1.Definition of CMS Controlling-Minority Structure (CMS) Dispersed Ownership (DO) Controlled Structure (CS)
Controlling-Minority Structure (CMS) Dispersed Ownership (DO) Controlled Structure (CS)
1.Definition of CMS DO CMS cs Combine the incentive problems associated with both the CS and DO in a single ownership structure?
DO CMS CS Combine the incentive problems associated with both the CS and DO in a single ownership structure?
ll.Three CMS Forms Dual Class Equity Structure Separation of Control Stock Pyramids from Cash Flow Right Cross-ownership Structures
Separation of Control from Cash Flow Right Dual Class Equity Structure Stock Pyramids Cross-ownership Structures
ll.Three CMS Forms A.Dual Class Equity Structure 1.Structure Other Shareholders' Controller's Share Share More voting ·Less voting rights rights
Controller’s Share • More voting rights Other Shareholders’ Share • Less voting rights
ll.Three CMS Forms A.Dual Class Equity Structure 2.Incidence Not the most common CMS structure Common in Sweden and South Africa Reason Corporate Law Restrictions Partly
Not the most common CMS structure Reason Corporate Law Restrictions Partly Common in Sweden and South Africa
ll.Three CMS Forms B.Stock Pyramids 1.Structure Controlling Control Shareholder Company A Company Control A Company B 0。p0●p Company Company in N CMS Form
Controlling Shareholder Company A Control Company A Control Company B Company N Company in CMS Form ……