后來(lái)者眼下的股價(jià)都大大低于發(fā)行價(jià)。這些公司的股東們現(xiàn)在都追悔莫及,只怪自己當(dāng)初太輕信公司創(chuàng)始人的智慧。而且他們除了賣(mài)掉自己持有的股份外,沒(méi)有任何辦法來(lái)發(fā)泄自己的不滿。

????谷歌的故事告訴我們,股東權(quán)利與股東回報(bào)并不一定密不可分。不過(guò),那些規(guī)模相對(duì)較小的公司眼下的困境表明,硅谷把賭注都押在創(chuàng)始人身上,任其一手遮天的做法仍然充滿了風(fēng)險(xiǎn)。(財(cái)富中文網(wǎng))

????譯者:項(xiàng)航

????You can't blame Google CEO Larry Page for not being consistent. As Google prepared to go public nine years ago, Page detailed in a letter to prospective investors the many ways in which Google would be unconventional. It would focus on users and on long-term results; it would have an unusual management structure; it would abide by a wacky "don't be evil" motto -- or at least, by how Page & Co. interpreted it; and it would aspire to make the world better. Oh, and if shareholders didn't like any of this, there wasn't much they could do about it: Google would have dual stock class structure that ensured that Page and co-founder Sergey Brin, as well as then CEO Eric Schmidt, would retain voting control.

????A year ago, Page sought to strengthen and extend the founders' majority control, proposing a stock split that would create a new class of stock with no voting rights. The details were arcane but the effect clear: Page and Brin would continue to call the shots, even though they currently own about 15% of Google's (GOOG) equity.

????Not surprisingly, advocates of shareholder rights universally panned the move. After all, the owners of Google's new shares would have few rights beyond their ability to sell their shares. A Massachusetts pension fund sued to block the split, alleging the founders and the board had breached their fiduciary duty to shareholders.

????On Sunday night, Google's board approved a proposed settlement of the lawsuit. The particulars of the settlement are complicated, but it essentially calls for Google to compensate the owners of the new class of shares if those shares fall in value below those of Google's other shares. If a court approves the plan, the stock split is likely to go forward.

????Page's undemocratic style of governance has hardly been a handicap. A $1,000 investment in the company at the IPO would now be worth about $10,500. Google shares closed above $900 on Tuesday, just shy of their all-time high of $920, giving the company a market value of nearly $300 billion. Since Page announced the controversial stock split last year, shares have risen 38%. Google's shareholders may be disenfranchised, but they are not unhappy.

????None of this is to say that Google has been setting a good example. When it decided on a dual-stock structure in 2004, the move was virtually unheard-of in tech. Google made it fashionable, and companies like Groupon (GRPN), Zynga (ZNGA), and Facebook (FB) followed suit, giving their founders and early investors control over their destiny. All are trading well below their offering prices. All have unhappy shareholders who now wish they hadn't placed so much faith in the wisdom of those companies' founders. There's not much they can do now to register their discontent other than, of course, sell their shares.

????Google's story demonstrates that shareholder rights and returns do not necessarily go hand in hand. But the struggles of lesser tech companies suggest that Silicon Valley's bet on founder control remains fraught with peril.

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