摘  要：企业的发展会受到企业治理模式的影响，而企业的治理模式主要由企业的股权结构所决定，这就导致企业选择何种股权结构往往会决定企业的发展趋势。伴随着国内资本市场的活跃，企业对于股权结构的需求也有所更新，不少行业为谋求发展都进行股权结构的更新—实施双重股权结构，其中京东则率先赴美上市。伴随着京东业务规模的扩大，京东物流子公司成立，相对于同股同权结构，双重股权结构有利于持续创始人的发展理念、有利于解决融资问题并助力企业长远发展。文章主要以京东物流企业为视角，分析研究股权结构更新的优势和风险，给其他物流企业股权结构更新提供相应的经验启示。

关键词：物流企业;京东物流;双重股权结构

中图分类号：F272.7    文献标识码：A

Abstract： What kind of corporate governance pattern will be affected by the development trend of corporate governance. Along with the active domestic capital market， the demand of enterprises for the ownership structure has also been updated. Many industries have carried out the renewal of equity structure-the implementation of dual ownership structure in order to seek development， of which Jingdong is the first to go to the United States for listing. With the expansion of Jingdong business scale， Jingdong logistics subsidiary was established. Compared with the structure of the same share and the same ownership， the dual equity structure is conducive to the sustainable development concept of the founder， to solve the financing problems and to help the long-term development of the enterprise. From the perspective of Jingdong logistics enterprises， this paper analyzes the advantages and risks of equity structure renewal， and provides corresponding experience enlightenment for other logistics enterprises.

Key words： logistics enterprises; Jingdong logistics; dual ownership structure

为了维持创始人稳定的控制权，推进落实企业的战略计划，企业都纷纷效仿阿里巴巴赴美上市，“双重股权结构”这一新术语也被认为是股权结构的一次更新。被称为第三利润源的21世纪最具发展潜力的物流行业凭借对经济、科技的促进作用而高速发展，顺应国家经济转型的趋势，物流行业要从高速发展转向高质量发展，给物流行业带来一定的融资问题。不同物流企业可以根据自身情况选择不同股权结构以解决控制权分离、融资困难、经营理念不和等问题，而京东物流作为国内首家采用新型股权结构的物流企业，京东的管理层依靠拥有……